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Argentina offers its creditors a link to
green climate action instead of money

Valios84sl

Wants to link part of the payment to essential green investments.

- President Alberto Fernandez airs the idea at UN climate summit
- Argentina seeks to exchange some IMF debt for green projects

By Jonathan Gilbert / Bloomberg

BUENOS AIRES
Petroleumworld 11 03 2021


Argentina, one of the world’s most prominent defaulters, is pushing for a new way to service debt: Instead of paying creditors with cash that’s on short supply in Buenos Aires, it wants them to recognize the country’s efforts to tackle climate change.

“We need more flexibility to honor that debt,” President Alberto Fernandez said, at a United Nations climate summit, of about $46 billion that Argentina owes to the International Monetary Fund. “We’re willing to link part of the payment to essential investments in green infrastructure.”

The climate talks in Glasgow are set to include a discussion on how rich countries can help poorer ones like Argentina to make the expensive transition to cleaner energy.


_____________


By Jonathan Gilbert from Bloomberg News

bloomberg.com /11 02 2021

TOP

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