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Climate Resilient Debt Clauses: protecting the most vulnerable sovereign bond issuers
On 9 November 2022 the International Capital Market Association (ICMA) published new Climate Resilient Debt Clauses (CRDCs) which can defer a country’s bond repayments in the event of a pre-defined severe climate shock or natural disaster. The CRDCs are set out in a standardised term sheet1 produced by the Private Sector Working Group (PSWG) which HM Treasury established to explore improvements in how the private sector lends to sovereigns and restructures their debt. The PSWG includes international financial institutions such as the International Monetary Fund and World Bank G7 countries borrowing countries and the private sector including major US and European banks and investment firms legal and financial advisors specialising in sovereign debt and academic experts. ICMA has also published a Guidance Note.2
In the wake of a severe climate shock or natural disaster...
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