Argentina and Bolivia Propose IMF Debt-For-Climate Swap

On Sunday, Argentine President Alberto Fernandez and Bolivian President Luis Arce ratified their joint position for the protection of the environment ahead to the United Nations Climate Change Conference (COP26).

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"We bring the same voice to this conference. We will fight for the rights of Mother Earth and support each countries' challenges to curb climate change," Arce stated and demanded that developed countries reduce their emissions.  

"Rich countries are primarily responsible for global warming. Therefore, they should no longer fight this problem with plan proposals but with effective adaptation policies," he explained and condemned that the lines of cooperation for developing countries have been transformed into conditional lines of credit.

To counteract the last situation, Fernandez proposed to allocate a percentage of the money that developing countries owe to the International Monetary Fund (IMF) to finance an ecological transition. He also suggested creating a climate finance committee to define the funds needed to increase Latin America’s access to renewable energies.

"These initiatives will allow us to stop relying on fossil resources that emit greenhouse gases and cause global warming," Fernandez stated, stressing that the committee should approach this problem from a holistic perspective.

Both presidents also supported the Amazon Basin's Indigenous Organizations Coordinator (COICA) plans to keep 80 percent of the Amazon rainforest free from oil exploitation, deforestation, agriculture, and livestock activities.

"Indigenous peoples around the world have much to teach the international community about how to care for Mother Earth. Their voice must be heard loud and clear in this climate debate," they highlighted.