119th (2025–2027)
H.R. 9449
The Global Climate Resilience Act of 2026 allows the U.S. government to reduce or cancel debt owed by developing countries that face climate-related threats, provided those countries use the freed-up resources to build climate resilience and disaster preparedness. Eligible countries must be low to middle-income nations or small island developing states with democratically elected governments and no pattern of gross human rights violations, and they must have a plan to use the debt relief for resilience activities, disaster risk reduction, or recovery efforts. The bill authorizes the President to engage in "debt-for-resilience swaps" where old U.S. loans are exchanged for new commitments to climate adaptation, and to purchase privately owned debt of vulnerable countries at discounted rates to support similar swaps. Additionally, the bill directs U.S. representatives to international financial institutions like the World Bank and International Monetary Fund to advocate for debt restructuring programs and the creation of an international climate insurance program that would provide quick financial assistance to countries hit by natural disasters. The President must consult with Congress and submit annual reports detailing the program's operations and participating countries.