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Use a Financial liability to fund a climate liability

Use a Financial liability to fund a climate liability. Objective. The objective is to swap financial debt, in highly indebted middle income countries that are also vulnerable to the consequences of climate impacts, for a program of climate actions and financial relief.

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Use a Financial liability to fund a climate liability

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  1. Use a Financial liability to fund a climate liability

  2. Objective • The objective is to swap financial debt, in highly indebted middle income countries that are also vulnerable to the consequences of climate impacts, for a program of climate actions and financial relief. • This particular set of countries has difficulties deploying resources to address the mounting concerns imposed by climate impacts, and they are not eligible for assistance under the proposed Pilot Programs for Climate Resilience (PPCRs). • Many of these nations also have relatively modest carbon footprints and thus would not benefit from programs supported under the Clean Technology Funds. Debt swaps would offer the fiscal space to enable the undertaking of priority adaptation activities.

  3. Scope • The swap would be designed to allow: a) reduction in debt service and pressure, expanding fiscal space for additional long-term development programs earmarked to address adaptation concerns; b) strengthening of sustainable governance and enforcement structures to support these programs; c) strengthening capability to address adaptation to climate issues in the same ecosystems; and d) implementation of a priority adaptation program.

  4. Climate Swap

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