气候变化领域集成服务门户(CCPortal): Debt-for-climate swaps: Killing two birds with one stone?

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DOI	10.1016/j.gloenvcha.2021.102407
	Debt-for-climate swaps: Killing two birds with one stone?
	Essers D.; Cassimon D.; Prowse M.
发表日期	2021
ISSN	0959-3780
卷号	71
英文摘要	The COVID-19 pandemic has further fuelled problems of debt sustainability in developing countries and has sapped the fiscal resources needed to finance climate mitigation and adaptation efforts. We examine whether “debt-for-climate” swaps, instruments whereby debtor countries are relieved from their contractual debt obligations in return for local climate-related spending commitments, may be helpful in tackling worrying debt levels and climate concerns simultaneously. We point out that debt swaps do not have a great historical track record but that common flaws such as their piecemeal nature, lack of additionality and creation of parallel implementation structures, could be overcome by scaling up and careful design. To realize swaps’ full potential, a distinction needs to be made between situations where debt is clearly unsustainable and where it is high but sustainable. In the former case, deep and comprehensive debt restructuring should be the primary focus, rather than closely matching debt service savings with increased climate spending; in the latter case, stand-alone debt swaps may be used to transfer resources from creditors to debtor countries that are committed to climate investments but lack fiscal space. Another helpful differentiation is that between middle-income debtor countries, where debt swaps could finance climate mitigation interventions, and low-income debtors, where investments in adaption deserve prioritization. Finally, debt swap proposals need to be mindful of creditor incentives, including positive reputational payoffs, achieving greater scale using a multi-creditor set-up, at the same time as carefully considering governance credentials in each country context. © 2021 Elsevier Ltd
关键词	Climate finance Debt restructuring Debt sustainability Debt swaps Developing countries
语种	英语
scopus关键词	climate change; developing world; prioritization; sustainability
来源期刊	Global Environmental Change
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/249561
作者单位	Economics and Research Department, National Bank of Belgium, Belgium; Institute of Development Policy, University of Antwerp, Belgium; Graduate School of Business, University of Cape Town, South Africa; Independent Evaluation Unit, Green Climate Fund, South Korea
推荐引用方式 GB/T 7714	Essers D.,Cassimon D.,Prowse M.. Debt-for-climate swaps: Killing two birds with one stone?[J],2021,71.
APA	Essers D.,Cassimon D.,&Prowse M..(2021).Debt-for-climate swaps: Killing two birds with one stone?.Global Environmental Change,71.
MLA	Essers D.,et al."Debt-for-climate swaps: Killing two birds with one stone?".Global Environmental Change 71(2021).