Indebtedness in many countries is growing rapidly and is being further accelerated by the impacts of COVID-19 on markets and societies. Although there are similarities to the debt crisis in the early 2000s there are major differences: much debt now is held by private sector actors, by Chinese investors, and by multilaterals.

In this narrated presentation, Paul Steele, chief economist at the International Institute for Environment and Development (IIED), outlines a large-scale, urgently needed, ambitious approach to reducing this burden. The presentation is the first in a series looking at challenges for a post-COVID-19 world.

Debt for climate and nature swaps could present a post-COVID opportunity to incentivise poverty-reducing, low carbon, climate resilient and environmentally sustainable choices.

Can this approach be delivered at economy-wide scales? What are the opportunities and challenges What role can creditors from the private sector, multilateral organisations and governments play?

Steele specialises in the linkages between environment, climate and poverty reduction. He has more than 20 years' experience working for international organisations, including the United Nations Development Programme, the European Union, the World Bank and the International Union for Conservation of Nature, as well as the UK and the Sri Lankan governments.

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