美国国家公共电台 NPR--Blue bonds could be a solution for climate change and debt for some countries

Blue bonds could be a solution for climate change and debt for some countries

Transcript¹

Low-income countries are seeing some of the most severe effects of climate change. They are also facing growing debt as interest rates go up. What if there was a way to solve both problems at once?

A MART?NEZ, HOST:

The climate crisis has been hitting low-income countries especially hard. We heard that throughout the U.N. climate summit in Egypt that just wrapped. These governments are also facing swelling² debt as interest rates rise around the globe. Could blue bonds solve both problems at once? Wailin Wong and Darian Woods from our daily economics podcast, The Indicator³, explain.

WAILIN WONG, BYLINE⁴: Last month, the United Nations identified 54 countries in need of urgent debt relief. The U.N. said about half of those countries are also some of the most climate-vulnerable nations in the world.

DARIAN WOODS, BYLINE: These countries don't have the money to service their debt and invest in climate-related infrastructure⁵. Daniel Munevar is an economic affairs officer at the U.N. Conference on Trade and Development.

DANIEL MUNEVAR: Climate change not only is affecting negatively the income of countries but is also imposing⁶ additional cost as a result of extreme climate events. Because of these linkages⁷, the climate crisis - it's also making the debt crisis worse.

WONG: The Nature Conservancy wanted to tackle the climate and debt problems together, so they turned to something called a debt-for-nature swap⁸. Basically, they would help governments swap old debt for new debt with lower interest payments. This debt conversion⁹ would then free up money for conservation efforts.

WOODS: These debt-for-nature swaps¹⁰ were briefly¹¹ in vogue¹² in the late 1980s and early 1990s after the Latin American debt crisis. Then, environmental groups helped countries like Bolivia and Ecuador get debt relief in exchange for conservation commitments.

MUNEVAR: The Nature Conservancy revived the debt-for-nature swap in 2016 with a deal in the Seychelles. It did another swap in Belize last year and then a $150 million deal in Barbados this year. The deals all involve something called blue bonds because the country's promise to protect at least 30% of their ocean areas.

WOODS: And so here's how the Barbados debt swap worked. First, the government contacted investors¹³ holding the old debt. Then they offered to buy back some of those bonds. Slav Gatchev heads the sustainable debt team at The Nature Conservancy.

SLAV GATCHEV: Just like the homeowner refinancing their house, if you go to your current bank and say, hey, I want to pay you back, the bank will say, wonderful. Where's the cash? Show me the money.

WOODS: And that's where The Nature Conservancy comes in. They paired up with Wall Street banks and another group, which was the Inter-American Development Bank, and they sold new bonds to investors called the blue bonds. And the proceeds of these blue bonds were then used to cash out the old bondholders.

WONG: Now Barbados is on the hook for this new debt, but the new debt has much better terms. The Nature Conservancy and the Inter-American Development Bank also took a risk. They agreed to guarantee the debt, stepping in if Barbados can't make the payments.

WOODS: All told, the debt swap generated $50 million in savings¹⁴ for Barbados. This is the money that the country is using for large-scale long-term projects to protect its oceans. Slav at The Nature Conservancy acknowledges that debt swaps are just one tool, meant to complement¹⁵ traditional philanthropy, like grants and donations. But he said the enormity of the climate crisis means financial markets have to get involved in fixing it. And so these debt swaps are designed to attract investors of all kinds.

WONG: Which side are you appealing to, kind of their profit-seeking side or their climate conscience?

GATCHEV: Ideally, it's both, right? But, of course, we love the fact that people see these instruments as aligned¹⁶ with their green investment targets, and we want to see more teeth to those targets.

WONG: Wailin Wong.

WOODS: Darian Woods, NPR News.

(SOUNDBITE OF MR. PAUER'S "TAMBOR")

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 swelling   

n.肿胀

参考例句：

• Use ice to reduce the swelling. 用冰敷消肿。
• There is a marked swelling of the lymph nodes. 淋巴结处有明显的肿块。

3 indicator   

n.指标；指示物，指示者；指示器

参考例句：

• Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
• His left-hand indicator is flashing.他左手边的转向灯正在闪亮。

4 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

5 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

6 imposing   

adj.使人难忘的，壮丽的，堂皇的，雄伟的

参考例句：

• The fortress is an imposing building.这座城堡是一座宏伟的建筑。
• He has lost his imposing appearance.他已失去堂堂仪表。

7 linkages   

n.连接( linkage的名词复数 )；结合；联系；联动装置

参考例句：

• Only the thermosetting resins provide a strong cohesive forces; this is due to molecular cross linkages. 只有热固性树脂具有巨大的凝聚力，这是由于分子交错链所造成的。 来自辞典例句
• The linkages between the stable units must be as near as possible of equal stability. 稳定链节之间的键必须有尽可能接近的稳定性。 来自辞典例句

8 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

9 conversion   

n.转化，转换，转变

参考例句：

• He underwent quite a conversion.他彻底变了。
• Waste conversion is a part of the production process.废物处理是生产过程的一个组成部分。

10 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
• Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。

11 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

12 Vogue   

n.时髦，时尚；adj.流行的

参考例句：

• Flowery carpets became the vogue.花卉地毯变成了时髦货。
• Short hair came back into vogue about ten years ago.大约十年前短发又开始流行起来了。

13 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

14 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

15 complement   

n.补足物，船上的定员；补语；vt.补充，补足

参考例句：

• The two suggestions complement each other.这两条建议相互补充。
• They oppose each other also complement each other.它们相辅相成。

16 aligned   

adj.对齐的，均衡的

参考例句：

• Make sure the shelf is aligned with the top of the cupboard.务必使搁架与橱柜顶端对齐。