The global debt-to-GDP ratio hit a new all-time high of over 322% in Q3 2019, with total debt reaching close to $253 trillion: EM debt exceeded $72 trillion (223% of GDP) while debt in mature markets topped $180 trillion (383% of GDP) in Q3 2019. \tWith debt sustainability squarely in focus, financing for urgent environmental concerns\u2014and for the Sustainable Development Goals more broadly\u2014will be hard to come by, particularly for some emerging and frontier economies. \tCase in point: nearly half of the cross-border flows related to China\u2019s Belt and Road Initiative are directed to regions that are exposed to a significant level of climate change risk. A number of these countries also have high and rising debt levels. \tWe have added Ukraine to our debt currency breakdown database and launched a new tracker for the debt of state-owned enterprises (SOEs) across key EMs including BRICS, Indonesia, Malaysia, and Turkey. Global debt hit all-time high of nearly $253 trillion in Q3 2019: Total debt across the household, government, financial and non-financial corporate sectors surged by some $9 trillion in the first three quarters of 2019 (Table 1). By sector, general government (+$3.5 trillion) and non-financial corporates (+$3 trillion) saw the biggest increases, helping bring the overall global debt-to-GDP ratio to a fresh high of over 322%. Debt looks set to grow faster in 2020: Spurred by low-interest rates and loose financial conditions, we estimate that total global debt will exceed $257 trillion in Q1 2020, driven mainly by non-financial sector debt (now approaching $200 trillion). Diminishing returns on new debt: Preliminary data for full-year 2019 suggest that the global debt-to-GDP ratio grew at its fastest pace since 2016\u2014even as global growth fell to its slowest pace since the 2008-2009 financial crisis. All sectors loading up: Household debt-to-GDP reached a record high in Belgium, Finland, France, Lebanon, New Zealand, Nigeria, Norway, Sweden and Switzerland. Non-financial corporate debt to GDP topped in Canada, France, Singapore, Sweden, Switzerland and the U.S. (Table 2). Government debt-to-GDP hit an all-time high in Australia and the U.S. EM debt has risen more than twofold since 2010, to $72 trillion: The surge has been driven mainly by the sharp buildup in non-financial corporate debt (up to $20 trillion to over $31 trillion). This is a contrast to mature markets, where the government sector has been the biggest driver. The ex-financial sector, the total EM debt-to-GDP ratio reached an all-time high of 187%, ranging from 53% in Nigeria to over 365% in Hong Kong. FX debt in EMs soared to $8.3 trillion in Q3 2019\u2014$4 trillion higher than a decade ago. Dollar debt accounts for over 85% of this increase. China\u2019s debt is fast approaching 310% of GDP\u2014one of the highest in emerging markets: Following a marked slowdown in 2017\/18 during the big push for deleveraging, debt accumulation in China picked up again in 2019, notably in the non-financial corporate sector. Government debt grew at its fastest annual pace since 2009. Household debt and general government debt is now at all-time highs of 55% of GDP.