{"id":88462,"date":"2024-12-05T00:00:00","date_gmt":"2024-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/05\/ecuador-is-gearing-up-for-its-second-debt-for-nature-swap\/"},"modified":"2024-12-05T00:00:00","modified_gmt":"2024-12-05T00:00:00","slug":"ecuador-is-gearing-up-for-its-second-debt-for-nature-swap","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/05\/ecuador-is-gearing-up-for-its-second-debt-for-nature-swap\/","title":{"rendered":"Ecuador is gearing up for its second debt-for-nature swap"},"content":{"rendered":"

Ecuador is working towards its second debt-for-nature swap <\/strong>worth up to <\/strong>USD 1 bn<\/strong>, Reuters<\/a> reports. The swap is led by the Ireland-registered special-purpose vehicle Amazon Conservation DAC, which plans to enter into a third-party agreement with the Ecuadorian government to finance protection efforts in the Amazon rainforest if the swap materializes. Amazon Conservation DAC plans to use the proceeds to buy back four bonds from the country\u2019s debt holders with the buyback supported by BofA Securities as a transaction manager, according to the newswire. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Ecuador\u2019s first swap is a record-breaker: <\/strong>Ecuador tried out the finance tool before with a USD 1.6 bn agreement<\/a> \u2014 the largest globally in the nascent instrument \u2014 for nature conservation efforts in the Galapagos Islands.<\/p>\n

REMEMBER- That swap has been under scrutiny: <\/strong>The Inter-American Development Bank\u2019s oversight body, the Independent Consultation and Investigation Mechanism (MICI), has placed the record swap under investigation in September after complaints from local groups over transparency. 24 groups filed a complaint citing a \"lack of accessible and relevant information\" and \"lack of an engagement strategy with potentially impacted communities\" after conservation money failed to materialize since the agreement was inked in 2023. Dubbed the \u201choly grail for eco-finance experts,\u201d the agreement was to see USD 1.1 bn of the country\u2019s debt partially forgiven in exchange for conserving its Galapagos Island.<\/p>\n","protected":false},"excerpt":{"rendered":"

Proceeds from the swap will be funneled into protection efforts of the Amazon rainforest.<\/p>\n","protected":false},"author":1,"featured_media":88463,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[70,526,11,164],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-around-the-world","tag-around-the-world","tag-debt-for-nature","tag-enterpriseclimate","tag-green-finance","wpautop","entry"],"acf":{"mongo_id":"e59fe00d-0871-4da0-9be0-a6180f4dd07c","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2131.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ecuador is gearing up for its second debt-for-nature swap","related_issue":[88447],"teaser":"Proceeds from the swap will be funneled into protection efforts of the Amazon rainforest.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.877e666d-f2bc-4ef4-8da5-50ae3f3d9472.mp3"},"yoast_head":"\nEcuador is gearing up for its second debt-for-nature swap - 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