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Financing the Clean Development Mechanism through Debt-for-Efficiency Swaps? Case Study Evidence from a Uruguayan Wind Farm Project

Author

Listed:
  • Danny Cassimon

    (Institute of Development Policy and Management (IOB), University of Antwerp, Antwerp, Belgium. dennis.essers@uantwerpen.be)

  • Martin Prowse

    (Department of Geosciences and Natural Resource Management, University of Copenhagen, Copenhagen, Denmark.)

  • Dennis Essers

    (Institute of Development Policy and Management (IOB), University of Antwerp, Antwerp, Belgium. dennis.essers@uantwerpen.be)

Abstract

Parmi les trois mécanismes de flexibilité du Protocole de Kyoto, le Mécanisme de Développement Propre (MDP) permet la diffusion des crédits de carbone provenant des projets compensatoires dans des pays non-Annexe I. Manque de réflexion sur les modes de financement des projets MDP, cet article vise à évaluer l’utilisation, par des bailleurs de fonds officiels comme intervention d’aide publique au développement, des opérations de conversion de la dette officielle comme mode de financement utile. Plus particulièrement, nous examinons dans quel mesure une opération de conversion de dette au bénéfice des économies d’énergie entre l’Uruguay et l’Espagne dans le secteur d’énergie éolienne, inclue dans un projet MDP, a bénéficié au financement du projet et à la disponibilité des ressources additionnelles pour le pays débiteur et pour la mitigation climatique, a créé des avantages complémentaires sur le plan du développement, et s’inscrit dans la nouvelle approche « d’alignement » de l’aide au développement aux politiques et systèmes du pays récepteur. Nos résultats mettent en garde contre l’adoption du cas espagnol-uruguayen comme modèle exemplaire pour des opérations futures de conversion de dette au bénéfice des énergies propres dans le cadre MDP.

Suggested Citation

  • Danny Cassimon & Martin Prowse & Dennis Essers, 2014. "Financing the Clean Development Mechanism through Debt-for-Efficiency Swaps? Case Study Evidence from a Uruguayan Wind Farm Project," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 26(1), pages 142-159, January.
    • Handle: RePEc:pal:eurjdr:v:26:y:2014:i:1:p:142-159
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    Cited by:

    1. Combes, J.-L. & Combes Motel, P. & Minea, A. & Villieu, P., 2015. "Deforestation and seigniorage in developing countries: A tradeoff?," Ecological Economics, Elsevier, vol. 116(C), pages 220-230.
    2. Marion Davin & Mouez Fodha & Thomas Seegmuller, 2023. "Pollution in a globalized world: Are debt transfers among countries a solution?," International Journal of Economic Theory, The International Society for Economic Theory, vol. 19(1), pages 21-38, March.
    3. Bhatnagar, S. & Sharma, D., 2022. "Evolution of green finance and its enablers: A bibliometric analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    4. Howard Haughton & Jodie Keane, 2021. "Alleviating debt distress and advancing the sustainable development goals," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(3), pages 528-536, May.
    5. Marion Davin & Mouez Fodha & Thomas Seegmuller, 2019. "Pollution in a globalized world: Are debt transfers among countries a solution?," Working Papers halshs-02303265, HAL.
    6. Essers, Dennis & Cassimon, Danny & Prowse, Martin, 2021. "Debt-for-climate swaps in the COVID-19 era: killing two birds with one stone?," IOB Analyses & Policy Briefs 43, Universiteit Antwerpen, Institute of Development Policy (IOB).
    7. Mr. Marcos d Chamon & Erik Klok & Mr. Vimal V Thakoor & Mr. Jeromin Zettelmeyer, 2022. "Debt-for-Climate Swaps: Analysis, Design, and Implementation," IMF Working Papers 2022/162, International Monetary Fund.
    8. Cardenas, J. C. & Jaramillo, F & León, D & López, M. & Rodríguez, M & Zuleta, H, 2021. "With a little help from my friends: Debt Renegotiation and Climate Change," Documentos de Trabajo 19732, Universidad del Rosario.

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