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Cassimon, Danny, Prowse, Martin 
ORCID: https://orcid.org/0000-0002-1271-468X and Essers, Dennis
(2014)
Financing the clean development mechanism through debt-for-efficiency swaps? Case study evidence from a Uruguayan wind farm project.
European Journal of Development Research, 26.
142–159.
ISSN 0957-8811
Abstract
As one of Kyoto’s three flexibility mechanisms, the Clean Development Mechanism (CDM) allows the issuance of Certified Emission Reduction credits from offset projects in non-Annex I countries. As little attention has been paid to how CDM projects are financed, this article assesses whether offset schemes with public bodies should utilise debt swaps as a form of funding. Specifically, we examine whether a debt-for-efficiency swap between Uruguay and Spain within a wind power project increased project finance and generated greater development co-benefits. We assess the transaction using a simple evaluative framework: whether it delivered additional resources to the debtor country and/or government budget; whether it delivered more resources for climate change mitigation; whether it had a sizeable effect on overall debt burdens (creating ‘indirect’ benefits); and whether it aligned with government policy and systems (elements of the new aid approach). We find evidence that cautions against using the Spanish–Uruguayan case as a model for future debt-for-efficiency swaps.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | sdg 8 - decent work and economic growth,sdg 13 - climate action ,/dk/atira/pure/sustainabledevelopmentgoals/decent_work_and_economic_growth |
| Faculty \ School: | Faculty of Social Sciences > School of Global Development (formerly School of International Development) |
| Depositing User: | LivePure Connector |
| Date Deposited: | 21 Jul 2020 01:37 |
| Last Modified: | 25 Sep 2024 14:52 |
| URI: | https://ueaeprints.uea.ac.uk/id/eprint/76195 |
| DOI: | 10.1057/ejdr.2013.34 |
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