The Global Climate Resilience Act of 2024 expands and creates debt relief programs to help developing countries invest in climate adaptation and recovery from extreme weather events. The bill modifies existing tropical forest conservation debt reduction programs to include more countries and prioritizes projects that reduce inequality, while also establishing a new debt reduction authority allowing the President to reduce or restructure debt owed by eligible countries to the United States in exchange for climate adaptation commitments. Eligible countries include low-income, lower-middle-income, upper-middle-income nations, and small island developing states that have democratically elected governments with good human rights records and viable climate adaptation plans. The bill authorizes open-ended appropriations for the debt reduction programs and instructs U.S. representatives at international financial institutions to advocate for debt relief programs including forgiveness, buybacks, and debt-for-climate swaps for vulnerable countries. The President must provide Congress with annual reports on program operations and give at least 15 days' notice before determining a country's eligibility for benefits.
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