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318197

DEBT-FOR-CLIMATE-SWAPS TO SUPPORT EGYPT’S CLIMATE FINANCE NEEDS FOR ADAPTATION AND RESILIENCE

Article

Last updated: 03 Jan 2025

Subjects

-

Tags

Economics

Abstract

While developing countries have made commitments in their Nationally Determined Contributions(NDCs) that need financing, many of them experience continuously unsustainable levels of debt. As the debt problems grow further, these countries face significant financial needs and thus, are unable to allocate enough resources to fund their NDCsespecially for adaptation and resilience. To this end, the case for additional finance for climate action in developing countries is apparent given the dangers posed by climate change, which further emphasizes the gaps in current financing instruments.Egypt is extremely vulnerable to the dire impacts of climate change which are related mainly to agriculture, water resources, human health, and the coastal zone (more specifically, the Nile Delta).  Egypt was one ofthe first Arab countries to join the cooperative global efforts to confront climate change sincetheratification of the United Nations Framework Convention on Climate Change (UNFCCC) in 1994and culminating in its hosting of COP27 in Sharm El Sheikh in November 2022. Egypt'supdated NDC and its national climate change strategy indicate that the country's financing needs for climate change adaptation and effective implementation of climate-resilient development plans are much higher than the current and future levels of available resources.Egypt would therefore need to explore new and innovative sources of climate financing. This paper attempts to consider the use of debt reduction for climate finance; more specifically, Debt-for-Climate Swaps (DCS)as a viableinstrument in the broader context of sources of climate finance for Egypt. The paper outlines the main features of the study needed to determine the feasibility of using DCS for climate adaptation. Furthermore, the paper presents a roadmap for the potential implementation of the DCS in Egypt and the conditions for its effective and successful implementation.    

DOI

10.21608/jes.2023.161337.1336

Keywords

Keywords:climate change, debt-for-climate swaps, climate finance, adaptation and resilience, debt relief, Egypt’s vulnerability to climate change

Authors

First Name

dr Alaa

Last Name

A Sarhan

MiddleName

-

Affiliation

Faculty of Graduate Studies and Environmental Research, Ain Shams University, Cairo, Egypt

Email

alaa_sarhan@yahoo.com

City

-

Orcid

-

Volume

52

Article Issue

4

Related Issue

43633

Issue Date

2023-04-01

Receive Date

2022-09-07

Publish Date

2023-04-01

Page Start

69

Page End

112

Print ISSN

1110-0826

Online ISSN

2636-3178

Link

https://jes.journals.ekb.eg/article_318197.html

Detail API

https://jes.journals.ekb.eg/service?article_code=318197

Order

318,197

Type

Review Article

Type Code

599

Publication Type

Journal

Publication Title

Journal of Environmental Science

Publication Link

https://jes.journals.ekb.eg/

MainTitle

DEBT-FOR-CLIMATE-SWAPS TO SUPPORT EGYPT’S CLIMATE FINANCE NEEDS FOR ADAPTATION AND RESILIENCE

Details

Type

Article

Created At

23 Dec 2024