Climate-vulnerable nations are caught in a debt trap that makes fighting the climate crisis nearly impossible — debt payments hit their highest level in over 30 years in 2024, with the 50 most vulnerable countries spending four times more on external debt than in 2010. Zambia is a perfect example: forced to pay bondholders $450 million while declaring a national drought disaster. Rich countries owe these nations real grant-based climate finance, not more loans.