Global Climate Resilience Act of 2026
Sponsored By: Representative Whitesides, George [D-CA-27]
Introduced
Summary
**This bill would create a U.S. program that uses targeted debt relief to free funds for climate adaptation and disaster recovery, centering on *debt relief for climate resilience*.** It sets rules for which developing countries qualify and how swaps, buybacks, and other tools would be used to turn debt into resilience finance.
Show full summary
- Low- and middle-income countries and small island developing states that meet governance and human rights conditions could have U.S. loans reduced or exchanged in return for plans that direct savings to adaptation, disaster risk reduction, and recovery.
- The bill would authorize debt-for-resilience swaps and debt buybacks, including purchasing privately held debt up to 65 percent of face value, with proceeds dedicated to program costs and held in appropriation accounts; it would require appropriations to carry out these actions.
- It would push U.S. policy at international financial institutions to back similar debt relief and establish a World Bank–based parametric climate insurance framework to provide fast payouts for recovery and support existing regional facilities.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Which countries can get relief
If enacted, the President would pick which countries can use the debt-for-resilience rules. Eligible countries would include World Bank low, lower-middle, or upper-middle income countries, or U.N. small island developing states. The country must have a democratically elected government, not have a pattern of gross human rights violations, and must have a plan to use the savings for resilience, disaster risk reduction, nature-based solutions, or recovery from extreme weather or slow-onset climate disasters. The President must notify the appropriate congressional committees at least 15 days before formally determining a country eligible, and preference is given to plans that involve local communities and Indigenous peoples and reduce gender, income, or social inequalities.
U.S. push for global debt relief
If enacted, U.S. Executive Directors at international financial institutions would be directed to support debt relief, debt buybacks, and debt-for-resilience and debt-for-nature swaps for vulnerable countries. The bill would also direct U.S. representatives at the World Bank to push for a parametric climate insurance program that pays out quickly after disasters to help recovery and adaptation. The World Bank would set program structure and eligibility, and the program should use eligibility rules similar to the bill and support existing facilities like the Caribbean Catastrophe Risk Insurance Facility.
U.S. debt relief and buyback powers
If enacted, the President would be able to reduce, sell, or cancel certain U.S. government loans to help countries do debt-for-resilience swaps. The President would also be able to buy privately held debt of an eligible country for no more than 65 percent of face value to support those swaps. Purchasers must present plans that the President finds satisfactory and the President must consult the affected country before any sale, purchase, reduction, or cancellation. Money from sales or purchases would be put into U.S. Government accounts for these programs and the bill would authorize whatever sums are necessary to run the authority.
Congressional oversight and annual reports
If enacted, the President would consult periodically with the appropriate congressional committees about how the debt-reduction program is working and which countries are eligible. The President would also send an annual report to Congress by April 15 each year describing activities and any agreements from the prior calendar year.
Sponsors & CoSponsors
Sponsor
Whitesides, George [D-CA-27]
CA • D
Cosponsors
Rep. Casten, Sean [D-IL-6]
IL • D
Sponsored 6/24/2026
Rep. Levin, Mike [D-CA-49]
CA • D
Sponsored 6/24/2026
Roll Call Votes
No roll call votes available for this bill.
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