Greening the Recovery in Time of Debt Distress
Shamshad Akhtar, Kevin P. Gallagher, Stephany Griffith Jones, Ulrich Volz
Date: 16 November 2020Time: 2:00 PM
Finishes: 16 November 2020Time: 3:30 PM
Type of Event: Virtual Event
A global debt crisis is looming. Even before COVID-19 swept the world, the International Monetary Fund deemed global public debt burden a high risk for the majority of developing countries – noting that half of the lower-income countries were ‘at high risk of or already in debt distress.’ As the COVID crisis worsens, developing countries face steep output contractions, massive increases in unemployment and poverty as well as limited fiscal space, while the COVID relief and recovery effort demands a massive upscaling of expenditures.
This new, systemic debt crisis emerges at a critical time when the global climate crisis demands the urgent mobilisation of huge investment in mitigation and adaptation. Moreover, partly driven by policy, partly by technological disruption, fossil fuels are transitioning from being an asset to a liability, amounting to a third systemic crisis sweeping capital markets and the developing world. It is at the intersection of these three systemic crises that new and innovative answers need to be urgently found, breaking through silos of international policy making.
Against this backdrop, the Debt Relief for Green Recovery (DRGR) initiative is putting forward proposals for addressing the debt and health crisis in the Global South at a multilateral level, while helping generate significant resources for far-reaching action for climate adaptation and mitigation.
Participation is free but online registration is required.
Shamshad Akhtar (Chair, Board of Directors, Karandaaz Pakistan)
Kevin P. Gallagher (Professor of Global Development Policy, Frederick S. Pardee School of Global Studies & Director, Global Development Policy Center, Boston University)
Stephany Griffith Jones (Financial Markets Program Director, Initiative for Policy Dialogue, Columbia University)
Ulrich Volz (Director, Centre for Sustainable Finance, SOAS University of London)
Further speakers will be announced in due course.
Organiser: Centre for Sustainable Finance
Contact email: firstname.lastname@example.org