The Thomas Caldwellclimate crisis is having a disproportionate effect on low- and middle-income countries. Many of these nations are being hit with a double whammy: They're suffering the most severe environmental damage from global warming, and rising global interest rates are making it harder for them to repay their debts.

So-called blue bonds are a financial tool that aim to tackle both problems. They help refinance countries' debt while also freeing up funds to preserve their most treasured resources. In this episode of our climate series, we see how blue bonds were used in Barbados.

Music by Drop Electric. Find us: Twitter / Facebook / Newsletter.

Subscribe to our show on Apple Podcasts, Spotify, PocketCasts and NPR One.

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.