{"id":18592,"date":"2022-01-18T12:13:49","date_gmt":"2022-01-18T17:13:49","guid":{"rendered":"https:\/\/www.bu.edu\/gdp\/?p=18592"},"modified":"2022-01-20T10:00:53","modified_gmt":"2022-01-20T15:00:53","slug":"webinar-summary-using-debt-for-climate-swaps-to-solve-two-crises-at-once","status":"publish","type":"post","link":"https:\/\/www.bu.edu\/gdp\/2022\/01\/18\/webinar-summary-using-debt-for-climate-swaps-to-solve-two-crises-at-once\/","title":{"rendered":"Webinar Summary: Using Debt-for-Climate Swaps to Solve Two Crises at Once"},"content":{"rendered":"<figure id=\"attachment18534\" aria-describedby=\"caption-attachment18534\" style=\"width: 646px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" src=\"\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-636x358.jpg\" alt=\"\" width=\"636\" height=\"358\" class=\"size-medium wp-image-18534\" srcset=\"https:\/\/www.bu.edu\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-636x358.jpg 636w, https:\/\/www.bu.edu\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-1024x577.jpg 1024w, https:\/\/www.bu.edu\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-768x433.jpg 768w, https:\/\/www.bu.edu\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-1536x866.jpg 1536w, https:\/\/www.bu.edu\/gdp\/files\/2022\/01\/OECD-Dev-Talk-Webinar-Background-2048x1154.jpg 2048w\" sizes=\"(max-width: 636px) 100vw, 636px\" \/><figcaption id=\"caption-attachment18534\" class=\"wp-caption-text\">Quito, Ecuador. Photo by Chandler Hilken via Unsplash.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">By <a href=\"https:\/\/www.bu.edu\/gdp\/profile\/rebecca-ray\/\">Rebecca Ray<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">On Thursday, January 13, the Boston University Global Development Policy (GDP) Center and the Organisation for Economic Cooperation and Development (OECD) Development Centre hosted a webinar discussion on the potential for using debt-for-climate swaps as an innovative solution to the twin crises of climate change and debt distress. The discussion consisted of two rounds of questions to the panelists, followed by a lively Q&amp;A session with the audience.\u00a0\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/XjLcZFz_Cr0\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><b>Ragnheidur (Ragga) Arnadottir<\/b><span style=\"font-weight: 400;\">, Director of OECD Development Centre gave a brief introduction of the threefold crisis facing many developing countries. As the International Monetary Fund (IMF) recently <\/span><a href=\"https:\/\/blogs.imf.org\/2022\/01\/10\/emerging-economies-must-prepare-for-fed-policy-tightening\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">highlighted<\/span><\/a><span style=\"font-weight: 400;\">, rising interest rates in high-income countries threaten to unleash a debt crisis for low- and middle-income countries (LMICs) around the world. But these LMICs are already facing high and rising climate change costs \u2013 including the challenges of paying for <\/span><i><span style=\"font-weight: 400;\">mitigation<\/span><\/i><span style=\"font-weight: 400;\"> measures to reduce carbon emissions, <\/span><i><span style=\"font-weight: 400;\">adaptation<\/span><\/i><span style=\"font-weight: 400;\"> measures to prepare for climate change-induced disasters and <\/span><i><span style=\"font-weight: 400;\">loss and damage<\/span><\/i><span style=\"font-weight: 400;\"> costs from disasters that could not be prevented. Together, these factors could lead to a lost decade for developing countries.\u00a0 However, while facing this challenge is complex, it is possible. Past efforts have been promising, but shy of the scale needed to effectively address either debt or climate challenges. The panel set out to explore these intertwined problems and the challenges of meeting them with ambition.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Arnadottir was joined by <\/span><b>Alagie Fadera<\/b><span style=\"font-weight: 400;\">, Director of National Development Planning in the Ministry of Finance and Economic Affairs of The Gambia, which is a member of the group of Climate Vulnerable Forum (V20); <\/span><b>Thierry Watrin<\/b><span style=\"font-weight: 400;\">, Green Economy and Climate Change Advisor at Ministry and Economic Planning of Rwanda, also a V20 member; <\/span><b>Jeromin Zettelmeyer<\/b><span style=\"font-weight: 400;\">, IMF Deputy Director of the Strategy, Policy and Review Department; <\/span><b>Ulrich (Uli) Volz<\/b><span style=\"font-weight: 400;\">, Professor at SOAS University of London and Founding Director of the SOAS Centre for Sustainable Finance; and <\/span><b>Iolanda Fresnillo<\/b><span style=\"font-weight: 400;\">, P\u200bolicy and Advocacy \u200bManager at the European Network on Debt and Development (Eurodad). <strong>Rishikesh Ram Bhandary<\/strong>, Assistant Director for the Global Economic Governance Initiative at the GDP Center provided closing remarks.\u00a0<\/span><\/p>\n<p><b>Dr. Uli Volz<\/b><span style=\"font-weight: 400;\"> began by giving a summary of a looming debt crisis, which impedes national responses to the COVID-19 pandemic and nations\u2019 ability to invest in climate change adaptation and mitigation. The United Nations Development Programme (UNDP) recently <\/span><a href=\"https:\/\/www.undp.org\/publications\/sovereign-debt-vulnerabilities-developing-economies\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">estimated<\/span><\/a><span style=\"font-weight: 400;\"> over 70 LMICs face debt vulnerabilities, which will be exacerbated by rising interest rates in high-income countries. Already Caribbean small island developing states (SIDS) face debt service requirements that account for between <\/span><a href=\"https:\/\/www.un.org\/en\/pdfs\/Statements%20from%20the%20Meeting%20of%20the%20Ministers\/Organisations\/ECLAC.