Clifford Chance

Debt-for-Nature Swaps: A New Generation

9 November 2023

Ahead of COP28, we set out our thoughts on the new generation of debt-for-nature swaps which have recently come to market and look forward to their full potential being unlocked at COP28 and beyond.

Urgency around climate change, and the growing number of countries with high levels of debt vulnerability, in part as a consequence of the COVID-19 pandemic and monetary tightening, are driving renewed interest in debt-for-nature and debt-for-climate swaps. These factors, coupled with the general growth and mainstream acceptance of ESG investments, are reflected in investors' increased appetite for climate and conservation linked debt instruments.

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