So-called “debt-for-nature swaps” have regained prominence in recent years as part of efforts to raise finance for conservation efforts across biodiverse developing countries.
These “swaps” are financial agreements in which a conservation organisation or government reduces, restructures or buys a developing country’s debt at a discount in exchange for investment in local conservation activities.
Despite a biodiversity “finance gap” estimated at $700bn per year, little finance has been forthcoming from developed countries to help debt-distressed lower-income countries meet their biodiversity and climate targets.
One expert, who helped Ecuador negotiate a debt conversion deal in 2023, tells Carbon Brief that these swaps are “a very tangible strategy that is starting to be proven”.
He adds that they are one of the “big sustainable financing tools that can help” support global-south countries in following through on international treaties.
However, critics are less optimistic about the feasibility of debt-for-nature swaps.
Another expert tells Carbon Brief that the swaps are “far too small to have any impact at all” on the debt of developing countries and that they are “not even marginal to a solution at the current level of their size”.
Additionally, she says, “there’s no evidence that they have worked for nature”.
In this Q&A, Carbon Brief examines how debt-for-nature swaps work, the criticism they have received and whether they can alleviate biodiversity loss and climate change in developing countries.
- Where did the idea of debt-for-nature swaps come from?
- How do debt-for-nature swaps work?
- How are they gaining traction in nature finance and conservation policy?
- What are some of the chief criticisms of debt-for-nature swaps?
- Can debt-for-nature swaps be done better?
Where did the idea of debt-for-nature swaps come from?
The idea of debt swaps emerged in response to the global debt crisis of 1982-83 brought on by multiple shocks to the world economy.
The 1979-80 “oil shock”, for example, more than doubled the real price of oil for the oil-importing developing countries, raising interest rates on debt and reducing how much foreign exchange they could raise to service their debts.
This mushrooming crisis led to the creation of a secondary market for developing country debt in 1982, where loans to developing countries could be traded at a market-determined price.
This paved the way for “swaps” of various kinds, where banks could trade their foreign debt at a discount and reduce their financial exposure to precarious loans, while private investors could gain a foothold in new markets that were otherwise closed off to them.
In 1984, ecologist Dr Thomas Lovejoy – then a vice president of science at WWF – wrote a column in the New York Times advocating for swaps where the local currency raised would go towards conservation.
Unlike previous debt swaps driven by a profit motive and giving multinationals “equity” in a country, debt-for-nature swaps were supposed to benefit the debtor country. Lovejoy’s column is widely recognised as one of the “catalysts” for debt-for-nature swaps.
Three years later, in 1987, US-based Conservation International entered into the first-ever debt-for-nature agreement with Bolivia.
In exchange for the Bolivian government’s commitment to grant maximum legal protection to nearly 4m hectares in the Amazon Basin, Conservation International bought $650,000 worth of debt from a swiss bank for $100,000. Bolivia also agreed to provide $250,000 in local currency for management activities in the Beni Reserve.
Even early proponents of debt-for-nature swaps acknowledged that they were “no panacea” for environmental issues in the least-developed countries. Nevertheless, they continued to be popular and have seen a resurgence in the post-Covid era.
How do debt-for-nature swaps work?
In its simplest sense, a debt-for-nature swap involves:
- An indebted, biodiverse developing country.
- A creditor or a group of creditors, such as other governments or private bondholders.
- International conservation organisations, to buy back the debt.
- Local conservation organisations, to implement the swap.
International conservation organisations or private foundations based in the global north have initiated or brokered most debt-for-nature swaps.
Other actors and intermediaries involved in swaps can include commercial banks, multilateral development banks, private finance institutions, insurance companies and legal and financial advisors.
Today, there are many different kinds of debt-for-nature deals in progress, but swaps can broadly be classified as “private”, involving commercial debt, or “public”, involving the debt between governments.
Private debt swaps
In private debt swaps, NGOs offer to buy back part of a government’s commercial debt from private creditors at a significant discount compared to the debt’s face value.
The indebted country then commits to repaying this debt – in whole or in part and generally in local currency. The amount generated by this payment – the difference between the price paid in local currency and the discounted price the NGO buys the debt for – is then put into an environmental protection fund administered by the conservation NGO.
While this was the model for most debt-for-nature swaps until 2008, arrangements have grown more complex in recent years.
The “buy-back” of debt claims by NGOs, for instance, has grown to take the form of various kinds of bonds – essentially, an IOU or loan issued by a government or company, whereby the issuer promises to pay back the face value of the loan on a set date, with regular interest.
For example, the Nature Conservancy set up a trust fund in 2015 which issued a $15.2m “blue bond” that private philanthropic funds paid into. This sum was then lent to the Seychelles government, which used it to buy back $21.6m of debt from the Paris Club of developed country creditors.
In exchange, Seychelles pledged to protect 30% of its marine area and 15% of high-biodiversity regions, along with upgrading its marine mapping and fisheries policies.
Despite a total debt reduction of only $1.4m, the island state committed to investing $5.6m in marine conservation and $3m towards an endowment trust fund.
Public debt swaps
Swaps of debt between countries in exchange for conservation commitments are known as “public debt-for-nature swaps”.
Here, the indebted, biodiverse country restructures or buys back debt from a lender country at a reduced price. The interest or a percentage of the buy-back price then goes toward environmental protection.
The first such swap took place in 1988 between Costa Rica and the Netherlands to finance a 4,000-hectare reforestation programme.
These bilateral debt-for-nature swaps have seen a resurgence in the past year or so.
In January 2023, for instance, Portugal signed an agreement to swap up to $140m of Cape Verde’s debt for investments in a special environmental and climate fund, with more debt relief determined by how its former colony meets key climate and nature goals.
In September last year, the US and Peru entered into a swap agreement covering more than $20m of Peru’s debt to the US. The money will go towards a conservation fund to protect three priority areas in the Amazon rainforest and provide grants to local communities and NGOs.
