Instrumentos financieros innovadores para la acción climática: Desafíos y oportunidades de los canjes de deuda por clima en América Latina

Sovereign debt and climate change crisis have emerged as deeply interconnected global challenges. The fiscal impact of the COVID-19 pandemic and the economic fallout from the Ukraine war have pushed public debt to historic highs, while the frequency and severity of climate disasters continue to intensify. These converging crises disproportionately affect developing countries, spurring renewed attention to debt-for-climate action swaps as a potential policy solution. This article presents a comprehensive analysis of such debt swap mechanisms, drawing on an original dataset spanning from their inception in the late 1980s to present-day initiatives. We focus particularly on Latin America, a region that offers valuable insights given its extensive experience with both sovereign debt crises and debt-for-nature swaps, coupled with its high vulnerability to climate change impacts.