Developing Countries: Climate Change

Treasury written question – answered on 8th October 2019.

Alert me about debates like this

Photo of The Earl of Sandwich The Earl of Sandwich Crossbench

To ask Her Majesty's Government what plans they have, if any, to initiate, or support, a new debt relief scheme designed to assist the least developed countries affected by climate change.

Photo of The Earl of Courtown The Earl of Courtown Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

The UK is a member of the Paris Club of official creditors, and any bilateral restructuring of UK loans to other sovereigns is conducted through this group. The UK forgave most of our loans to the least developed countries through the Paris Club framework under the International Monetary Fund (IMF) and World Bank Group (WBG) Heavily Indebted Poor Countries (HIPC) initiative in the 1990s and 2000s.

The UK continues to play a leading role in discussions on debt sustainability and transparency in international fora, including on climate-resilient instruments. The UK has supported work through the Paris Club and G7 to develop “Hurricane Clauses” which can provide Caribbean sovereigns with cash-flow relief following natural disasters.

The UK also provides broader policy support to assist the least developed countries affected by climate change. The Prime Minister announced at the UN Climate Action Summit on 23rd September 2019 that the UK would be doubling its international climate finance commitment to £11.6bn over the next five years. This will include work to help vulnerable countries and communities become resilient to the damaging effects of climate change.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.