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Exploring debt-for-nature swaps in climate action
Countries most vulnerable to climate change and biodiversity loss frequently find themselves lacking the financial resources to invest in climate adaptation and resilience projects, primarily due to their existing debt burdens. According to the United Nations, more than 50 of the poorest countries are at risk of defaulting on their debt and becoming effectively bankrupt, which would be catastrophic for climate action. This issue is now amplified following the failure of wealthier nations to fulfill their commitment to delivering $100bn by 2020 to help poorer countries cope with climate change. This roundtable will explore the mechanism of debt swaps for climate and nature, challenges and opportunities for public and private sectors as well as what it would mean for the international financial system in the face of the climate crisis and biodiversity loss.