Scaling Debt-for-Nature Swaps to Tackle Debt, Climate, and Biodiversity

With global debt distress at historic levels in the wake of the pandemic, there is little fiscal space for developing nations to invest in climate adaptation, low-carbon development, biodiversity conservation, and other sustainable development needs. Debt-for-nature swaps provide an opportunity to alleviate debt distress in struggling nations while also advancing environmental and development goals. These financial instruments were popular in the 1980s and 1990s, but their overall impact on sovereign debt and conservation was relatively modest. Recently there have been calls to revitalize and expand debt-for-nature swaps to meet the current triple crises of debt, climate, and biodiversity. Several recent debt-for-nature swaps have demonstrated innovative means of scaling and expanding these instruments. Join us for coffee and a light breakfast (9:00-9:30 a.m.), followed by a one-hour panel discussion examining opportunities and obstacles involved in maximizing the future potential of debt-for-nature swaps. Hear from these experts during the panel discussion (9:30-10:30 a.m.): Dana Barsky, Global Head of Sustainability Strategy and Net Zero, Standard Chartered Bank; Kevin Bender, Director, Greening Sovereign Debt, The Nature Conservancy; Carlos Manuel Rodriguez, CEO and Chairperson, Global Environment Facility (virtual); Anmol Vanamali, Director, Innovative Finance, U.S. International Development Finance Corporation (DFC); and Elizabeth Losos (moderator), Executive in Residence, Nicholas Institute for Energy, Environment & Sustainability at Duke University. Speakers will explore how to scale up debt-for-nature swaps - and other related financial instruments - in a manner that would have meaningful impact on total sovereign debt and international commitments on climate and biodiversity. The discussion will draw on evidence from the long history of debt-for-nature swaps as well as more ambitious recent examples. The panel will consider how to achieve the greatest impact of next-generation swaps, considering topics such as national-level scaling, performance-based targets, sovereignty concerns, and incentivizing multiple global gains. Afterward, connect with speakers and attendees at a networking reception (10:30-11:30 a.m.). This event is organized by the Duke University Office of Climate and Sustainability and the Nicholas Institute for Energy, Environment & Sustainability at Duke University, and is hosted by Bloomberg.