An increasing cost of capital and limited access to public markets restrict the prospect for efficient sovereign debt issuance in less developed countries - with debt levels close 100% of GDP globally (source). We are actively innovating finance mechanisms that tie new sovereign debt issuance and refinancing to nature and climate performance. These mechanisms bring countries closer to nature and to meeting climate objectives by rewarding progress with debt relief (for example, through reduced coupon rate or principal adjustment). These new instruments deliver value for citizens and, through relief measures, break the undesirable cycle of debt and debt servicing, characteristic of conventional debt issuance. A critical component of success in this work is to ensure close collaboration with relevant national governments and foundations, and to understand how solutions may be scaled effectively through private sector involvement. Read more about our debt work here.