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Global Climate Resilience Act: Debt Reduction for Climate-Vulnerable Nations.

This law authorizes the US government to forgive or restructure debt owed by developing countries highly vulnerable to climate change and extreme weather events. In exchange for debt relief, these nations must commit to using the freed resources specifically for climate adaptation activities, environmental protection, and projects aimed at reducing social inequalities. This represents a shift in US foreign policy, linking financial aid directly to global climate resilience goals.
Key points
The US gains authority to cancel or reduce foreign debt in exchange for the debtor country committing to specific climate adaptation projects (Debt-for-Climate Swaps).
Eligibility for debt reduction programs is expanded to include a wider range of low and middle-income countries and small island developing states.
Projects funded by the debt relief must prioritize local community involvement and aim to reduce gender, income, and social inequalities.
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Additional Information
Print number: 118_S_5617
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2024-12-19
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OFFICIAL LEGAL TITLE

Global Climate Resilience Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5617.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-19.

What are the main provisions?

Key points include:

  • The US gains authority to cancel or reduce foreign debt in exchange for the debtor country committing to specific climate adaptation projects (Debt-for-Climate Swaps).
  • Eligibility for debt reduction programs is expanded to include a wider range of low and middle-income countries and small island developing states.
  • Projects funded by the debt relief must prioritize local community involvement and aim to reduce gender, income, and social inequalities.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Welch, Peter [D-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Environment Economy