As the end of 2023 approaches, 136 countries are considered to be in a critical debt situation. At the same time, fiscal space has been reduced, leading many, including governments, UN agencies and some international NGOs, to point to debt swaps as an innovative solution for tackling sovereign debt problems, while also generating resources for the Sustainable Development Goals (SDGs) or climate action. Therefore, debt swaps, while not new, are gaining increasing attention in international development and climate forums, particularly due to the proliferation of so-called “debt-for-nature swaps”. However, as we detail in this briefing, debt swaps will not provide substantial debt reduction, nor will they create sufficient fiscal space for global south countries to tackle the development and climate challenges. Debt swaps will not cover up the shame of the lack of political will and commitment amongst countries in the global north to support the global south. Instead, countries in the global north should recognise their historical responsibilities in perpetuating neo-colonial economic governance and dynamics that keep countries in the global south tied to debt dependency. As such, progress on debt swaps must not be an excuse to detract attention from the urgent need to move forward fundamental reform of the international debt architecture. […]