Mae Buenaventura is the manager of the debt justice programme of the Asian Peoples’ Movement on Debt and Development, a regional alliance of peoples’ movements, community organizations, coalitions, NGOs and networks
A potentially historic shift in public debt governance is set to unfold in Washington DC this week as Global South governments take a collective stand to stop a “silent killer” of development financing.
The first-ever UN-hosted borrowers’ forum will officially be launched on April 15 on the sidelines of the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank. Led by five convening countries – Zambia, Egypt, Nepal, the Maldives and Pakistan – the initiative is one of the key wins of last year’s 4th Financing for Development Conference (FFD4) in Sevilla, Spain.
The forum’s mandate is to establish a platform for borrower countries, supported by a UN secretariat, “to discuss technical issues, share information and experiences in addressing debt challenges, increase access to technical assistance and capacity-building in debt management, coordinate approaches and strengthen borrower countries’ voices in the global debt architecture”.
Instead of facing lenders alone, these countries will now use a UN-backed platform to share technical expertise and coordinate their approach to a global debt system that is fundamentally broken.
Debt grips climate-vulnerable nations
The human cost of the current debt architecture is staggering. According to the UN trade and development agency, UNCTAD, more than 40% of the global population – roughly 3.4 billion people – live in countries where the government is forced to spend more on debt payments than on the health, education and social protection of its citizens.
In so-called low-income countries, governments spend an average of 7.5% of their total budgets on debt service, with interest payments consuming up to 20% of total government revenue in these regions.
The Philippines is a case study in this financial stranglehold. It is part of a global majority forced to watch its public services crumble and infrastructure lag while its wealth is siphoned off to satisfy foreign lenders.
The policy of automatic appropriations – a legacy of the rule of late former President Ferdinand Marcos Sr. – mandates that debt servicing takes precedence over any other public expenditure, effectively placing the demands of lenders above the needs of the Filipino people. Even as it faces a $1.5 trillion regional financing gap to achieve the Sustainable Development Goals (SDGs) by 2030, its hands remain tied by a legal framework that values credit ratings over human lives.
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As a “middle-income country” (MIC), the Philippines is stuck in a frustrating purgatory. It is often deemed “too wealthy” for the G20’s debt-relief framework, yet too poor to absorb global economic shocks. Last year, Finance Undersecretary Joven Balbosa hit the nail on the head when he called for support that goes “beyond the simplistic income categorization” that ignores a country’s actual vulnerabilities.
Without an inclusive and equitable global debt architecture, nations including the Philippines are left to navigate catastrophic climate risks and economic shocks with zero fiscal breathing space.
No respite during climate disasters
The regional evidence of this systemic failure is everywhere. Take Pakistan, which in 2022 was hit by catastrophic flooding that submerged a third of the country and caused billions in losses. Despite this climate-driven disaster, World Bank data shows that Pakistan made payments in 2023 of $11.8 billion for public and publicly guaranteed (PPG) external debt, while its PPG external debt reached $93 billion that same year, surpassing pre-pandemic debt of $87 billion (2020).
Sri Lanka followed IMF prescriptions throughout 16 lending programs since 1991, only to become the first Asian country this century to default. Its MIC status prevents application for debt relief and restructuring measures. Today, the Sri Lankan people bear the brunt of harsh conditionalities, including raising VAT from 8% to 15%, slashing food and fuel subsidies, and the erosion of hard-earned worker pensions.
Currently, the global rules of lending and borrowing are set by a “creditors’ club” composed of the IMF, the World Bank and the Global Sovereign Debt Roundtable it set up, and the Paris Club.
These institutions measure “debt sustainability” through a narrow lens of a country’s capacity to make timely repayments. They largely ignore internal economic inequalities, gender disparities and the existential threat of climate change.
Crises should trigger debt service cancellation
By organising the new borrowers’ forum, the Global South is signalling that the era of passive “standard-setting” by lenders is over.
The ultimate goal for global civil society and debt justice movements is the establishment of a UN Debt Convention; a democratic, binding and inclusive framework that governs both lenders and borrowers. This mechanism would ensure that debt restructuring and cancellation are sufficient to allow countries to fulfill their international human rights obligations and implement necessary climate actions.
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To be truly transformative, debt sustainability analyses must align with human rights and sustainable development needs. This means conducting impact assessments – both before and after loans are issued – to identify “illegitimate” debts that do not benefit the public.
