I’m back from COP28 in Dubai and wanted to share a few observations in my areas of focus that you might not see elsewhere.
- Debt-for-nature swaps and similar structures got a lot of attention at COP. Such deals provide excellent ways to deliver capital from the developed world to lower-income countries. They allow for strong governance, accountability, leverage for aid or philanthropy, and significant financial gains for sovereign credits. Back when I was at TNC, we were a pathfinder in this area, and I’m proud that the organization continues to lead here. But now there’s more widespread interest. I participated firsthand in meetings with development banks that want to be involved in credit enhancement, capital providers that like the structure, and lower- and middle-income countries that need capital and are ambitious about all of their sustainability initiatives (not just nature-focused ones). I urge all COP participants to pay close attention to the significant opportunities such structures can provide.