How are swaps gaining traction in nature finance and conservation policy?
Since the 1980s, 145 debt-for-nature swaps worldwide have written off $3.7bn from the face value of debt globally, according to a 2022 report by the African Development Bank (AfDB).
Most of the debt swaps – $2.4bn of the total – have occurred in Latin America and the Caribbean.
Carbon Brief has compiled a list of debt swaps that have taken place around the world. This is based on data from the African Development Bank report, along with reports from governments, conservation organisations and the media. It is not an exhaustive list.
The map below shows where swaps have taken place. The circles indicate the financial size of the debt involved in the swap, while the colours show the decade in which the swap was completed.
Debt-for-nature swap deals around the world over 1987-2023. The size of the circles corresponds to the face value of debt being swapped for conservation investments by countries, while the colour of the circles corresponds to the decade in which the swaps took place. Source: Carbon Brief analysis of African Development Bank (2022) and media and conservation organisations reports (2022), WWF Center for Conservation Finance (2003) and Eurodad (2023). Debt values not adjusted for inflation.
At the COP15 climate summit in Copenhagen in 2009, debt-for-nature swaps featured at the UN Framework Convention on Climate Change for the first time. They were included in the negotiating text after Indonesia introduced “external debt swap/relief” as a source of finance.
At COP27 in Sharm el-Sheikh in 2022, the Sustainable Debt Coalition Initiative was established with the support of 16 countries. It asked for debt swaps and other mechanisms to tackle both climate change and financial stability concerns.
At COP28 in Dubai last year, eight multilateral development banks, including the Green Climate Fund and the Global Environment Facility, announced a working group to boost the effectiveness, accessibility and scalability of sustainability-linked sovereign finance, including debt-for-nature swaps.
In the announcement, the development banks acknowledged that the burden of debt owed by the developing countries “greatly hinder[s] their ability to meet their global climate and nature commitments”.
The debt issue is also being addressed in other international meetings.
During the April 2024 World Bank and International Monetary Fund spring meetings, the Vulnerable Twenty Group (V20) – made up of 68 heavily indebted, climate-vulnerable countries – called for additional reforms to the international financial system. They proposed several measures, including increased representation in the global financial system and greater access to concessional finance, or finance provided at lower interest rates than commercial finance, including debt-for-nature swaps.
Eva Martínez, a human rights lawyer and programme officer at the Centre for Economic and Social Rights (CEDES) in Ecuador, tells Carbon Brief that swaps will also feature at this year’s G20 summit in Brazil. She explains:
“There is a working document on the new financial architecture…There are [also] references to [debt swaps] for food sovereignty, debt-for-health swaps. The spectrum is broadening.”
What are some of the chief criticisms of debt-for-nature swaps?
Since their inception, debt-for-nature swaps have attracted considerable concern over whether they are effective for either debt relief or conservation.
As with biodiversity offsets and nature-based solutions, debt-for-nature swaps have been criticised for putting a price on nature and “reducing” it to a financial commodity.
Another complication is that “biodiversity is really cheap”, Dr Rebecca Ray from Boston University’s Global Development Policy Center tells Carbon Brief. As a result, creating and maintaining new protected areas is often a small fraction of a country’s sovereign debt. She adds:
“This means a little bit of debt swapped goes a really long way to fund new natural protected areas, but it doesn’t go very far on the debt. And so it’s not the most efficient way to discharge debt, even though countries are particularly facing debt stress right now.
”Repaying debt is hard for countries all around the world due to problems that are not their fault.”
These countries need “immediate debt relief that is fast and large”, Ray points out, but biodiversity conservation projects “tend to cost a lot less money and take a lot more time”.
The following sections provide an overview of some of the other criticisms of debt-for-nature swaps.
Conditionality, sovereignty and additionality
The earliest controversy around debt-for-nature swaps was a perceived fear of foreign interference, sovereignty and a “return to the colonial system”.
The first swap in Bolivia in 1987, for instance, “unilaterally titled” the land to be protected in the Amazon before Indigenous communities could obtain land tenure claims. In 1989, Brazil’s then-president Jose Sarney rejected debt-for-nature swaps stating: “[The] Amazon is ours… [a]fter all, it is situated in our territory.”
Entering into a debt-swap agreement “immediately results in a loss of autonomy and sovereignty” over the resolution of public debt, argues Mae Buenaventura, senior programme manager on debt and green economy at the Asian Peoples’ Movement on Debt and Development (APMDD). She tells Carbon Brief:
“Lenders determine the terms of the swap, meaning that they can impose conditions on borrowing governments on how they should invest the freed-up funds and can work towards privileging the lender and private corporations.”
This, Mae and other critics say, gives lenders in the global north “more control” in a developing country than if the debt were to be cancelled outright.
They point out that debt-for-nature swaps also inherently come with conditions attached for conservation measures and can, thus, be described as conditional debt relief.
Others fear that swaps could open the door to “tied-aid” methods, where aid must be spent on services from the lending country, such as swaps being coupled with carbon credits.
However, Ray sees significant evolution in governments’ and creditors’ understanding of the need to put traditional communities that depend on biodiversity front and centre in the planning process.
She cites the success of the 2015 Seychelles debt-for-nature swap, where the Seychelles government undertook a multi-year “deep consultation” process to understand threats to the livelihoods of small fishing communities living on remote islands. Ray says:
“This was a way that got community buy-in, obviously, because this was protecting the livelihoods of those fishing communities, but also recognising that traditional communities frequently don’t just live off of biodiversity, but they have to help protect the biodiversity in order to survive.”
Another criticism of swaps is that they do not create new, “additional” biodiversity funds from the global north. They also run the risk of being “double counted”, if the original loan being restructured in a swap had already been counted towards meeting aid targets.