Crucially, we need an automatic debt service cancellation mechanism that triggers during extreme climatic, environmental or health shocks. We also need a binding global debt registry to ensure that every loan is transparent and subject to public scrutiny.
Whether the borrowers’ forum becomes a true milestone depends on its courage to challenge the status quo. We can no longer allow debt to act as a “silent killer” of our future. It is time to demand a financial system that serves humanity, not just the balance sheets of the powerful.
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Broken debt system must be fixed to confront future climate shocks
Climate Change
‘A strong start’: WA’s transition to renewable energy powerhouse aided by Premier’s announcement
PERTH, Tuesday 27 October 2026 — In response to WA Premier Roger Cook’s announcement of a doubled renewable energy target for WA’s main energy system, reported today, the following comments can be attributed to WA Campaign Lead at Greenpeace Australia Pacific, Geoff Bice:
“A Western Australian renewable energy target of 75% by 2030-31 is a welcome step in the right direction following sustained calls from across the WA community including unions, industry and advocacy groups.
“This common sense policy is a vital roadmap for WA’s shift to affordable and reliable solar and wind backed by batteries, and gives certainty to business and investors in a volatile global environment.
“Clear policy on renewable energy for WA’s main electricity grid will allow the phase out of polluting coal-fired power from the system and begin to remedy our reliance on expensive and polluting gas.
“This commitment is a positive first step for WA’s clean energy future, but the Cook Government must also address the state’s rising climate pollution driven by the gas industry and industrial processing.
“A natural step towards tackling rising emissions is rejecting any new fossil fuel projects, including Woodside’s proposal to drill for gas at Scott Reef.
“Expert advice and analysis compiled by Greenpeace and Springmount Advisory clearly lays out a viable pathway for WA to follow a staged transition away from fossil fuels and unlock almost $1 trillion of economic value by 2060 by replacing gas exports with green exports.
“The renewable energy target is a strong start — it must now be paired with emissions reduction targets to ensure climate pollution from WA starts falling urgently, and a plan for WA to become a renewable energy powerhouse must be prioritised.”
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Media contact
Emma Sangalli at emma.sangalli@greenpeace.org or 0431 513 465
‘A strong start’: WA’s transition to renewable energy powerhouse aided by Premier’s announcement
Climate Change
WA EPA warned Woodside of ‘serious, significant and irreversible’ harms to Scott Reef from gas plans, new documents reveal
SYDNEY/PERTH, Tuesday 27 October 2026 — In response to Western Australian Environmental Protection Authority (WA EPA) documents about Woodside’s plans to drill for gas at Scott Reef, as reported today, the following comments can be attributed to Glenn Walker, Head of Nature at Greenpeace Australia Pacific:
“These WA EPA documents show the depth of concern echoed by multiple regulators about Woodside’s plans to drill for oil and gas at Scott Reef, a proposal that flouts legislated nature protection principles.
“The WA EPA appears to have informed Woodside that the Browse project was bound for rejection based on an extensive review process and the opinion of multiple state government departments and independent experts.
“Greenpeace analyses have confirmed this year that Woodside’s gas drilling plans at Scott Reef still risk destroying vulnerable green turtle homes, further endangering pygmy blue whales with atomic bomb-level seismic blasting noise, and unleashing the worst oil spill in Australian history.
“The federal environment department raised similar red flags about oil spill risk from Woodside’s Scott Reef drilling plans in 2025 and 2026 before handing the project’s assessment over to the National Environmental Protection Authority.
“Woodside’s suggested ‘fixes’ in response to grave concerns for the wellbeing of Scott Reef and threatened species have been unilaterally criticised by independent experts for lacking in scientific basis and adequate detail.
“It would be a major backflip for both the WA EPA and the National EPA to now recommend approving this project. It is now critical that these regulators maintain their independence from corporate and political influence and reject this destructive project once and for all.”
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Notes to editor
Greenpeace Technical assessments of Woodside’s Browse Pygmy Blue Whale Management Plan, the Turtle Management Plan, and an analysis of Woodside’s Browse Oil Spill Modelling and Risk Mitigation Plan
High res images and footage of Scott Reef can be found here
Media contact:
Emma Sangalli at emma.sangalli@greenpeace.org or 0431 513 465
The surprise re-election of Brazil’s President Luiz Inácio Lula da Silva on Sunday, in a tight race against right-wing candidate Flávio Bolsonaro, has raised hopes the country can meet a flagship target to end deforestation in all its biomes by 2030 and advance international fundraising to protect rainforests.
