{"title":"The sovereign climate debt trap and natural disaster clauses","authors":"Stephen Kim Park, Tim R Samples","doi":"10.1111/ablj.12253","DOIUrl":null,"url":null,"abstract":"<p>The growing prevalence and magnitude of climate-related natural disasters are perpetuating a climate debt trap in which recovery costs compound over time, progressively eroding the capacity of governments to obtain financing to respond to them. How can countries participating in global financial markets respond? This article focuses on natural disaster clauses in sovereign debt contracts, which enable a national government to temporarily suspend payments to its creditors when a natural disaster strikes the country. Natural disaster clauses are analyzed and critiqued as an example of contract innovation amidst ongoing debates about legal reform of the global financial system in response to climate change.</p>","PeriodicalId":54186,"journal":{"name":"American Business Law Journal","volume":"61 4","pages":"243-260"},"PeriodicalIF":1.3000,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Business Law Journal","FirstCategoryId":"90","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ablj.12253","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
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Abstract
The growing prevalence and magnitude of climate-related natural disasters are perpetuating a climate debt trap in which recovery costs compound over time, progressively eroding the capacity of governments to obtain financing to respond to them. How can countries participating in global financial markets respond? This article focuses on natural disaster clauses in sovereign debt contracts, which enable a national government to temporarily suspend payments to its creditors when a natural disaster strikes the country. Natural disaster clauses are analyzed and critiqued as an example of contract innovation amidst ongoing debates about legal reform of the global financial system in response to climate change.
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The ABLJ is a faculty-edited, double blind peer reviewed journal, continuously published since 1963. Our mission is to publish only top quality law review articles that make a scholarly contribution to all areas of law that impact business theory and practice. We search for those articles that articulate a novel research question and make a meaningful contribution directly relevant to scholars and practitioners of business law. The blind peer review process means legal scholars well-versed in the relevant specialty area have determined selected articles are original, thorough, important, and timely. Faculty editors assure the authors’ contribution to scholarship is evident. We aim to elevate legal scholarship and inform responsible business decisions.
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