The EU is open to discussing Petro’s proposal to exchange debt for climate action

The European Union (EU) would be open to look at and discuss the proposal of the Colombian president, Gustavo Petroto restructure the global financial system to adopt the change foreign debt due to climate action.

“I have told the president that the EU is not against this idea. We need to work on the technical foundations and start discussions.” said the European Commissioner for the Environment, Virginijus Sinkevicius, in statements to the press after meeting Petro at the preparatory meeting for the Amazon Summit, held in Leticia, in the far south of the country.

This meeting is in preparation for the summit of Amazonian countries that will take place on August 8 and 9 in the Brazilian city of Belén, capital of the state of Pará.

The commissioner, who has been the main representative from outside the Amazon arc at the summit, explained that for now the EU needs “see the proposal” and “the technical document to be able to start the discussions”.

Petro has proposed in various international forums a debt swap for climate action and payment for environmental services, which would allow it to finance environmental protection efforts and projects in the Amazon for the protection of the jungle and local communities.

“At the moment it is an exchange of ideas and we can start there”, stated the European commissioner, who explained that they also seek to include countries outside the EU to implement the Green Pact, and that there is “will to do it”.

“I think it is an idea that we can export (…) Colombia is very willing to do so and I can only insist that we are going to see the technical document and start the discussion”Sinkevicius said.

At this summit, which brought together indigenous and environmental organizations and the ministers of the eight countries of the Amazon arc and which was closed by Petro and the Brazilian president, Luiz Inácio Lula da Silva, the EU announced the Amazon+ program.

Through this programme, the EU will contribute 20 million euros to “Strengthen the capacity of the countries of the Amazon Basin to mitigate the emissions of CO2 and adapt to the effects of climate change. in the next five years.

The funds will go to Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela, and is part of the European initiative Amazon Basinwhich has a total of 35 million euros to contribute to the preservation of the green lung of the planet.

The Amazon + program seeks, among other objectives, to promote participation spaces and methodologies to include indigenous peoples and local communities in the development and implementation of policies and mechanisms of environmental and forest governance, explained the official.

Source: EFE