4P Implementation Pathway on Debt, Nature and Climate

The G20 Ministerial Declaration on Debt Sustainability was adopted and its main provisions were included in the Leaders’ Declaration at the G20 Summit in November. The Debt Declaration includes general support for several of the Expert Review’s recommendations, including on the reform of the IMF / World Bank sustainability frameworks, contingency pause clauses, debt swaps and better coordination of debt capacity building services through the Borrowers’ Club.

In addition, the report of the G20 Africa Expert Panel (which will continue beyond the South African Presidency under the auspices of the African Union), explicitly referred to the Expert Review and endorsed many of its recommendations, including  a G20 debt refinancing initiative. 

• 4P participated in COP30 with a dedicated session on the 4P Implementation Pathway on Debt, Nature and Climate, as part of its broader presence advancing fairer, greener and more resilient finance.
• The IPDNC showcased concrete implementation examples:
  • The Ugandan Ministry of Finance, Economic Development and Planning has launched a project, with its partners Systemiq and the London School of Economics, to conduct its own debt sustainability analysis incorporating nature and climate risks and the benefits of resilience investment. The 4P IPDNC will seek to collaborate with the government of Uganda and monitor the project’s progress. 
  • Contributions from Fiji, the World Bank, the Inter-American Development Bank, the UK and Italy, illustrated how MDBs and partners are beginning to embed debt–nature–climate considerations in their operations.
• On the same day as the event, Egypt formally joins the 4P Implementation Pathway on Debt, Nature and Climate, alongside Colombia, Kenya, France, Germany and the UK.
• This expands the coalition beyond its original sponsors, strengthens representation from North Africa and the broader Global South, and signals growing political backing for implementing ERDNC recommendations through country-led reforms and transactions.

• In October 2025, during the IMF / World Bank Annual Meetings in Washington, D.C., the 4P IPDNC convened its first Steering Group meeting, to provide strategic guidance on the coalition’s work programme. The Steering Group comprises the five initial sponsoring countries (Colombia, Kenya, France, Germany and the UK), along with other participating governments and key partner institutions. It will meet regularly. Additional governance meetings, reserved exclusively for sponsoring countries, will be organized on an ad hoc basis for decision-making purposes.

• Under the leadership of Kenya, and in partnership with the V20 and other stakeholders, the 4P facilitated the endorsement of an African Leaders’ Declaration on Debt, Nature and Climate at ACS2 in Addis.
• This Declaration is a major political achievement for the IPDNC: it anchors ERDNC/IPDNC principles in a continental political statement and marks an important milestone in securing high-level political commitment for the core recommendations of the Expert Review.

• The 4P Implementation Pathway on Debt, Nature and Climate (IPDNC) is formally launched as part of the FfD-4 “Sevilla Platform for Action” (SPA) initiatives, supported by Colombia, Kenya, France, Germany and the United Kingdom
• The final outcome document of FfD4, the Compromiso de Sevilla, includes an important section on debt supporting many of the Expert Review’s recommendations, including on contingency pause clauses, debt for climate and nature swaps, improved coordination of technical assistance and capacity building services, and reform of the IMF and World Bank debt sustainability frameworks. In relation to the latter, the recommendations of the Expert Review are explicitly cited. 
• Under the ‘Sevilla Platform for Action’, FfD4 saw the establishment, not just of the 4P Implementation Pathway on the Debt Nature and Climate Nexus, but also individual initiatives to take forward specific recommendations proposed by the Expert Review, including on contingency pause clauses, debt swaps and better coordinated capacity building services through a Borrowers’ Club.