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Politics
Soyoung Oh, Junior Research Fellow, The Fletcher School, Tufts University

How debt-for-climate swaps can help solve low-income countries' fiscal and environmental challenges at the same time

United Nations Environment United Nations General Assembly Climate Change Developing Countries Belize Nature Conservancy
Debt swaps in some countries have involved commitments to protect the ocean. Ashley Cooper/Corbis via Getty Images

Barbados Prime Minister Mia Amor Mottley spoke passionately to the United Nations General Assembly in September about the mounting debt many developing countries are shouldering and its increasing impact on their ability to thrive.

The average debt for low- and middle-income countries, excluding China, reached 42% of their gross national income in 2020, up from 26% in 2011. For countries in Latin America and the Caribbean, the annual payments just to service that debt averaged 30% of their total exports.

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