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E242: Revamping debt for nature swaps could support resilient food systems
- 2024/08/23
- 再生時間： 18 分
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あらすじ・解説
In today's discussion, we will explore the application of debt relief to large investments in environmental sustainability, which can also support local development, including more resilient food systems. This is particularly timely, given the juxtaposition of enormous debt burdens with increasing environmental commitments by developing countries. Debt for relief swaps, such as financial forgiveness for cash strapped countries if they invest those funds to support global environmental goods, have been around since the 1980s. However, they haven't achieved their full economic or environmental potential, says Duke University Economic and Environmental Policy Professor Alex Pfaff. Smart reforms to improve debt relief programs can allow nations to help themselves and fulfill commitments to preserve the planet. Pfaff and colleagues described needed reforms in a recent analysis in a policy forum for the journal Science, also summarized in Foreign Policy magazine. His co-authors are sustainability expert Elizabeth Losos and conservation professor Stuart Pimm from Duke University. They note that global society has now learned lessons, not only from past debt for nature swaps, but also decades of evaluation of climate change of environmental and development policies. Interview Summary I have to say, having read particularly the Science piece, it is clear and it's very straightforward and accessible. But the other thing, it's hopeful. And I think in this moment of climate concerns, it's great to know that there's some ways to possibly move forward. I'd love to hear some more about this. If you don't mind, would you just describe a debt for nature swap? I gave a little bit, but I'd love to hear your consideration of it. What you said is right. And I'll just agree with you first that we're definitely in a time when doing the right things could help a lot. One of my motivations is a little bit of fear in there, which is, if we don't take the opportunity we look back later and regret it. Which is one of the reasons why we're out there trying to bother people to do what we think would be more effective. So, coming to the definition. A debt for nature swap, as you said is like it sounds. It's an agreement to forgive debt that countries owe on one condition - that they invest part of that money in some form of investment in nature. It's often been conservation. That was often thought of in terms of species or biodiversity at the time. But nowadays that would include thinking about storing carbon because of climate concerns, and then linking to your use of the term resilience in agriculture - for sure this also could be thinking about a climate adaptation. Can you give us some examples of countries that have done this? What does this look like on the ground? Yes, and the history, as you say, is that it started in the 1980s. And we really want to tip our cap to Tom Lovejoy who invented this at a time when, again, as you laid out, but it, at that time, was also true. There was huge amounts of debt and huge concerns about conservation, and it was a pretty simple idea. That it is a potential source of money to invest where the countries can help themselves, as you said, by getting rid of really quite crippling debt - tremendous amounts of interest are being paid on those debts - but also be helping the globe by investing in nature. So countries recently done, for instance, Ecuador has done a very big one recently. Belize has done one that's quite well spoken of. Those are different sized countries, different sized problems, which, as you can imagine from your own work, the institutions matter a lot. But there's been a long string and a long history of willingness to try. And I guess the last thing is that willingness started to go down when, as you summarized, it wasn't really working for the debtors who weren't really getting that much relief in their point of view for a lot of time bargaining. And it wasn't really working perhaps for nature. It wasn't having necessarily the impacts that one might have hoped. So, I think the question now is can we reform them? Because we do still have a big debt problem and we have some big nature problems. Thank you for sharing that. And it's really fascinating to know that this is not a new idea. It's been around since the 80s. And this hope that I mentioned earlier suggests that there can be ways to make this debt for nature swap work better. I would love to understand what you want readers to take away from the reforms that you all suggest in the article. Yes, and the punch line at the high level is it makes sense. It hasn't worked as done to first order. Of course, some things have worked. But simple reforms based on things that we have learned over the last few decades could make them work a lot better. So that's the high level. To get a little more detail the four things we say in those articles are the following. You gotta raise the scale. It has to be consequential relative to the...