Blogs

Wanted: more debt-for-nature swaps for Caribbean

Posted by CaribShout on July 10, 2009 at 11:13pm

KINGSTON, Jamaica, July 10, 2009 - With issues of global warming and the economic crisis causing headaches for many countries, there's a suggestion that more debt forgiveness should be offered to Caribbean countries in exchange for their investment in conserving the environment. Jamaica's Education Minister Andrew Holness said the debt-for-nature swap would not only benefit cash-strapped nations but would be mutually beneficial in protecting and preserving the environment for future generations. Debt-for-nature swaps are transactions in which a portion of a developing nation's foreign debt is forgiven in exchange for local investments in conservation measures, such as enacting certain environmental policies or endowing a government bond in the name of a conservation organisation, with the aim of funding conservation programmes. "Debt is a major problem for the developing world, and debt limits the ability of the developing world to protect its own environment. So, by forgiving the developing world their debt, the developed world can purchase the protection of the environment," Holness suggested. "The environment affects the entire world so developed countries, whose leaders understand that they alone in their country cannot protect the world environment, need to cooperate with the developing world." Holness suggested that this was particularly useful now since leaders of the richer nations have indicated the need to urgently address the issue of global warming. Earlier this week, leaders of the G8 nations - Canada, France, Germany, Italy, Japan, Russia, the United States and the United Kingdom - discussed the matter at their meeting in Italy. Although they agreed to cut their greenhouse gas emissions by 80 per cent by the year 2050, they were unable to convince developing countries to work on cutting theirs by half that amount. "The developed countries know that global warming can affect them; it affects everybody. Debt prevents us from having an education system where we can actually teach our consumers to be environmentally consumers," Holness contended. "Forgive us the debt, and we guarantee you that we will use that forgiveness in such a way to create consumers in the developing world who will be environmentally conscious, environmentally aware and who will protect the environment," he further offered. Jamaica has already benefitted from a debt-for-nature swap. The Environmental Foundation of Jamaica (EFJ) was created through bilateral debt reduction agreements with the United States signed in August 1991 and January 1993.

Community

Culture

Entertainment

Food

Health