 On behalf of the International Institute for Environment and Development, I'd like to invite everybody to join in this high-level dialogue on debt swaps for climate and nature, a strategic approach to urgent global goals. So we want commitments by debtor countries to demand programmatic, large-scale debt swaps for climate and nature. We want commitments by creditors to finance programmatic, large-scale debt swaps for climate and nature. And we want commitments by international organizations to promote some kind of international initiative on debt climate and nature, which would learn lessons from the HIPAA program and the G20 common framework. I would like to highlight that in 2020, EURDA showed that external public debt service is higher currently in 62 countries than the health spending of those countries, which I think is really very serious. Of course, as was pointed out, the debt service level had already been high before the pandemic hit, but now has increased significantly at the same time as the climate change and its negative effects has been happening much faster and with more negative effects than when the contracts of debt were initially established. So that is why I think there's been a lot of support for this idea of debt for climate swap among civil society, amongst think tanks in the UN, within the IMF and the World Bank, and I think very interestingly from the V20 vulnerable countries and their presidents. The CESHA has pioneered a debt for nature swap for ocean conservation, a first of its kind. The debt swap proceeds are managed through SECAT and provides a sustainable flow of funds, financing efforts of coastal communities to also participate in the protection and restoration of critical resources. This 20-year deal also includes investment in an endowment that we must show in 2036, providing another flow of funds to support our ocean and climate ambition. With the debt swap proceeds, we are financing nature and climate key performance indicators, including policy commitments from our national biodiversity strategy and action plans. We are undertaking the mapping and rehabilitation of mangroves, research on keystone species like the parrotfish and understanding the connectivity of coral reefs. So we've heard there how Seychelles has set a trailblazer with their debt for climate swap. The challenge now is to go from swapping $30 million to swapping $300 million or even $3 billion. So we want to really face this challenge of upscaling and taking a much more comprehensive approach, linking up all the different creditors in a comprehensive package linked to key performance indicators for climate nature. I also think that the climate swaps are a useful tool, that they are an important tool, that they should be scaled, that they can play a much bigger role. The role that we see for the climate swaps is as a special kind of climate finance instrument, or less as a debt relief instrument, namely as one that provides a fiscal support element, in addition to providing access to finance, right? And this is obviously something that most, you know, green dons or other forms of climate related lending does not have. But I think there's still quite a lot the IMF could do in this area. One relates to the use of a more problematic approach. So I think we can help get countries who want to attract such swaps, create, you know, a governance system and public management, public finance management systems, public investment management assessments that solve the monitoring and governance problems around programmatic swaps. So this could be one line of work. The other line of work is related to the resilience and sustainability trust that someone mentioned. So we are creating this using special drawing rights we channeled from the general SDR location of the summer. And hopefully the trust will be ready sometime next year. And this could support climate related reforms financially together with the GDP and World Bank contributions. We see sovereign overadeptness constrain fiscal space for public investments in much needed transformation. And regarding the proposal on the table, I really like that it builds on past experience, in particular the HIPIC, the MBRI, but also the Brady bonds, which were partly a success. So it's always good to learn from lessons of the past. And in some way, the situation is similar, but other things have changed, like in particular the creditor landscape with more non Paris Club creditors, more private creditors, which make the situation much more complex to summarize. This is a very, very important contribution to the debate. We are very open to discuss that further. We have to look at how to operationalize it. And then we still see major challenges. So there's a lot to like in debt for nature and debt for climate swaps. When you have, unfortunately, there are cases where debt restructuring becomes inevitable. Debt for nature swaps can provide a relatively easy exit from debt payments that are at a high risk of default. But I want to emphasize that for the private creditors, these swaps by lowering the debt ratios actually improve the credit worthiness of the borrower and therefore the long term value of these investments. And that's a point I want to emphasize that global investors are turning so much to the concept of what is fiduciary duty for an investor? Is it about just the short term returns maximizing those? Or is it about protecting the long term value of your investment? And that's a big, big change, you know, in the way that investors are thinking. So like any other ESG aligned commitment, debt for nature swaps can support a country's credit trajectory and that helps justify the creditors provision of debt relief. So I think that's an important point to make. Ultimately it improves a country's credit. The good news is that many exciting progress has been made in recent years. We have become more multilateral, more transparent and also more ESG oriented. In 2020, we joined the G20 debt service in the suspension initiative, providing liquidity support worth more than $2 billion to low income countries. This marks an important milestone for both China and other G20 countries. Also, we joined the G20 common framework on debt treatment, conducting debt negotiation under a multilateral and transparent framework. And also in this September, President Xi announced that we will provide more support for other developing countries in developing new and low carbon energy and we will no longer build coal-fired power plants outside China. As a middle income income transition, our climate actions are still in a very early stage. But we are making more commitments. We have enhanced our climate commitments and put forward a clear time schedule for achieving that zero goal. I see a very promising future for the debt for nature swap and or the debt for climate swap plans in the BRR context. These plans have great potentials in helping developing countries dealing with their debt distress and also cope with climate challenges. So they are also in line with China's green investment preferences. Nevertheless, I would say that we have to bear in mind that there are still challenges ahead. I agree with other speakers in that they see the debt for nature swap as accompaniment to the current debt treatment schemes rather than a replacement. If IMF and World Bank and everybody can come together and get in evidence is also on board. And if there is a mechanism where the current bond holders now trade in at a premium if they are convinced that they can take a haircut then I think this is a very good idea. And also the other speakers mentioned about ESG considerations from the private investors. Maldives is a country very much dependent on the oceans, blue economy. When we talk about ESG bonds, blue funding, green funding, whatever it is at the end of the day, honestly we don't get the cost of finances still the same if you go to the market and issue a conventional bond. I think the international community, the private investors, everyone must come together and make sure that for climate adaptation projects and other things for ESG securities the cost of borrowing should be at a very concessional rate.