Bishkek is alarmed that the world bank class is not returning Sadyr Zhaparov’s phone calls. & nbsp,
The Kyrgyz president expressed regret that no developed nation had accepted his offer to negotiate a so-called debt-for-nature” swap” in an address to the UN General Assembly last month.” I have already addressed our partners with the request to exchange external debt for environmental & nbsp, projects ,” he said. Unfortunately, we & nbsp have not gotten a response.
Surprisingly, despite the weather industry’s support for debt-for-nature” transfers ,” which are meant to roll back threats to biodiversity and the negative effects of climate change on the environment, the global community seems to have given Zhaparov the cold shoulder. In addition, & nbsp,
The climate crisis is a culture we are losing, but it is one we can win, according to UN Secretary-General António Guterres.
Loan for nature transfers are one of the ways to turn the tide. & nbsp: Disregarding the efforts of nations like Kyrgyzstan to make such” swaps” is a failure to uphold solemn commitments to halt the negative effects of climate change. & nbsp,
Bishkek has been holding regular, if sporadic, working group discussions with its creditors about the potential for debt-for-nature & nbsp, swaps & inbph, and other hybrid arrangements for the past 20 years. & nbsp: Zhaparov raised the stakes in his most recent speech before the UN General Assembly, urging his creditors to honor their agreements. In addition, & nbsp,
What exactly are debt-for-nature transfers?
Debt-for-nature derivatives and nbsp are financial transactions in which bank nations forgive an agreed-upon part of a country’s international debts in exchange for regional investments in the debtor country.
During his time as the Smithsonian Institution’s assistant secretary for climate and physical affairs, Dr. Thomas Lovejoy, the later high priest of debt swaps, and I had the honor of working closely together in this area. & nbsp,( See his testimony before the US Senate in 1991 and his October 1984 op-ed on debt swaps in The & ndbp and New York Times, respectively. ) & nbsp,
In order to build the Center for the Study of Biological Diversity & nbsp in Guyana, we completed a hybrid debt-for-biodiversity transaction with the Royal Bank of Canada. We also supported biodiversity initiatives in the Amazon and marine habitats in Pacific waters.
At the time, our main challenge was assuring nations that debt-for-nature transfers had nothing to do with the transfer of property equity( loss of sovereignty ) to foreign interests. & nbsp,
Kyrgyzstan persists
The heads of state of Kazakhstan, Tajikistan, Turkmenistan, and Uzbekistan emphasized the immediate need to solve problems with glacial melt, desert, natural source and water administration, as well as the inevitable loss of biodiversity at the UN General Assembly’s opening this year. & nbsp,
In contrast to the other Central Asian leaders, Zhaparov emphasized Kyrgyzstan’s support for” calls made at the Summit for a New Global Financial Pact in Paris [ 2023 ] to mobilize necessary financing [ for environmental initiatives ] and [ carry out ] structural reforms of the international financial architecture.”
Zhaparov argued against Bishkek’s international and bilateral debts, saying,” If we don’t start [ to reform the system ] then, then injustice in the world will increase.” Poor countries will continue to become poorer, while rich nations will keep getting richer. & nbsp,
He thinks that the current world economic system, with its disparities between wealthy and impoverished people, challenging eligibility requirements, and onerous compliance standards, has almost run its course and no longer serves the interests of low-income nations, according to a growing number of nations. & nbsp,
Kyrgyzstan is a leading candidate for mutually beneficial debt-for-nature transfers due to its external debts of no unimportant andnbsp, US$ 9.85 billion, as well as its possession of significant communities and natural resources.
The nation is interested in implementing a number of outstanding natural resource projects, including the long-term management of the Western Tien-Shan mountains, which are on UNESCO’s list of World Heritage, the protection of threatened and / or vulnerable species like the snow leopard, integrated ice and water sources management, and the preservation of numerous native tree species that are in grave danger. & nbsp,
According to all outward appearances, Zhaparov is willing to negotiate on innovative debt-for-nature or other environmental financing arrangements, such as the$ 20 million deal that Peru and the United States completed this past September to support Amazon conservation.
International and bilateral creditors in Europe and Asia could do worse than to shout at President Zhaparov given the significance of Kyrgyzstan’s healthy resources and the scope of its needs in biodiversity management. They would benefit diversity in the world, and the president did undoubtedly answer the phone. In addition, & nbsp,