IIED's video: Debt for climate swaps: innovative financial instruments for public debt management

This event brought together government representatives and experts to exchange in-country experiences to design effective debt-for-climate swaps, including the advantages of this innovative financing instrument for advancing action for climate adaptation. It was co-organised by UNEP, IIED, the Commonwealth Finance Hub and the government of eSwatini as part of the 2022 Africa Climate Week. Several countries in Africa are now considering debt-for-climate swaps as an innovative solution to manage mounting public debts, climate change challenges – particularly underfunded adaptation action – and COVID-19 recovery. Traditionally, these instruments represent an exchange of the existing debt contract with a new one, where the previous contract is normally discounted. The proceeds from the discount or foregone debt would then be used in an agreed manner to fund project to tackle climate change. The speakers: *Helene Gichenje, Commonwealth regional climate finance adviser for Africa *Duduzile Nhlengethwa-Masina, director, Eswatini Meteorological Service, government of Eswatini *Andrey Chicherin, head of innovation, technology transfer and co-funding platforms, Green Climate Fund *Soeli Santos, treasury director, Ministry of Finance, government of Cabo Verde *Marie-May Jeremie, chief executive officer, Seychelles' Conservation and Climate Adaptation Trust *Vimal Thakoor, senior economist, International Monetary Fund *Innocent Onah, chief natural resources officer, African Natural Resources Management & Investment Centre, African Development Bank (AfDB) *Sumalee Khosla, global climate adaptation finance adviser, UNEP CCAU *Paul Steele, chief economist, IIED Read a report on the event by Climate Home: https://www.climatechangenews.com/2022/09/02/african-nations-eye-debt-for-climate-swaps-as-imf-takes-an-interest/ More information: https://www.iied.org/debt-for-climate-swaps-innovative-financial-instruments-for-public-debt-management