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">30 and 70 percent<\/span><\/a><span style=\"font-weight: 400;\"> of government revenue, while these economies are some of the world\u2019s most vulnerable to natural disasters related to climate change.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Volz emphasized the connections between climate, public health and debt repayment requirements, stating that \u201cGovernments must climate-proof their economies and public finances, because otherwise they are facing an ever-worsening spiral of climate vulnerability and unsustainable debt burdens.\u201d However, climate vulnerabilities are <\/span><a href=\"https:\/\/www.soas.ac.uk\/economics\/research\/grants\/climate-change\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">diminishing access to capital<\/span><\/a><span style=\"font-weight: 400;\"> and worsening sovereign risk ratings, increasing the cost of borrowing to finance the necessary long-term investments. Given the severity and immediacy of these overlapping challenges, Volz stressed the need for more extensive responses, stating that \u201cConventional debt-for-climate or debt-for-sustainability swaps will not do. We need much more ambitious solutions to tackle the debt crisis.\u201d<\/span><\/p>\n<p><b>Jeromin Zettelmeyer<\/b><span style=\"font-weight: 400;\"> of the IMF continued the discussion by largely agreeing on the interconnectedness of climate and debt problems. Although relatively few countries, such as the V20 members, face such extensive climate vulnerabilities as to create significant fiscal stress, the opposite is true more broadly, in that many countries\u2019 debt burdens create fiscal constraints that prevent sufficient long-term investment in climate resilience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debt-for-climate swaps are a useful addition to the global response to both problems for two reasons. First, financing needs for climate investments are great enough to merit their inclusion as one more instrument for freeing up fiscal resources. Zettelmeyer explained, \u201cThe way we would look at debt-climate swaps is not so much as an instrument to address debt distress but as an instrument among others to increase fiscal space for many reasons, but in particular to undertake climate investment.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A second benefit of environmentally linked debt swaps is their attractiveness for private creditors, who will need to be enticed to participate in any significant debt restructuring, particularly in V20 countries where climate risks compound fiscal risks. In these cases, Zettelmeyer explained that, \u201cIt would be rational from the perspective of a creditor to link debt relief to climate action because \u2026 the debt problem is as sensitive, or perhaps more sensitive, to climate actions \u2026 as it would be to macroeconomic adjustment, which is usually what debt restructuring agreements emphasize.\u201d\u00a0<\/span><\/p>\n<p><b>Alagie<\/b> <b>Fadera<\/b><span style=\"font-weight: 400;\"> of The Gambia Ministry of Finance and Economic Affairs contributed depth to the discussion by explaining the Gambian case. As in many African nations, the COVID-19 pandemic adds another fiscal burden. Only about <\/span><a href=\"https:\/\/covid19.who.int\/region\/afro\/country\/gm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">10 percent<\/span><\/a><span style=\"font-weight: 400;\"> of the population is vaccinated against the virus, showing the government\u2019s strain to cover the costs of human health investments. Because of low vaccination rates, Fadera stated that \u201cWe are not yet out of the woods as far as the pandemic is concerned.\u201d Furthermore, the pandemic has added to economic strains as income from tourism, a major source of foreign exchange, has declined. Thus, \u201cthe pandemic has created a double squeeze, as the government tries to provide relief for the population, but the pandemic has shown the vulnerabilities.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Climate change adds a third dimension to the fiscal strain. As Fadera stated, \u201cIf we add the climate change issue to the whole picture it even makes the choices we have to make much more difficult.\u201d Currently, available programs are insufficient to meet the scale of the challenge. While The Gambia has received some relief through the IMF\u2019s <\/span><a href=\"https:\/\/www.imf.org\/-\/media\/Files\/Factsheets\/English\/CCRTrust.ashx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Catastrophe Containment and Relief Trust<\/span><\/a><span style=\"font-weight: 400;\">, as well as the Debt Service Suspension Initiative (DSSI) from the G20, these initiatives only provide temporary alleviation of the underlying, and worsening, problem.