Ecuador’s president, Guillermo Lasso, announced at the COP 26 in Glasgow a plan to expand the Galapagos marine reserve. The plan, for the moment, lacks a structure or monetisation model, but the country is aiming for US$1.1 billion.

Ecuador is seeking financing for its debt, which amounts to 63 billion dollars, and among the alternatives is a swap in international markets with green funds and environmental organisations, in such a way as to generate savings in interest, or in the debt itself, in exchange for conservation. It is also considering asking developed countries to relinquish their IMF Special Drawing Rights (SDRs), a financial asset convertible into cash.

The country hopes that the establishment of financing mechanisms in exchange for environmental conservation will be possible, thereby activating new engines of development and containing its debt. Another idea is to provide ‘ecosystem’ services to the planet, such as selling climate ‘bonds’ to developed countries that cannot meet their emission reduction targets.