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Firewall Surrounds Debt For Climate Change Project

Climate Change ProjectThere appears to be a firewall around the coastal zone management initiative proposed for Antigua’s first debt for climate change exchange program.

Agriculture Ministry and Environment Division personnel are all ignorant as to what exactly is in the pipeline.

Agriculture Minister Hilson Baptiste had successfully lobbied earlier this month in Rio for Antigua & Barbuda to benefit from such a program as part of its debt reduction drive. The agreement was reached during a Caribbean Agricultural Research and Development Institute (CARDI) organized climate change consultation.



However, when Caribarena.com contacted Senior Environment Officer Ruleta Camacho and her Chief Environment Officer Diann Black-Layne, neither could share any information on the $18 million initiative.

According to Wendy Tittle, Press Secretary for Minister Baptiste, too many details cannot be divulged about the proposed initiative at this time, as the ministry is “still waiting on some documents.”

Presently, Minister of Agriculture and the Environment Hilson Baptiste is said to be off island and it is expected that when he returns some details of the project will be made public.

“When he comes back it will be discussed further,” Ms. Tittle said. “I would prefer to leave everything to be discussed by the minister.”

Earlier this month, Brazil had agreed to a deal with Antigua & Barbuda that would see the exchange of millions of dollars in debt for action on climate change. According to Minister Baptiste, the twin island state’s initial debt to Brazil stood at $36 million, but negotiations by Finance Minister Harold Lovell saw that tab being reduced to $22 million, and then to $18 million after further talks.

Baptiste said Antigua & Barbuda is getting on board with the Nature Conservancy, a global climate change organization, to take advantage of its debt for climate adaptation swap. The body is expected to pay off Antigua & Barbuda’s $18 million bill while the country gets forcefully involved in coastal zone management.

This initiative was initially revealed at the beginning of July, but with zero details on its planned implementation.

Sources close to the Environment Division have revealed that the government has until the end of 2012 to put their proposal in writing and have it before the Nature Conservancy.

The document will carry with it serious weight in the eyes of the United Nations and other global organizations pushing for environmental conservation, and if the country were to default it would have serious repercussions.

During a fisheries regulations consultation last week Minister Baptiste reportedly revealed some aspects of the proposal that is supposed to see the protection of at least 20 percent of Antigua’s “near-shore waters”. The problem at this point though, is what defines near-shore waters as the debate continues in this regard.



“They are going to protect 20 percent of Antigua’s near-shore waters or coastline by 2020. But the definition of near-shore is still up for debate, so that could mean a lot of different things,” the source said.

Minister Baptiste had also revealed an idea to have several daily boat patrols as part of enforcement efforts, but environmentalists are skeptical about this considering existing practices and the fight to have current regulations signed.

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5 Comments In This Article   

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my read of the plan

#5 tenman » 2012-07-17 12:14

The minister if quoted correctly is wrong, they will not pay off Antigua's debt. What they will do is buy the about 20 million debt for about 3.5 million usd and give the government a 40% debt forgiveness. The 3.5 million USD and another 8.5 million USD will be loans which the goverment will have to pay 5% on. They will also have to continue paying on 60% (around 12 million usd) of the original loan. The notes (12 million USD + 3.5 million USD + 8.5 million USD) will be held by some local conservation org that will be created. The proceeds from some of the interest being paid by the government will be used to manage this conservancy. It all seems like some complicated financial idea similar to APUA funding and Petro Caribe. It just seems contrived and perhaps fraudulent, that government would be paying itself interest
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tenman

more info

#4 tenman » 2012-07-16 22:15

Let me suggest persons google "Workshop to Develop Antigua & Barbuda’s Conservation and Climate Adaptation Trust" and look at page 36to get an idea of how this thing with be structured.
Quote:

US$3.5 million over 5 years at 5% interest. US$3.5 Million used by ABCCAT to gain US$ 20 million note from Brazil. US$3.5 million (5years, 5%) and US$8.5 million (20 years, 5%) = US$13.6 million (interest included). US$8 million debt relief (0.75% GDP). US$9 million payout US$ 450,000 per 20 years. US$ 4.6 million endowment. US$10.1 million to give US$500,000 (read the document for more info)
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tenman

Debt Relief Firewall!

#3 John French II » 2012-07-16 17:08

Notes From A Native Son Of The Rock. Let Me Pray to The Great Spirit that the "Bewildered & Bemused Electorate" are not being plunged into the "Silly Season" with the approach of the Bachanalian Carnival Masquerading Dancers. Debt Forgiveness for Climate Change Project? Checked GoAB's Site - No Info. Most Merciful, Please Spare us from another Creative Discontent and lead us to Pointed Focus & Scarifice with Blessings of the Innovative Good.
Many moons ago, it was stated that the compromised Hon Min of Fin.was not successful with the Paris Club. “I am pleased to confirm the full cancellation of all of your government’s debts to DFID [Department for International Development] with immediate effect,” said the British minister in a letter to Douglas www.caribbeannewsnow.com/topstory-Britain-agrees-to-cancel-St-Kitts-Nevis-debt-11769.html
Tenman thanks for your research. Eli, please be guided by our environmental degredation of not being a reading public. Friends Read NEMMA PT1 http://www.antiguaobserver.com/?p=70059 Since the Hon. Min. neither reads nor implements, may our Nation read the other two parts.
Respect.
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RE: Firewall Surrounds Debt For Climate Change Project

#2 eli » 2012-07-16 12:37

anyone ever see a map of how much Marine Protected Area we have around Antigua right now? Some of our legally constituted MPAs are nearly 40 years old. Of course most people who commercially fish there daily have no idea that they are "Protected" areas. NEMMA anyone?
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eli

RE: Firewall Surrounds Debt For Climate Change Project

#1 tenman » 2012-07-16 09:18

Nothing is free, details needed. Let me direct interested parties to an NY Post article which speaks of a scandal involving Nature Conservancy.

Quote:
On Monday, Post State Editor Fredric U. **er blew the lid off an October 2008 tax-dollar payday in which the Conservancy peddled a parcel of Adirondack land to the state -- netting a 57 percent profit in just three years, even as area real-estate prices were cratering...s **er reported, the state Department of Environmental Conservation paid The Nature Conservancy nearly $10 million for 20,000 acres of Adirondack wilderness -- for which the group had paid just $6.3 million in 2005...That allowed the group to realize a taxpayer-funded profit four times the increase in value of other north country forest land. Read more: http://www.nypost.com/p/news/opinion/editorials/scandal_in_green_tx7A65sB8RGmbZRuQMWR7O#ixzz20n6rsLDL
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