Debt-for-Nature Swaps: Shadows in a Shiny ‘New’ Business Niche

While debt-for-nature swaps are not new, since 2021 we have seen increased interest in these operations. Recent debt-for-nature swap deals in Belize, Ecuador or Gabon have been presented as ground-breaking financial innovations to help countries tackle debt vulnerabilities at the same time as providing resources for nature conservation. While it is still soon to fully assess their efficiency and impacts, this article reviews the limitations and shadows behind these operations and the push for escalating debt-for-nature swaps.