正在考虑债务转换的发展中国家已开始将这些协议视为解决基本负担能力问题的一种方式，而不是它们最初旨在应对的生物多样性和气候目标。
Developing nations mulling debt conversions have started treating the deals as a way to tackle basic affordability issues instead of the biodiversity and climate targets they were once intended to address.
这些金融工具也被称为债务换自然互换，旨在帮助那些处于全球变暖一些最严重影响前沿的国家保护和恢复自然资源，这些资源可以作为碳汇或抵御极端天气的屏障。现在，它们正被考虑用于解决更紧迫的问题。
The financial instruments, also known as debt-for-nature swaps, were designed to help countries at the forefront of some of the harshest impacts of global warming preserve and restore natural resources that can act as carbon sinks or shields for extreme weather. Now, they’re being considered for more immediate problems.
Nuveen LLC全球固定收益ESG和影响力主管斯蒂芬·利伯拉托雷在一次采访中表示：“在全球范围内，你所看到的是更严重的通胀担忧，我认为这使政府层面更加关注粮食安全和教育等问题。”利伯拉托雷负责管理250亿美元的资本。
“Globally, what you’ve seen has been more of an inflationary concern, which I think brings more to bear from a governmental perspective on things like food security and education,” said Stephen Liberatore, who oversees $25 billion in capital as head of ESG and impact in global fixed income at Nuveen LLC, in an interview.
这一转变是更广泛的融资挑战的一部分，而这是世界各国领导人在寻找应对自然丧失和气候变化相关挑战的方法时最关心的问题。随着各国努力应对相互竞争的优先事项，私人资本已被确定为解决资金短缺的一个来源。
The shift is part of a broader financing challenge that’s top of mind for world leaders looking for ways to combat related challenges of nature loss and climate change. Private capital has been identified as one source of funding to address a shortfall, as nations grapple with competing priorities.
摩根大通发展金融与咨询团队主管法欣·阿利布霍伊在一次采访中表示：“为气候创造的一些创新现在正被纳入其他需求。”
“Some of the innovation created for climate is now wrapping into other needs,” said Faheen Allibhoy, head of JPMorgan Chase & Co.’s Development Finance & Advisory team, in an interview.
最近的例子包括肯尼亚，该国正寻求安排一项10亿美元的债务转换，以帮助支付该国的粮食支持项目。肯尼亚被国际货币基金组织列为面临高债务困境风险的国家，该国加入了莫桑比克、埃及和几内亚比绍等国的行列，使用与世界粮食计划署共同组织的转换。
Recent examples include Kenya, which is looking to arrange a $1 billion debt swap to help pay for food support programs in the country. Kenya, which is classified by the International Monetary Fund as facing a high risk of debt distress, joins nations including Mozambique, Egypt and Guinea-Bissau in using swaps organized with the World Food Programme.
对于自然而言，寻找这些资本是一项特别的挑战，因为投资回报的机制并不总是清晰的，而且公共来源远远达不到每年2000亿美元的全球生物多样性融资目标。
Finding this capital is a particular challenge for nature, where the mechanism for a return on investment isn’t always clear, and public sources are falling well short of a global funding target of $200 billion annually for biodiversity.
“与可再生能源和其他气候相关投资不同，许多与自然相关的投资仍然缺乏清晰的收入来源，使金融部门无法投入资本，”Aegon资产管理英国公司负责任投资主管米兰达·比彻姆表示。
“Unlike renewable energy and other climate-related investments, many nature-related investments still lack the clear revenue streams to enable capital to be invested by the finance sector,” said Miranda Beacham, head of responsible investment at Aegon Asset Management UK, in an At COP17, the United Nations’ global biodiversity summit which wrapped up last week in Yerevan, Armenia, delegates grappled with the challenge of making nature an investable market.
在上周于亚美尼亚埃里温闭幕的联合国全球生物多样性峰会COP17上，代表们努力应对如何让自然成为一个可投资市场的挑战。而在下周于土耳其安塔利亚开幕的气候峰会COP31上，各国将讨论向发展中国家提供1.3万亿美元气候融资目标的进展，其中部分资金预计将来自私人来源。
And at COP31, the climate summit beginning next week in Antalya, Turkey, countries will discuss progress toward a $1.3 trillion goal for climate finance to developing countries, some of which is expected to come from private sources.
英国自然事务特别代表露丝·戴维斯在COP17期间的一次新闻发布会上表示，政府发展援助永远不足以满足全部需求，而全球对此类援助的削减使得引入私人资金变得更加必要。
Government development aid was never going to be enough to fulfill the total need, said Ruth Davis, UK special representative for nature, at a press briefing during COP17, though global cuts to this aid have made it even more necessary to engage private funds.
“通过海外发展援助提供的资金不足以改变经济中存在的结构性问题——如果你无法撬动私营部门融资的话，”戴维斯说。
“The kinds of money that are available through overseas development assistance are not sufficient to change the structural problems that exist in the economy, if you’re not able to leverage private sector finance,” Davis said.
债务换自然协议过去一直是一个罕见的突出例子，属于所谓的混合融资产品，有潜力吸引急需的私人资本。这类协议通常设计为由世界银行等公共实体提供支持，以降低风险，从而帮助吸引私人投资者。
Debt-for-nature deals have in the past stood out as a rare example of a so-called blended finance product with the potential to draw in much-needed private capital. They are typically designed so that public entities such as the World Bank provide backing to reduce risk in ways that help attract private investors.
这些协议的结构是：发展中国家以更优惠的条件进行新借款，以此置换旧债务。债务再融资所节省的资金随后被专门用于某个影响力目标。在某些被称为债务转换的交易中，债务以债券形式向公开市场发行。
The deals are structured so that developing nations swap out old debt in exchange for new borrowing on more favorable terms. Savings from refinancing the debt are then dedicated to an impact goal. In some transactions, known as debt conversions, the debt is offered to public markets in the form of a bond.
摩根大通、渣打银行和美国银行等银行过去曾协助安排此类交易，由于协议的定制化程度极高，它们往往能获得丰厚的费用作为回报。
JPMorgan, Standard Chartered Plc and Bank of America Corp. are among banks that have helped arrange such deals in the past, often in exchange for generous fees due to the highly bespoke nature of the agreement.
彭博新能源财经去年估计，可能有超过1万亿美元的总债务符合此类互换的条件。但根据彭博新能源财经的数据，从2021年到2024年，涉及私人资本的债务互换仅完成了约60亿美元。
Last year, BloombergNEF estimated there might be more than $1 trillion of total debt eligible for such swaps. But from 2021 through 2024, only about $6 billion of debt swaps involving private capital were completed, according to BNEF.
Nuveen的利伯拉托雷表示，正在推进的这些交易集中在教育和食品等领域，他还说，一系列债务转换即将到来，转换后产生的债券将被提供给公开市场。他说：“人们似乎非常有信心，我们明年将看到多笔交易。”
Those deals that are on the way are focused on areas like education and food, said Nuveen’s Liberatore, who says a series of debt conversions, where the resulting bonds are offered to public markets, are on the horizon. “People seem very confident that we’re going to see multiple deals next year,” he said.