Antigua and Barbuda Pushes for Global Debt Reform to Protect SIDS at COP30 High-Level Event

Antigua and Barbuda delivered a powerful call for systemic global financial reform at a high-level side event during the COP30 Climate Summit in Belém, Brazil, emphasizing that the survival of Small Island Developing States (SIDS) depends on urgent action.

Her Excellency Ruleta Camacho Thomas, Ambassador for Climate Change, represented the country at the event titled “Building Climate Resilience through Debt Reform, Infrastructure Investment, and Private Sector Action.” In her address, she underscored that for SIDS, debt is not merely an economic challenge — it is an existential threat.

“Despite contributing less than one percent of global emissions, small island nations remain among the most climate-vulnerable in the world,” Ambassador Camacho Thomas said. “Every storm, every hurricane, every drought pushes us further into debt as we are forced to rebuild what climate impacts destroy. Debt has become the default response to disaster, trapping our countries in a cycle where recovery is always outpaced by the next crisis.”

More than 40 percent of SIDS are currently in or near debt distress, with many devoting more resources to debt servicing than to healthcare, education, or climate adaptation. Ambassador Camacho Thomas stressed that the global financial system must be redesigned to reflect the realities of climate vulnerability and to give countries the fiscal space needed for sustainable development.

She pointed to the Antigua and Barbuda Agenda for SIDS (ABAS) — adopted earlier this year as the new 10-year global development strategy for small island states — as a comprehensive roadmap to align debt reform, resilience, and sustainable growth.

A cornerstone of ABAS implementation is the Debt Sustainability Support Service (DSSS), now a key pillar of the Centre of Excellence for SIDS. The DSSS provides a coordinated framework that connects debt reform with climate resilience by supporting countries to:
•⁠ ⁠Implement debt swaps, restructuring measures, and climate-contingent clauses that offer fiscal breathing room after disasters;
•⁠ ⁠Strengthen risk-layered protections through climate insurance and strategic reserves; and
•⁠ ⁠Redirect savings from debt relief toward resilient infrastructure and climate-aligned economic development.

“The DSSS is not another fund,” Ambassador Camacho Thomas clarified. “It is a coordination mechanism that connects existing tools, institutions, and financial flows. It transforms the way the financial system treats vulnerable economies and makes financial flows consistent with a pathway toward climate-resilient development.”

She emphasized that debt sustainability and climate resilience are inseparable, and that innovative reforms — such as the DSSS — are essential for SIDS to prosper in an era of escalating climate shocks.

Antigua and Barbuda is working with partners across SIDS, Least Developed Countries (LDCs), and climate-vulnerable states to operationalize the DSSS, promoting fairer debt negotiations, improving access to technical expertise, and ensuring that debt relief is translated into real resilience on the ground.

Ambassador Camacho Thomas closed with a clear appeal to development banks, rating agencies, donors, and private investors to step up.

“Resilience must begin with fiscal and financial stability,” she said. “The DSSS provides a pathway to achieve both — aligning debt reform with the fight for climate justice. For small islands, this is not about economics alone; it is about survival, dignity, and the right to a sustainable future.”