A “Task Force on Sustainability-Linked Sovereign Financing for Nature and Climate” will convene to establish a framework to ameliorate the debt, biodiversity, and climate crises by reforming debt-for-nature swaps, i.e., voluntary transactions in which creditors reduce or cancel debt in exchange for debtor-country commitments to fund specific environmental activities. We identify four reforms that should underpin the new framework: (i) Offer debt relief at a nationally consequential scale; (ii) defer to debtors on implementation to reduce transaction costs and raise debtors’ benefits; (iii) employ performance-linked instruments based on reliable metrics to ensure global gains; and (iv) integrate all of those metrics across biodiversity conservation, emissions reduction, and climate adaptation to allocate funds most efficiently.