Frederic Hache, co-founder of the independent thinktank of the EU Green Finance Observatory, tells Carbon Brief:
“The reality is that no global-north country has any intention of dispersing significant amounts of new grant money…All you get is these conditional financial instruments designed to benefit primarily global private investors.”
Scale, fees and forgiveness
The biggest criticism of debt swaps from all the experts Carbon Brief spoke to is their size relative to the looming sovereign debt of biodiversity-rich countries.
The graphic below compares the size of debt swaps (small, dark blue circle) to the amount that indebted developing countries have paid to service their debts (large, light blue circle) over the past three decades.
Between 1987 and 2023, low- and middle-income countries paid more than US$7.6tn in debt service versus $8.4bn treated through debt-for-nature swaps. Source: World Bank International Debt Report (2023) and Eurodad calculations based on the data from the World Bank International Debt Statistics.
The Seychelles marine biodiversity swap, for instance, was considered “one of the largest in history at the time”, but only amounted to $23m. Ray says:
“That’s pennies, in comparison to the billions of dollars that countries like Sri Lanka are currently negotiating for debt restructuring…[Swaps] only make sense as part of a broader package of debt relief to meet the current crisis.”
According to Prof Jayati Ghosh, professor of economics at the University of Massachusetts at Amherst, while debt swaps imply debt reduction, they “are far too small to have any impact at all” on countries’ debt. Sometimes, she says, swaps are not even a reduction, but instead allow countries some leeway in rescheduling their debt payments. Ghosh adds:
“It’s not even rearranging the deck chairs on the Titanic. It’s pretending to rearrange the deck chairs on the Titanic, with big creditor countries refusing to really make the kinds of interventions that would make a difference in reducing the sovereign debt while pretending to do something about climate and conservation finance. And they’re not.”
According to Carbon Brief analysis, among all the debt-for-nature swaps that have taken place, Poland’s 1992 swap allocated the highest amount of resources to nature conservation, totalling over $500m. Ecuador’s 2023 swap, which saw the largest amount of debt swapped at $1.1bn, had the second-highest investment in conservation, allocating more than $400m for this purpose.
The chart below shows the 20 countries that have been the target of the largest debt swaps (light blue) and the amount of that money earmarked for conservation funds (dark blue).
High transaction costs, which are driven up by lengthy, complex, multilateral negotiations, the number of agents involved and intermediary fees, also eat into conservation savings.
Others point out that other real-world challenges, such as unstable exchange rates along with high inflation, can “erode and undermine the real value” of a country’s conservation commitments. For example, in Zambia, funds generated by a $2.2m debt swap in 1989 were exhausted in a year “due to the rapid devaluation” of the local currency.
Human rights
Sandra Guzmán, founder and general coordinator of the Climate Finance Group for Latin America and the Caribbean (GFLAC), tells Carbon Brief that it is not possible to generalise the impacts of debt-for-nature swaps. She adds:
“A swap with the World Bank, a swap with the IDB [Inter-American Development Bank] or a swap with a commercial bank is very different. Not all swaps are done in the same way because it depends on the institutions involved.”
The 2007 debt-for-nature swap between Costa Rica and the US is an example of a swap where public information on its activities in Indigenous and local communities is available.
This swap involved more than 200 rural communities. One of the projects in the KéköLdi Indigenous territory, in south-eastern Costa Rica, helped the community reintroduce native iguanas and transmit ancestral knowledge to youth. Guzmán tells Carbon Brief:
“It has been said to be one of the most effective [swaps] because of the size of the debt cut and the conservation programme that Costa Rica promoted.”
However, not all debt-for-nature swaps have been so clear about the impacts on Indigenous and local communities.
Martínez, of CEDES Ecuador, tells Carbon Brief that the Galapagos debt-for-nature swap – signed last year to cancel $1.1bn of Ecuador’s debt in exchange for investing $450m to protect Galapagos islands – did not undergo a consultation process with Indigenous peoples and local communities. This could impact the economic, social, cultural and environmental rights of these communities, Martínez said.
The Climate Bonds Initiative published a report in 2023 analysing debt-for-nature swaps in the Seychelles, Belize, Barbados and Ecuador.
Daniel Costa, senior sustainability debt analyst at Climate Bonds Initiative, tells Carbon Brief that most of the analysed swaps do not mention how they involve local communities. He adds:
“This is what we would like to see further as these transactions are developed.”
Governance
Other criticisms of debt-for-nature swaps are the inadequate governance conditions that debtor countries may have. Governance refers to how swaps are implemented in the countries, the institutions and stakeholders involved and the structure of negotiations.
For example, the 2023 Galapagos swap had “serious limitations” in monitoring and enforcement, lack of transparency and accountability and “little clarity on potential fiscal risks for Ecuador”, according to recent analysis by the Latin American Network for Economic and Social Justice (Latindadd) and other organisations.
The analysis also revealed a lack of public information on the conservation fund and whether these actions have contributed to capacity-building at the local level.
The decision on which conservation activities will be implemented with a debt-for-nature swap varies from transaction to transaction, notes Costa, of Climate Bonds Initiative. These activities are often managed by funds, whose members include conservation organisations in addition to the government, he adds.
Carola Mejía, climate justice, transitions and Amazon coordinator at Latindadd, tells Carbon Brief that while swaps may be potentially scalable, they need to be improved in many ways. She says swaps must be built on principles such as transparency, respect for sovereignty and fairness in negotiation.
Guzmán, of GFLAC, tells Carbon Brief:
“Not all countries will have the same capacities in terms of governance, structures, human, financial and institutional capacities. There are severely indebted countries that need [debt] cancellation; there are countries that can do swaps because they have economies that can move towards those scenarios; and there are countries with greater financial capacity that may not [need] swaps, but other types of financing.”
Greenwashing
Civil society organisations and researchers have also raised concerns about the potential for “greenwashing” in some debt-for-nature swaps.
