Climate conducive for airbus consolidating debt, we can tackle climate change and national debt together
The Earth has one atmosphere and climate system. The wealthy have used more than a fair and sustainable share, yugo mauser dating driving climate change and its adverse effects. Our new idea is an initiative to swap national debt for climate change action.
Our experts have been examining other innovations to address both climate change and crippling public debt faced by many Caribbean countries. The Commonwealth has already launched a Climate Finance Access Hub to help countries secure climate financing, but we recognise that this alone is not enough. The cost to providers will depend on the levels of their pledges and the total outstanding debt to be written off.
Our proposal is for climate finance providers to decide the frequency of debt write-offs. Governments will make foreign exchange savings - given that their debt will be effectively converted into domestic currency. Despite ambitious pledges, only limited funds are flowing to the countries that need the greatest help. We must live within its limits and share the benefits fairly.
Instead of repaying their creditors, governments of small states would be required to pay into a local trust fund that will manage, invest and disburse resources for project implementation. Interest groups in the Caribbean have made it clear that the recent climate change agreement in Paris needs to move swiftly beyond aspiration to decisive and effective action.
We can tackle climate change and national debt together
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