25/03/2025 (Agence Europe) – On Tuesday 25 March, the President of the European Council, António Costa, advocated the launch of a “global initiative” that would provide debt relief for developing countries in exchange for investment in climate and environmental protection. “Replacing the debt-financing cycle of the debtor with green investments by the creditor” would enable a virtuous win-win approach, he said in a speech to the European Policy Centre. He emphasised the “urgent” need for action, noting the political instability caused by a situation where “more than 3 billion people around the world live in countries that pay more for debt servicing than education and health”. In his view, the forthcoming EU/African Union, EU/Latin America and Caribbean and EU/South-East Asia summits should provide an opportunity for these discussions. (MB)