Mejía says countries in the global north are not meeting their climate finance and biodiversity commitments, but are promoting swaps as “the big solution”. This carries the risk of greenwashing, Mejía adds, as rather than creating positive action for the environment, swaps are generating more loans and debt.
For example, the $30m swap between Indonesia and the US made in 2009 in exchange for conserving rainforests on the island of Sumatra had several shortcomings, according to a 2011 study. The swap did not free up additional resources for the Indonesian government and was “too insignificant to create indirect (positive) economic effects”, the study says.
In the 2023 Galapagos swap, although the IDB provided an $85m guarantee to support the debt agreement for 18.5 years, the Latindadd report found that “there have been no additional international commitments or disbursements so far”.
Debt-for-nature swaps have also been questioned for not directly benefiting citizens and for transferring power over the management of the funds and the implementation of conservation projects to creditors.
The Gabon Blue Conservation was created as part of the swap where Gabon received $500m in exchange for protecting 30% of its oceans. This foreign-owned conservation organisation receives a 20% administration fee, which “immediately reduces the savings for the country by a [fifth]”, a report by the Coalition for Fair Fisheries Arrangements says.
Moreover, the report adds, “it is hard to see evidence that” the marine spatial plan, mandated by the Nature Conservancy for this swap, empowers marginalised groups, including fishers, for decision-making around coastal management.
Hache tells Carbon Brief:
“From a geopolitical perspective, swaps are great. It’s a way to gain access and control to land resources that will prove possibly precious in the future. This is…diplomacy by other means.”
Can debt-for-nature swaps be more effective?
Debt-for-nature swaps are being reviewed for their effectiveness again at a time when biodiverse, developing countries struggling with debt payments are having to find the financial resources to meet biodiversity and climate targets.
According to the latest World Bank debt report, low- and middle-income countries owed their foreign lenders $9tn in 2022. The same year, these countries paid a record $443.5bn to pay down these debts, with these payments diverting government spending away from critical development priorities, as well as climate and nature spending.
A 2023 study found that 67 countries at risk of defaulting on their loans collectively host 22% of global “biodiversity priority areas”, such as relatively intact but vulnerable forests, grasslands, deserts and mangroves. For 35 of these countries, it estimated that all of their unprotected biodiversity priority areas could be protected for a fraction of their national debt.
Debt-for-nature swaps and debt-for-climate swaps could free up more than $100bn of debt in developing countries, according to a recent analysis by the International Institute for Environment and Development (IIED).
Ray, from Boston University, says that swaps can help create space for countries to make climate-adaptation plans that also help preserve livelihoods that depend on biodiversity, such as fishing or collecting forest produce.
She adds that this can “interrupt a vicious cycle between natural capital and volatile financial capital”, where economic crises and extreme weather events drastically reduce climate adaptation and biodiversity budgets.
But, in order to create this breathing room for biodiversity, swaps need to accomplish multiple things, she tells Carbon Brief:
“You need a lot of time. You need political capital and institutional capacity to centre the communities who have traditionally been the stewards of biodiversity and find a way to make sure that not only is their access to biodiversity uninterrupted, but that they are accountable for that job and rewarded for it. And a real commitment to accountability from everyone involved to make sure these projects actually help support biodiversity and communities.”
Ray points to the case of “blue bonds” for marine conservation, a label that multinational bank Barclays called “misleading” in 2023. According to Barclays, while “the point of a green bond is that 100% of the proceeds raised are spent on” marine projects, in blue bonds floated, each extra party “takes a cut from the proceeds”.
Other experts Carbon Brief spoke to had differing views, suggesting that debt-for-nature swaps would not just require improvements in governance, but in reforming the architecture of international finance.
Guzmán says:
“[Swaps] are initially going to open up your fiscal space, but are not going to solve the financing problem for countries. What we need to fundamentally change is the operation of financial institutions and the type of loans and the conditions they give for those loans, i.e., lower interest rates and much more appropriate treatment. That is really what is going to help sustainable financing.”
To Ghosh, creditors are often “unwilling to make very large commitments of debt reduction”. She adds:
“You have to do something about sovereign debt on its own, which means you have to be serious about the debt reductions. That’s independent of whether you’re linking this conditionality with nature, because without dealing with the sovereign debt, you are not going to generate a green transition in any of these countries. They simply can’t afford it.”
Ghosh suggests solutions that could change the “landscape of debt”, including a standstill on debt during debt negotiations – where the amount of debt stays the same instead of accruing interest while parties come to a resolution – and involving all creditors: private, public and multilateral.
To Hache, the “devil lies in the details” of debt-for-nature swaps. He says:
“It’s about the proportion of the budget allocated to conservation. It’s about the real amount of debt forgiveness compared to where the debt was trading, compared to its nominal value earlier…Ultimately, you also have to compare it to the real alternative, which is debt forgiveness, and you kill any chances of debt forgiveness, loss and damages by endorsing or accepting these deals.”
The post Q&A: Can debt-for-nature ‘swaps’ help tackle biodiversity loss and climate change? appeared first on Carbon Brief.
Q&A: Can debt-for-nature ‘swaps’ help tackle biodiversity loss and climate change?
Greenhouse Gases
Cropped 25 February 2026: Food inflation strikes | El Niño looms | Biodiversity talks stagnate
We handpick and explain the most important stories at the intersection of climate, land, food and nature over the past fortnight.
This is an online version of Carbon Brief’s fortnightly Cropped email newsletter.
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Key developments
Food inflation on the rise
DELUGE STRIKES FOOD: Extreme rainfall and flooding across the Mediterranean and north Africa has “battered the winter growing regions that feed Europe…threatening food price rises”, reported the Financial Times. Western France has “endured more than 36 days of continuous rain”, while farmers’ associations in Spain’s Andalusia estimate that “20% of all production has been lost”, it added. Policy expert David Barmes told the paper that the “latest storms were part of a wider pattern of climate shocks feeding into food price inflation”.