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many observers among the V20 and least developed countries (LDCs) were disappointed in the <\/span><a href=\"https:\/\/www.reuters.com\/business\/cop\/vulnerable-states-call-climate-loss-damage-deal-bare-minimum-2021-11-12\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">lack of ambition<\/span><\/a><span style=\"font-weight: 400;\"> at the 2021 United Nations Climate Change Conference (COP26), particularly regarding funding for managing climate-related loss and damage. Instead of this cautious approach, Fadera stated that \u201cgiven the prolonged nature of the pandemic, and the need to invest in communities and build climate resilience and climate-proof infrastructure, we need instruments that will mark those levels of ambition.\u201d<\/span><\/p>\n<p><b>Thierry Watrin<\/b><span style=\"font-weight: 400;\"> of the Rwanda Ministry and Economic Planning followed with an explanation on the V20 <\/span><a href=\"https:\/\/www.v-20.org\/our-voice\/statements\/group\/v20-statement-on-debt-restructuring-option-for-climate-vulnerable-nations\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">proposal<\/span><\/a><span style=\"font-weight: 400;\"> for debt restructuring for climate vulnerable nations. He linked the struggle to respond adequately to the COVID-19 pandemic and the climate crisis, stating that \u201cV20 members work to ensure access to international finance based on the fact that not all of the countries have the fiscal space nor sufficient access to international investments to be able to fight COVID-19 as hard as we could. That\u2019s why we want to emphasize inclusiveness when it comes to climate finance.\u201d\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rwanda has ambitious climate investment goals, including a 38 percent reduction in greenhouse gas emissions charted through its <\/span><a href=\"https:\/\/www.environment.gov.rw\/news-detail\/rwanda-announces-ambitious-climate-action-plan\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">revised Nationally Determined Contributions<\/span><\/a><span style=\"font-weight: 400;\"> to the Paris Agreement. These reductions are estimated to cost $11 billion, highlighting the need for additional access to finance. Thus, debt relief is necessary to bridge these fiscal caps, Watrin noted, stating that \u201cDebt restructuring is essential for countries that are fiscally constrained but determined to strengthen their climate action plans.\u201d With debt swaps in particular, \u201cThe principle is quite simple: redirecting debt payments toward climate-resilient projects, and this helps not only to protect existing investments, but it supports older green projects.\u201d He ended by emphasizing the important role multilateral bodies such as the OECD and IMF can play in coordinating these efforts.\u00a0<\/span><\/p>\n<p><b>Iolanda Fresnillo<\/b><span style=\"font-weight: 400;\"> of Eurodad discussed the role of civil society actors in these issues. Fresnillo highlighted two areas of concern in the absence of significant debt relief and restructuring. First, governments may face pressure to <\/span><a href=\"https:\/\/www.eurodad.org\/outofservice_press\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">cut social spending<\/span><\/a><span style=\"font-weight: 400;\">, including health and education spending, as well as food and energy subsidies. These cuts disproportionately affect women, who are traditionally tasked with providing household food, energy and care work. Women\u2019s household work becomes significantly more difficult or even impossible in these circumstances, though these sacrifices often go unmeasured, as household work is unpaid. Secondly, governments may face pressure to increase exploitation of natural resources beyond sustainable levels to raise revenue to pay debts. These cases often see land grabs and community displacement as mines, oil and gas wells and plantations force out existing communities. In both cases, when governments prioritize debt repayment over other goals, \u201cwomen, rural populations and Indigenous communities are the ones bearing most of the social cost.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Countries in debt distress have particular difficulty preparing for and recovering from natural disasters, creating heightened climate risks, which is why civil society has called for <\/span><a href=\"https:\/\/www.germanclimatefinance.de\/2020\/06\/24\/debt-relief-in-response-to-loss-and-damage-caused-by-climate-change\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">automatic debt relief<\/span><\/a><span style=\"font-weight: 400;\"> mechanisms in the event of climate change-linked extreme events, and the creation of <\/span><a href=\"https:\/\/us.boell.org\/en\/unpacking-finance-loss-and-damage\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">non-debt-creating financing<\/span><\/a><span style=\"font-weight: 400;\"> for loss and damage. While debt-for-nature swaps represent additional useful instruments, they are insufficient in and of themselves and must be paired with these larger efforts at climate and debt justice. Fresnillo stated that \u201cfrom the civil society perspective, what is needed is ambition and a robust response \u2026 a multilateral, transparent and just debt resolution for debt burdened countries from all creditors and sufficient and non-debt-creating public climate finance.