LONDON - In Kenya, the coronavirus pandemic has dried up eco-tourism, cutting off sources of funding that help protect wildlife and pay an income to communities working to preserve nature.
It ranks countries that would benefit most from such"debt swaps" based on their vulnerability to climate change, richness of biodiversity, indebtedness and creditworthiness. Opening up budget space could also expand a government effort that pays farmers, particularly in the poorest indigenous communities, to plant trees and conserve forests, he said.
Asset managers facing debt write-offs as a result of the coronavirus-linked downturn might opt to put them to productive use - which could both support ailing economies and reduce the need for more debt relief in the future, Steele said. Similar agreements might particularly suit other small island developing states in the Caribbean or Pacific with large debt, high climate vulnerability and rich biodiversity, he said.
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Source: BusinessTimes - 🏆 15. / 51 Read more »