MercoPress. South Atlantic News Agency

Glasgow's COP26: Argentine President insists on issues already outlined in Rome

President Fernández underlined the concept of “environmental debt”

Argentine President Alberto Fernández Tuesday appeared before the Glasgow Climate Change COP26 Summit with the same proposal he made days earlier in Rome during the G20 Summit.

Fernández insisted on a “debt swap for climate action” before the plenary session of the Summit of Leaders of the United Nations Conference and again pointed to the IMF to reach a “environmental solidarity, which serves to extend the terms of the debts and the application of lower rates ”

The Argentine head of state was particularly keen on linking debt payment mechanisms to environmental actions and Argentina's commitment to the “green” agenda.

Fernández proposed to “create payment mechanisms for ecosystem services” and ratified the Argentina's commitment to the Paris Agreement.

The President also said he favored applying International Monetary Fund (IMF) Special Drawing Rights (SDRs) to “a great pact of environmental solidarity” and stressed the need to “commit concrete contributions, within the framework of the principle of common but differentiated responsibilities, which are accompanied by means for its implementation.”

”We must create payment mechanisms for ecosystem services, swap debt for climate action and install the concept of environmental debt,“ Fernández said.

”We must strengthen environmental multilateralism and promote the capitalization of the Regional Development Banks,“ he added.

The President also pointed out Argentina was making the fight against climate change “a state policy.”

Fernández also vowed to implement “profound measures to eradicate illegal deforestation, classifying it as an environmental crime.”

He also said would be sending Congress a new draft for the Law on Minimum Budgets for Environmental Protection of Native Forests in addition to pursuing parliamentary “treatment of the Federal Environmental Education Law.“

According to Fernández, ”these are tangible, concrete commitments“ that ratify Argentina's stance against climate change.

”As I have stated on several occasions, to advance with the agenda of necessary transformations we must create innovative sources of financing and new global rules and incentives,“ he summed up.

Fernández also maintained ”environmental sustainability goes hand in hand with social sustainability.“ He also recalled that ”we are promoting a complex producer and exporter of hydrogen as a new energy vector“ and, within the legal framework, pointed out that ”a bill on electro mobility” had been sent to Parliament.