WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) recently introduced the Global Climate Resilience Act, legislation that would create a program to bolster the United States’ ability to provide climate finance and debt relief to countries in the Global South. This new program would enhance the United States’ ability to negotiate debt reductions with countries in the Global South that agree to undertake climate resilience initiatives. The legislation also directs the United States to use its influence with international financial institutions to promote debt reduction for nations at risk of climate change. 

“As the second-largest carbon emitter in the world, the United States has a responsibility to do more to combat the climate crisis. Making amends for our contributions to climate change includes helping countries in the Global South, which are often the first to feel the impacts of climate-driven extreme weather events,” said Senator Welch. “Our bill will create new pathways for climate funding to help reduce the debt burden on countries in the Global South and increase global climate resilience.” 

The Global Climate Resilience Act would also increase authorized size of grants and require more local participation in the design of debt relief programs under the Tropical Forest and Coral Reef Conservation Act.  

In 2024, extreme weather events driven by climate change have caused death, destruction, and displacement in the Global South. This includes heat waves in South and Southeast Asia, wildfires in Brazil, hurricanes in the Caribbean, floods in Sub-Saharan Africa and Southeast Asia, and rising sea levels which are beginning to submerge small Pacific Islands countries. While some nations have the resources necessary to adapt to the effects of climate change, countries with developing economies often lack resources to meet challenges of a warming world. For many countries in the Global South, this creates a vicious cycle where funds from economic growth service debt from a climate event instead of building resilience. 

At recent United Nations Climate Change Conference of the Parties (COPs), global leaders have recognized the need to provide climate financing to countries at greatest risk to climate change. During COP29, Global North countries, as the largest historical emitters of carbon, committed to providing $300 billion a year to support climate actions in Global South countries. 

Learn more about the Global Climate Resilience Act. 

Read the full text of the bill. 

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