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NO BEEF: The UK’s beef farmers, meanwhile, “face a double blow” from climate change as “relentless rain forces them to keep cows indoors”, while last summer’s drought hit hay supplies, said another Financial Times article. At the same time, indoor growers in south England described a 60% increase in electricity standing charges as a “ticking timebomb” that could “force them to raise their prices or stop production, which will further fuel food price inflation”, wrote the Guardian.
‘TINDERBOX’ AND TARIFFS: A study, covered by the Guardian, warned that major extreme weather and other “shocks” could “spark social unrest and even food riots in the UK”. Experts cited “chronic” vulnerabilities, including climate change, low incomes, poor farming policy and “fragile” supply chains that have made the UK’s food system a “tinderbox”. A New York Times explainer noted that while trade could once guard against food supply shocks, barriers such as tariffs and export controls – which are being “increasingly” used by politicians – “can shut off that safety valve”.
El Niño looms
NEW ENSO INDEX: Researchers have developed a new index for calculating El Niño, the large-scale climate pattern that influences global weather and causes “billions in damages by bringing floods to some regions and drought to others”, reported CNN. It added that climate change is making it more difficult for scientists to observe El Niño patterns by warming up the entire ocean. The outlet said that with the new metric, “scientists can now see it earlier and our long-range weather forecasts will be improved for it.”
WARMING WARNING: Meanwhile, the US Climate Prediction Center announced that there is a 60% chance of the current La Niña conditions shifting towards a neutral state over the next few months, with an El Niño likely to follow in late spring, according to Reuters. The Vibes, a Malaysian news outlet, quoted a climate scientist saying: “If the El Niño does materialise, it could possibly push 2026 or 2027 as the warmest year on record, replacing 2024.”
CROP IMPACTS: Reuters noted that neutral conditions lead to “more stable weather and potentially better crop yields”. However, the newswire added, an El Niño state would mean “worsening drought conditions and issues for the next growing season” to Australia. El Niño also “typically brings a poor south-west monsoon to India, including droughts”, reported the Hindu’s Business Line. A 2024 guest post for Carbon Brief explained that El Niño is linked to crop failure in south-eastern Africa and south-east Asia.
News and views
- DAM-AG-ES: Several South Korean farmers filed a lawsuit against the country’s state-owned utility company, “seek[ing] financial compensation for climate-related agricultural damages”, reported United Press International. Meanwhile, a national climate change assessment for the Philippines found that the country “lost up to $219bn in agricultural damages from typhoons, floods and droughts” over 2000-10, according to Eco-Business.
- SCORCHED GRASS: South Africa’s Western Cape province is experiencing “one of the worst droughts in living memory”, which is “scorching grass and killing livestock”, said Reuters. The newswire wrote: “In 2015, a drought almost dried up the taps in the city; farmers say this one has been even more brutal than a decade ago.”
- NOUVELLE VEG: New guidelines published under France’s national food, nutrition and climate strategy “urged” citizens to “limit” their meat consumption, reported Euronews. The delayed strategy comes a month after the US government “upended decades of recommendations by touting consumption of red meat and full-fat dairy”, it noted.
- COURTING DISASTER: India’s top green court accepted the findings of a committee that “found no flaws” in greenlighting the Great Nicobar project that “will lead to the felling of a million trees” and translocating corals, reported Mongabay. The court found “no good ground to interfere”, despite “threats to a globally unique biodiversity hotspot” and Indigenous tribes at risk of displacement by the project, wrote Frontline.
- FISH FALLING: A new study found that fish biomass is “falling by 7.2% from as little as 0.1C of warming per decade”, noted the Guardian. While experts also pointed to the role of overfishing in marine life loss, marine ecologist and study lead author Dr Shahar Chaikin told the outlet: “Our research proves exactly what that biological cost [of warming] looks like underwater.”
- TOO HOT FOR COFFEE: According to new analysis by Climate Central, countries where coffee beans are grown “are becoming too hot to cultivate them”, reported the Guardian. The world’s top five coffee-growing countries faced “57 additional days of coffee-harming heat” annually because of climate change, it added.
Spotlight
Nature talks inch forward
This week, Carbon Brief covers the latest round of negotiations under the UN Convention on Biological Diversity (CBD), which occurred in Rome over 16-19 February.
The penultimate set of biodiversity negotiations before October’s Conference of the Parties ended in Rome last week, leaving plenty of unfinished business.
The CBD’s subsidiary body on implementation (SBI) met in the Italian capital for four days to discuss a range of issues, including biodiversity finance and reviewing progress towards the nature targets agreed under the Kunming-Montreal Global Biodiversity Framework (GBF).
However, many of the major sticking points – particularly around finance – will have to wait until later this summer, leaving some observers worried about the capacity for delegates to get through a packed agenda at COP17.
The SBI, along with the subsidiary body on scientific, technical and technological advice (SBSTTA) will both meet in Nairobi, Kenya, later this summer for a final round of talks before COP17 kicks off in Yerevan, Armenia, on 19 October.
Money talks
Finance for nature has long been a sticking point at negotiations under the CBD.
Discussions on a new fund for biodiversity derailed biodiversity talks in Cali, Colombia, in autumn 2024, requiring resumed talks a few months later.
Despite this, finance was barely on the agenda at the SBI meetings in Rome. Delegates discussed three studies on the relationship between debt sustainability and implementation of nature plans, but the more substantive talks are set to take place at the next SBI meeting in Nairobi.
Several parties “highlighted concerns with the imbalance of work” on finance between these SBI talks and the next ones, reported Earth Negotiations Bulletin (ENB).
Lim Li Ching, senior researcher at Third World Network, noted that tensions around finance permeated every aspect of the talks. She told Carbon Brief:
“If you’re talking about the gender plan of action – if there’s little or no financial resources provided to actually put it into practice and implement it, then it’s [just] paper, right? Same with the reporting requirements and obligations.”
