Global Dispatches -- Conversations On Foreign Policy And World Affairs

Some of the most heavily indebted countries in the world are also the ones most vulnerable to climate-induced natural disasters. When a hurricane, cyclone, or massive drought hits a country, officials can be faced with the choice of either servicing their debts or paying for disaster recovery. As the pace and scale of natural disasters increase due to climate change, some policy entrepreneurs have introduced the idea of including so-called "Pause clauses" in loan agreements that would enable the country to suspend debt payments for a period of time as it recovers from a natural disaster. The best-known champion of this idea is the Prime Minister of Barbados, Mia Mottley. This was her signature proposal in a suite of reforms to international financing policies for climate-vulnerable countries known as the Bridgetown Initiative. My guest today, Michael Sheldrick, tells the story of how Pause Clauses went from an idea on paper to a policy now widely implemented by the World Bank in his new book: "From Ideas to I