Defying expectations to win an unprecedented fourth term in office, Lula – who turns 81 this week – said in his acceptance speech that “we will show the world how climate policy is handled in this country”, and highlighted that, during his last four years as leader, the country has reduced deforestation every year.
Earlier this month, new data from Brazil’s space agency showed that forest-clearing in the Amazon fell to its lowest on record, after the introduction of a deforestation action plan that constrained illegal cattle ranching from expanding into the world’s largest rainforest.
Brazil leads “encouraging” decline in global rainforest destruction in 2025
At an international level, the country has long championed forest conservation, spearheading the creation of the newly established Tropical Forest Forever Facility (TFFF). As president of last year’s COP30 climate summit, the country is also developing a global roadmap to halt forest loss by the end of the decade, in line with a global goal, which will be presented at the upcoming UN climate summit in Antalya.
‘Much more needs to be done’
In 2023, Lula’s previous administration introduced a deforestation action plan that set a target of zero deforestation by 2030, achieving swift results. His re-election paves the way for this downward trend to continue.
Carlos Nobre, a veteran Brazilian climate scientist and co-chair of the Science Panel for the Amazon, said Brazil now has a “historic opportunity” to prevent a tipping point where large parts of the Amazon rainforest could turn into savanna, with dangerous impacts for the planet’s climate.
“The reduction in deforestation over recent years has been crucial, but much more needs to be done. Ending deforestation by 2030, tackling forest degradation and accelerating large-scale forest restoration are urgent priorities,” he said.
Anders Haug Larsen, advocacy director at the Norway Rainforest Foundation, described the election result as a “relief”, adding it makes it more attractive for donors to support rainforest protection in the country.
“Hope is a scarce commodity these days,” he said. “The international community must grasp this opportunity to strengthen efforts towards zero deforestation in the Amazon.”
Rainforest fund boosted by election result
Brazil was the original proponent of the TFFF, one of the highest-profile initiatives aimed at channelling new finance to protect the world’s rainforests. The fund aims to raise public seed capital to invest in financial markets, and then pay rainforest countries from the returns on those investments.
Despite being a developing country, Brazil has pledged $1 billion to the fund and is expected to play a key role in helping reach its goal to raise $10 billion from governments by the end of this year.
“We need more countries to come on board to meet the mobilisation target of $10 billion this year, and this election should inject trust in the calls from rainforest countries for support to their forest protection efforts,” Larsen said.
Brazil confident new rainforest fund will reach $10bn donor milestone
On Monday, the day after the election result, the Netherlands announced a €500-million contribution to the fund, which will be disbursed over ten years and is still subject to parliamentary approval. This brings the total pledged to the TFFF from a range of countries to $7.8 billion.
Norway’s climate minister Sigrun Aasland told a TFFF event on the sidelines of the UN biodiversity summit in Yerevan that she was hopeful the $10bn goal could be achieved by the end of this year.
Brazilian officials have led the TFFF’s fundraising efforts and said they are in conversations with more potential donors including China, Korea and Japan.
Congress shifts further to the right
Sonia Guajajara, former minister of Indigenous Peoples in Lula’s government, celebrated the president’s re-election but cautioned that the 20 indigenous territories created under his current administration must be consolidated, as they are “essential to tackling the climate crisis and preserving our biomes”.
Veteran Brazilian diplomat Bráulio Ferreira de Souza Dias, meanwhile, noted that Lula faces a difficult political scenario, as right-wing pro-Bolsonaro lawmakers have gained more seats in both legislative chambers. He added that the courts will become key battlegrounds to challenge anti-climate legislation.
Observatório do Clima, a network of Brazilian green groups, said seven out of every ten representatives and senators who will make up the next legislature are likely to vote against the climate and environmental agenda, urging Lula’s administration to strengthen its action in parliament and expand alliances.
Still, Ferreira de Souza Dias echoed the widespread view among climate policy-makers that a Bolsonaro win would have been “terrible” for the rainforest and Indigenous peoples, and said the country had avoided a scenario where deforestation threatened to increase again.
The post Lula’s election win in Brazil raises hopes for zero deforestation drive appeared first on Climate Home News.
Lula’s election win in Brazil raises hopes for zero deforestation drive
