Posted: Tuesday, November 8, 2022. 6:37 pm CST.
Contributed by Ministry of Economic Development: The 2022 United Nations Climate Change Conference, often referred to as the Conference of Parties (CoP), is currently taking place in Sharm El Sheik, Egypt from November 6 – 18, 2022. This year marks the 27th Conference of Parties where representatives from United Nations member countries come together to share their progress toward achieving the goals set forth in the Paris Agreement.
The Honourable Christopher Coye, Minister of State in the Ministry of Finance, Economic Development and Investment, gave remarks on “Debt Swaps for Climate and Nature” during a high-level session hosted by the International Institute for Environment and Development on November 7, 2022. Minister Coye recounted the economic, social and personal losses associated with Hurricanes Julia and Lisa, which have contributed to the average annual losses of 4% of GDP that have become the norm for Belize. He coined the phrase, “one step forward, two steps back” as a fitting characterization of Belize’s experience with climate change.
Minister Coye went on to share that “debt swaps if favourably concluded, can constitute that giant step forward in the right direction, both for conservation and the economy.” The Minister described Belize’s debt swap transaction as a success story of what is possible when developed country institutions support vulnerable state-led initiatives through facilitating the access of capital at scale and in a timely manner.
Over the next two weeks, the Belize delegation will attend additional high-level meetings and will continue to interact with international institutions, funds, and partners to share Belize’s experience in the face of the climate crisis and to learn about opportunities to leverage resources that will help us further our climate change agenda.
For further information, please contact: Osmond Martinez, PhD., Chief Executive Officer and Belize’s NDA to the GCF at [email protected]
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