Ja should consider carbon debt swap

THE EDITOR, Madam:

While the recent blocking of bauxite mining by the Supreme Court ought to be celebrated as a victory by the environmental justice movement, it is a testimony to the difficult balancing act of short-term economic growth against long-term environmental well-being that small island developing states are regularly forced into.

A potential stopgap measure which can shore up environmental and fiscal resilience in the medium term is a carbon-debt swap. While this would not solve all of our problems, it is the writer’s opinion that this underutilised fiscal mechanism is a valuable tool in ensuring Jamaica’s sustainable development.

A carbon debt swap is a form of debt restructuring mechanism wherein indebted countries may have a portion or all of their debt forgiven in exchange for investing significantly in environmental resilience programmes. It has gained renewed attention in recent years based on the increasing recognition of the dollar value of the ecological services provided by untouched wildlife. A carbon debt swap pursued recently in Belize allowed the government to ‘buy back’ a portion of its debt at a discount, in exchange for investing the funds in a comprehensive effort to protect the country’s reefs.

While no real value can be placed on an area of such cultural significance, it cannot be denied that the Cockpit Country is of significant monetary value as a source of carbon sequestration alone, with some estimates placing it at over $10 million annually. This is not to mention its importance as a hub for biodiversity or a source of natural water filtration. Through close collaboration with the proper intermediaries, the Government of Jamaica could negotiate with the holders of our debt for a certain measure of relief in exchange for tangible commitments to protect the area.

In order for such an effort to be successful, these commitments would have to be tangible and enforceable, and the Government of Jamaica would have to demonstrate meaningful commitment to safeguarding the environment. Moreover, there must be absolute transparency surrounding any monies disbursed and efforts must be made to partner with the local inhabitants of the area surrounding the Cockpit Country. The Accompong Maroons in particular must be engaged with as equal partners throughout the process.

Ultimately, the conversation surrounding debt and development in the Caribbean is a long and complicated one that must make mention of colonialism, reparations for slavery, food sovereignty, and systemic racism. While carbon debt swaps cannot possibly address the interconnectedness of these problems, it certainly can give the country much-needed breathing room.

COLIN BOGLE

Portmore