Delegates at Cop27 were informed on Wednesday that debt-for-climate swaps are a crucial approach to assist developing countries. This includes several in the Middle East, in financing steps to cope with change.
Participants in a panel discussion at the conference in Sharm, El Sheikh learned that more immediate funding was required for the area’s adaptation to global temperature change. Delegates at Cop27 were informed on Wednesday that debt-for-climate swaps are a crucial approach to assist developing countries. Basically, including several in the Middle East, in financing steps to cope with climate change.
Participants in a panel discussion at the conference in Sharm El Sheikh learned more about immediate funding. It was required for the area’s adaptation to weather change.
While Mr. Bayoumi said that no government in the region had yet reached a debt-for-climate swap agreement. Some had experience with debt-for-development swaps and could learn from other countries that had “gone for debt-for-climate swaps. Such as Seychelles, Belize, and the Bahamas.
They are all promising instances that are currently emerging, he said.
He asserted that the region should concentrate particularly on debt-for-adaptation swaps. Because where adaptation is defined as actions taken to address temperature change as it occurs. “Finance is still being drawn to mitigation. Our problem will be with adaption. It doesn’t get enough funding, “added Mr. Bayoumi.
He emphasized the need to “use all the tools at our disposal,” such as issuing green bonds and mobilizing sovereign wealth funds. But also said that debt-for-climate and debt-for-conservation swaps were “a great opportunity.”
According to analysis, debt-for-conservation swaps involving the world’s oceans may result in the preservation of an area the size of the United States, he added.
