Colombia negotiates debt-for-nature swap with Germany to finance $40bn environmental plan.

Colombia is negotiating a debt-for-nature swap with Germany to finance its $40 billion environmental plan aimed at reducing fossil fuel reliance. This initiative, discussed by President Gustavo Petro and Chancellor Olaf Scholz, would replace costly debt with more affordable options, channeling savings into conservation efforts. Foreign Minister Luis Gilberto Murillo urged global support for developing nations facing climate challenges and called for enhanced environmental funding from international entities.

October 08, 2024
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