Scaling-up Ecosystem-based Debt-for-Climate Swaps: From the Millions to the Billions

This paper discusses how debt-for-climate swaps can be useful “triple-win” instruments to address the climate crisis by ensuring the protection of valuable terrestrial and marine ecosystems, while also contributing to debt sustainability. The paper draws on examples of previous debt-for-nature swaps and identifies lessons for moving forward, particularly around matters concerning the participation of Indigenous peoples and local communities, land tenure and rights, governance, and monitoring and evaluation. It also draws from experiences with forest-based climate interventions related to REDD+  (Reducing Emissions from Deforestation and forest Degradation) implementation, which may also prove relevant for the application of safeguards policies, forest governance, and capacity-building.

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