Monitoring and reporting
Closely linked to the issue of finance is the obligations of parties to report on their progress towards the goals and targets of the GBF.
Parties do so through the submission of national reports.
Several parties at the talks pointed to a lack of timely funding for driving delays in their reporting, according to ENB.
A note released by the CBD Secretariat in December said that no parties had submitted their national reports yet; by the time of the SBI meetings, only the EU had. It further noted that just 58 parties had submitted their national biodiversity plans, which were initially meant to be published by COP16, in October 2024.
Linda Krueger, director of biodiversity and infrastructure policy at the environmental not-for-profit Nature Conservancy, told Carbon Brief that despite the sparse submissions, parties are “very focused on the national report preparation”. She added:
“Everybody wants to be able to show that we’re on the path and that there still is a pathway to getting to 2030 that’s positive and largely in the right direction.”
Watch, read, listen
NET LOSS: Nigeria’s marine life is being “threatened” by “ghost gear” – nets and other fishing equipment discarded in the ocean – said Dialogue Earth.
COMEBACK CAUSALITY: A Vox long-read looked at whether Costa Rica’s “payments for ecosystem services” programme helped the country turn a corner on deforestation.
HOMEGROWN GOALS: A Straits Times podcast discussed whether import-dependent Singapore can afford to shelve its goal to produce 30% of its food locally by 2030.
‘RUSTING’ RIVERS: The Financial Times took a closer look at a “strange new force blighting the [Arctic] landscape”: rivers turning rust-orange due to global warming.
New science
- Lakes in the Congo Basin’s peatlands are releasing carbon that is thousands of years old | Nature Geoscience
- Natural non-forest ecosystems – such as grasslands and marshlands – were converted for agriculture at four times the rate of land with tree cover between 2005 and 2020 | Proceedings of the National Academy of Sciences
- Around one-quarter of global tree-cover loss over 2001-22 was driven by cropland expansion, pastures and forest plantations for commodity production | Nature Food
In the diary
- 2-6 March: UN Food and Agriculture Organization regional conference for Latin America and Caribbean | Brasília
- 5 March: Nepal general elections
- 9-20 March: First part of the thirty-first session of the International Seabed Authority (ISA) | Kingston, Jamaica
Cropped is researched and written by Dr Giuliana Viglione, Aruna Chandrasekhar, Daisy Dunne, Orla Dwyer and Yanine Quiroz.
Please send tips and feedback to cropped@carbonbrief.org
The post Cropped 25 February 2026: Food inflation strikes | El Niño looms | Biodiversity talks stagnate appeared first on Carbon Brief.
Cropped 25 February 2026: Food inflation strikes | El Niño looms | Biodiversity talks stagnate
Rising temperatures across France since the mid-1970s is putting Tour de France competitors at “high risk”, according to new research.
The study, published in Scientific Reports, uses 50 years of climate data to calculate the potential heat stress that athletes have been exposed to across a dozen different locations during the world-famous cycling race.
The researchers find that both the severity and frequency of high-heat-stress events have increased across France over recent decades.
But, despite record-setting heatwaves in France, the heat-stress threshold for safe competition has rarely been breached in any particular city on the day the Tour passed through.
(This threshold was set out by cycling’s international governing body in 2024.)
However, the researchers add it is “only a question of time” until this occurs as average temperatures in France continue to rise.
The lead author of the study tells Carbon Brief that, while the race organisers have been fortunate to avoid major heat stress on race days so far, it will be “harder and harder to be lucky” as extreme heat becomes more common.
‘Iconic’
The Tour de France is one of the world’s most storied cycling races and the oldest of Europe’s three major multi-week cycling competitions, or Grand Tours.
Riders cover around 3,500 kilometres (km) of distance and gain up to nearly 55km of altitude over 21 stages, with only two or three rest days throughout the gruelling race.
The researchers selected the Tour de France because it is the “iconic bike race. It is the bike race of bike races,” says Dr Ivana Cvijanovic, a climate scientist at the French National Research Institute for Sustainable Development, who led the new work.
Heat has become a growing problem for the competition in recent years.
In 2022, Alexis Vuillermoz, a French competitor, collapsed at the finish line of the Tour’s ninth stage, leaving in an ambulance and subsequently pulling out of the race entirely.
Two years later, British cyclist Sir Mark Cavendish vomited on his bike during the first stage of the race after struggling with the 36C heat.
The Tour also makes a good case study because it is almost entirely held during the month of July and, while the route itself changes, there are many cities and stages that are repeated from year to year, Cvijanovic adds.
‘Have to be lucky’
The study focuses on the 50-year span between 1974 and 2023.
The researchers select six locations across the country that have commonly hosted the Tour, from the mountain pass of Col du Tourmalet, in the French Pyrenees, to the city of Paris – where the race finishes, along the Champs-Élysées.
These sites represent a broad range of climatic zones: Alpe d’ Huez, Bourdeaux, Col du Tourmalet, Nîmes, Paris and Toulouse.
For each location, they use meteorological reanalysis data from ERA5 and radiant temperature data from ERA5-HEAT to calculate the “wet-bulb globe temperature” (WBGT) for multiple times of day across the month of July each year.
WBGT is a heat-stress index that takes into account temperature, humidity, wind speed and direct sunlight.
Although there is “no exact scientific consensus” on the best heat-stress index to use, WBGT is “one of the rare indicators that has been originally developed based on the actual human response to heat”, Cvijanovic explains.
It is also the one that the International Cycling Union (UCI) – the world governing body for sport cycling – uses to assess risk. A WBGT of 28C or higher is classified as “high risk” by the group.
WBGT is the “gold standard” for assessing heat stress, says Dr Jessica Murfree, director of the ACCESS Research Laboratory and assistant professor at the University of North Carolina at Chapel Hill.
Murfree, who was not involved in the new study, adds that the researchers are “doing the right things by conducting their science in alignment with the business practices that are already happening”.
