The pressure of growing debt on emerging economies has severely impacted efforts to tackle the climate crises and biodiversity loss. The pandemic has made the situation even more urgent. How is growing debt impacting policy choices in the context of the COVID-19 recovery? What are the implications of the current diversity of creditors, as well as national policy constraints and opportunities? What tools have successfully integrated solutions for adapting to climate change impacts and countering biodiversity loss? And how can debt swaps be implemented in the context of Nationally Determined Contributions?