International Climate Action

Debate between Lord Duncan of Springbank and Lord Marlesford

Thursday 26th September 2019 Lords Chamber

[Lord Marlesford (Con)]

My Lords, I have a practical suggestion for how we can save the Amazon rainforest and similar areas. The international community, through the IMF and the World Bank, should take over a proportion of the government debt of the countries concerned, on the basis that the debt would not be liable to interest nor have to be repaid provided that these areas were conserved. To give a real incentive, the multiple of the value of the commercial exploitation of the rainforests offered would have to be considerable—probably five or even 10 times as much debt as the commercial value. If that were done, countries would have a real incentive to protect and preserve their rainforests.

[Lord Duncan of Springbank]

My Lords, debt cancellation is not a new idea. It has had some currency and traction in the past. It is an area that bears further consideration. Going forward, we should not shy away from looking at it. It would have to be done very carefully. How to address this in the short term might be more challenging.