The researchers find that across the 50-year time period, WBGT has been increasing across the entire country – albeit, at different rates. In the north-west of the country, WBGT has increased at an average rate of 0.1C per decade, while in the southern and eastern parts of the country, it has increased by more than 0.5C per decade.
The maps below show the maximum July WBGT for each decade of the analysis (rows) and for hourly increments of the late afternoon (columns). Lower temperatures are shown in lighter greens and yellows, while higher temperatures are shown in darker reds and purples.
Six Tour de France locations analysed in the study are shown as triangles on the maps (clockwise from top): Paris, Alpe d’ Huez, Nîmes, Toulouse, Col du Tourmalet and Bordeaux.
The maps show that the maximum WBGT temperature in the afternoon has surpassed 28C over almost the entire country in the last decade. The notable exceptions to this are the mountainous regions of the Alps and the Pyrenees.
The researchers also find that most of the country has crossed the 28C WBGT threshold – which they describe as “dangerous heat levels” – on at least one July day over the past decade. However, by looking at the WBGT on the day the Tour passed through any of these six locations, they find that the threshold has rarely been breached during the race itself.
For example, the research notes that, since 1974, Paris has seen a WBGT of 28C five times at 3pm in July – but that these events have “so far” not coincided with the cycling race.
The study states that it is “fortunate” that the Tour has so far avoided the worst of the heat-stress.
Cvijanovic says the organisers and competitors have been “lucky” to date. She adds:
“It has worked really well for them so far. But as the frequency of these [extreme heat] events is increasing, it will be harder and harder to be lucky.”
Dr Madeleine Orr, an assistant professor of sport ecology at the University of Toronto who was not involved in the study, tells Carbon Brief that the paper was “really well done”, noting that its “methods are good [and its] approach was sound”. She adds:
“[The Tour has] had athletes complain about [the heat]. They’ve had athletes collapse – and still those aren’t the worst conditions. I think that that says a lot about what we consider safe. They’ve still been lucky to not see what unsafe looks like, despite [the heat] having already had impacts.”
Heat safety protocols
In 2024, the UCI set out its first-ever high temperature protocol – a set of guidelines for race organisers to assess athletes’ risk of heat stress.
The assessment places the potential risk into one of five categories based on the WBGT, ranging from very low to high risk.
The protocol then sets out suggested actions to take in the event of extreme heat, ranging from having athletes complete their warm-ups using ice vests and cold towels to increasing the number of support vehicles providing water and ice.
If the WBGT climbs above the 28C mark, the protocol suggests that organisers modify the start time of the stage, adapt the course to remove particularly hazardous sections – or even cancel the race entirely.
However, Orr notes that many other parts of the race, such as spectator comfort and equipment functioning, may have lower temperatures thresholds that are not accounted for in the protocol, but should also be considered.
Murfree points out that the study’s findings – and the heat protocol itself – are “really focused on adaptation, rather than mitigation”. While this is “to be expected”, she tells Carbon Brief:
“Moving to earlier start times or adjusting the route specifically to avoid these locations that score higher in heat stress doesn’t stop the heat stress. These aren’t climate preventative measures. That, I think, would be a much more difficult conversation to have in the research because of the Tour de France’s intimate relationship with fossil-fuel companies.”
The post Dangerous heat for Tour de France riders only a ‘question of time’ appeared first on Carbon Brief.
Dangerous heat for Tour de France riders only a ‘question of time’
Greenhouse Gases
DeBriefed 20 February 2026: EU’s ‘3C’ warning | Endangerment repeal’s impact on US emissions | ‘Tree invasion’ fuelled South America’s fires
Welcome to Carbon Brief’s DeBriefed.
An essential guide to the week’s key developments relating to climate change.
This week
Preparing for 3C
NEW ALERT: The EU’s climate advisory board urged countries to prepare for 3C of global warming, reported the Guardian. The outlet quoted Maarten van Aalst, a member of the advisory board, saying that adapting to this future is a “daunting task, but, at the same time, quite a doable task”. The board recommended the creation of “climate risk assessments and investments in protective measures”.
‘INSUFFICIENT’ ACTION: EFE Verde added that the advisory board said that the EU’s adaptation efforts were so far “insufficient, fragmented and reactive” and “belated”. Climate impacts are expected to weaken the bloc’s productivity, put pressure on public budgets and increase security risks, it added.
UNDERWATER: Meanwhile, France faced “unprecedented” flooding this week, reported Le Monde. The flooding has inundated houses, streets and fields and forced the evacuation of around 2,000 people, according to the outlet. The Guardian quoted Monique Barbut, minister for the ecological transition, saying: “People who follow climate issues have been warning us for a long time that events like this will happen more often…In fact, tomorrow has arrived.”
IEA ‘erases’ climate
MISSING PRIORITY: The US has “succeeded” in removing climate change from the main priorities of the International Energy Agency (IEA) during a “tense ministerial meeting” in Paris, reported Politico. It noted that climate change is not listed among the agency’s priorities in the “chair’s summary” released at the end of the two-day summit.
US INTERVENTION: Bloomberg said the meeting marked the first time in nine years the IEA failed to release a communique setting out a unified position on issues – opting instead for the chair’s summary. This came after US energy secretary Chris Wright gave the organisation a one-year deadline to “scrap its support of goals to reduce energy emissions to net-zero” – or risk losing the US as a member, according to Reuters.
Around the world
- ISLAND OBJECTION: The US is pressuring Vanuatu to withdraw a draft resolution supporting an International Court of Justice ruling on climate change, according to Al Jazeera.
- GREENLAND HEAT: The Associated Press reported that Greenland’s capital Nuuk had its hottest January since records began 109 years ago.
- CHINA PRIORITIES: China’s Energy Administration set out its five energy priorities for 2026-2030, including developing a renewable energy plan, said International Energy Net.
- AMAZON REPRIEVE: Deforestation in the Brazilian Amazon has continued to fall into early 2026, extending a downward trend, according to the latest satellite data covered by Mongabay.
