Global Climate Resilience Act of 2024

The Global Climate Resilience Act of 2024 creates a new program to reduce U.S. debt owed by countries vulnerable to climate impacts like extreme weather events and slow-onset disasters (e.g., sea-level rise). It expands eligibility to include low, lower-middle, and upper-middle income countries (per World Bank) and small island developing states (per UN), requiring these nations to have climate adaptation plans. The President can reduce debt for eligible countries, directing savings toward climate resilience activities, and must consult Congress before approving country eligibility. The bill also directs U.S. representatives at international financial institutions to advocate for similar debt relief programs supporting climate adaptation.