- GEZANI DESTRUCTION: Reuters reported the aftermath of the Gezani cyclone, which ripped through Madagascar last week, leaving 59 dead and more than 16,000 displaced people.
20cm
The average rise in global sea levels since 1901, according to a Carbon Brief guest post on the challenges in projecting future rises.
Latest climate research
- Wildfire smoke poses negative impacts on organisms and ecosystems, such as health impacts on air-breathing animals, changes in forests’ carbon storage and coral mortality | Global Ecology and Conservation
- As climate change warms Antarctica throughout the century, the Weddell Sea could see the growth of species such as krill and fish and remain habitable for Emperor penguins | Nature Climate Change
- About 97% of South American lakes have recorded “significant warming” over the past four decades and are expected to experience rising temperatures and more frequent heatwaves | Climatic Change
(For more, see Carbon Brief’s in-depth daily summaries of the top climate news stories on Monday, Tuesday, Wednesday, Thursday and Friday.)
Captured
Repealing the US’s landmark “endangerment finding”, along with actions that rely on that finding, will slow the pace of US emissions cuts, according to Rhodium Group visualised by Carbon Brief. US president Donald Trump last week formally repealed the scientific finding that underpins federal regulations on greenhouse gas emissions, although the move is likely to face legal challenges. Data from the Rhodium Group, an independent research firm, shows that US emissions will drop more slowly without climate regulations. However, even with climate regulations, emissions are expected to drop much slower under Trump than under the previous Joe Biden administration, according to the analysis.
Spotlight
How a ‘tree invasion’ helped to fuel South America’s fires
This week, Carbon Brief explores how the “invasion” of non-native tree species helped to fan the flames of forest fires in Argentina and Chile earlier this year.
Since early January, Chile and Argentina have faced large-scale and deadly wildfires, including in Patagonia, which spans both countries.
These fires have been described as “some of the most significant and damaging in the region”, according to a World Weather Attribution (WWA) analysis covered by Carbon Brief.
In both countries, the fires destroyed vast areas of native forests and grasslands, displacing thousands of people. In Chile, the fires resulted in 23 deaths.
Multiple drivers contributed to the spread of the fires, including extended periods of high temperatures, low rainfall and abundant dry vegetation.
The WWA analysis concluded that human-caused climate change made these weather conditions at least three times more likely.
According to the researchers, another contributing factor was the invasion of non-native trees in the regions where the fires occurred.
The risk of non-native forests
In Argentina, the wildfires began on 6 January and persisted until the first week of February. They hit the city of Puerto Patriada and the Los Alerces and Lago Puelo national parks, in the Chubut province, as well as nearby regions.
In these areas, more than 45,000 hectares of native forests – such as Patagonian alerce tree, myrtle, coigüe and ñire – along with scrubland and grasslands, were consumed by the flames, according to the WWA study.
In Chile, forest fires occurred from 17 to 19 January in the Biobío, Ñuble and Araucanía regions.
The fires destroyed more than 40,000 hectares of forest and more than 20,000 hectares of non-native forest plantations, including eucalyptus and Monterey pine.
Dr Javier Grosfeld, a researcher at Argentina’s National Scientific and Technical Research Council (CONICET) in northern Patagonia, told Carbon Brief that these species, introduced to Patagonia for production purposes in the late 20th century, grow quickly and are highly flammable.
Because of this, their presence played a role in helping the fires to spread more quickly and grow larger.
However, that is no reason to “demonise” them, he stressed.
Forest management
For Grosfeld, the problem in northern Patagonia, Argentina, is a significant deficit in the management of forests and forest plantations.
This management should include pruning branches from their base and controlling the spread of non-native species, he added.
A similar situation is happening in Chile, where management of pine and eucalyptus plantations is not regulated. This means there are no “firebreaks” – gaps in vegetation – in place to prevent fire spread, Dr Gabriela Azócar, a researcher at the University of Chile’s Centre for Climate and Resilience Research (CR2), told Carbon Brief.
She noted that, although Mapuche Indigenous communities in central-south Chile are knowledgeable about native species and manage their forests, their insight and participation are not recognised in the country’s fire management and prevention policies.
Grosfeld stated:
“We are seeing the transformation of the Patagonian landscape from forest to scrubland in recent years. There is a lack of preventive forestry measures, as well as prevention and evacuation plans.”
Watch, read, listen
FUTURE FURNACE: A Guardian video explored the “unbearable experience of walking in a heatwave in the future”.
THE FUN SIDE: A Channel 4 News video covered a new wave of climate comedians who are using digital platforms such as TikTok to entertain and raise awareness.
ICE SECRETS: The BBC’s Climate Question podcast explored how scientists study ice cores to understand what the climate was like in ancient times and how to use them to inform climate projections.
Coming up
- 22-27 February: Ocean Sciences Meeting, Glasgow
- 24-26 February: Methane Mitigation Europe Summit 2026, Amsterdam, Netherlands
- 25-27 February: World Sustainable Development Summit 2026, New Delhi, India
Pick of the jobs
- The Climate Reality Project, digital specialist | Salary: $60,000-$61,200. Location: Washington DC
- Intergovernmental Panel on Climate Change (IPCC), science officer in the IPCC Working Group I Technical Support Unit | Salary: Unknown. Location: Gif-sur-Yvette, France
- Energy Transition Partnership, programme management intern | Salary: Unknown. Location: Bangkok, Thailand
DeBriefed is edited by Daisy Dunne. Please send any tips or feedback to debriefed@carbonbrief.org.
This is an online version of Carbon Brief’s weekly DeBriefed email newsletter. Subscribe for free here.
The post DeBriefed 20 February 2026: EU’s ‘3C’ warning | Endangerment repeal’s impact on US emissions | ‘Tree invasion’ fuelled South America’s fires appeared first on Carbon Brief.
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