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Arnadottir then directed a second round of questions to the panel for more depth. Fadera explained in greater depth the long-term development costs of debt problems. He stated that The Gambia has formulated a long-term climate vision for green growth, including climate-resilient, bankable projects. However, he emphasized that \u201cUnless and until we have the fiscal space it may be very, very difficult for us to make those long-term investment that will help make our communities climate-resilient [and] chart low-carbon pathways to development.\u201d He concluded by stating that \u201cWe owe it to ourselves to ensure that we are able to provide support for V20 nations and LDCs.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Watrin gave further details on the need for a climate-linked debt restructuring framework proposal. Recent research shows that climate vulnerability increases a country\u2019s cost of finance by an average of <\/span><a href=\"https:\/\/eprints.soas.ac.uk\/26038\/1\/ClimateCostofCapital_FullReport_Final.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">117 basis points<\/span><\/a><span style=\"font-weight: 400;\">. Meanwhile, climate change itself is expected to bring significant economic pain to Africa. The African Climate Policy Centre <\/span><a href=\"https:\/\/unfccc.int\/news\/climate-change-is-an-increasing-threat-to-africa\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">estimates<\/span><\/a><span style=\"font-weight: 400;\"> that an increase of one to four degrees Celsius in average global temperatures is likely to be associated with an African economic decline of between 2 and 12 percent of GDP. Thus, countries that can invest in climate resilience may benefit from a green multiplier effect, in which environmental protection brings economic benefits as well, if they can find the fiscal space necessary.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Zettelmeyer gave additional insight from the IMF on these issues. He stated that at the IMF, \u201cWe agree with almost everything in the V20 <\/span><a href=\"https:\/\/www.v-20.org\/our-voice\/statements\/group\/v20-statement-on-debt-restructuring-option-for-climate-vulnerable-nations\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">statement<\/span><\/a><span style=\"font-weight: 400;\">.\u201d However, the only area of disagreement is that it may be easier to coordinate creditors to support many smaller debt restructuring instruments than one global plan. Since the outbreak of the pandemic, official multilateral efforts to provide debt relief have been hampered by coordination problems, as sovereign debt is increasingly held by creditors who are outside of the Paris Club (which previously provided coordination for these types of crisis response) or outside of the public sector altogether. Thus, it may be necessary to mobilize resources wherever they may be found, rather than focusing on one model.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Volz summarized the <\/span><a href=\"https:\/\/www.bu.edu\/gdp\/2021\/06\/28\/debt-relief-for-a-green-inclusive-recovery-securing-private-sector-participation-and-policy-space-for-sustainable-development\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">three essential components<\/span><\/a><span style=\"font-weight: 400;\"> of any joint debt and climate resolution instrument. First, debt sustainability analyses must take climate risk into account, as well as risks from shortfalls on other sustainable development goals (SDGs). The IMF has made significant progress in this regard, but it may need additional speed and ambition to meet the scope of the current crises. Secondly, private sector creditor participation is key. Private creditors have not participated in the G20\u2019s DSSI debt relief mechanism, but they can be induced to participate in future instruments through a combination of positive incentives, such as guaranteed bonds, and more forceful incentives, such as regulation from their major home countries. Finally, any successful effort must prioritize country ownership in environmental protection. Debtor countries have developed robust environmental strategies, which must be supported, rather than arbitrary measures imposed from outside.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fresnillo gave final remarks by pointing to her sources of optimism. She stated that \u201cas an activist, I think we have the obligation of being optimistic.\u201d Specifically, she is hopeful due to the proliferation of environmental and debt strategies emerging from debt distress and climate vulnerable countries. By listening to these impacted countries\u2019 proposals, from governments as well as civil society and affected communities, international organizations can effectively coordinate ambitious responses to the current global crises.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Rishikesh Ram Bhandary<\/strong> of the GDP Center closed the discussion by highlighting a few important points from the panelists. First, the discussion clearly showed debt distress is holding climate action back, and that consensus is forming for a global response. Secondly, such a response must be ambitious, to match the tremendous current needs. He stated, \u201cWe have an opportunity and the need for immediate action \u2026 our collective global action needs to match the scale of these interlocking crises.\u201d Any such multilateral solution must include all major creditors inside and outside the Paris Club, as well as private sector creditors. Thus, there is a crucial role for multilateral organizations, such as the IMF\u2019s\u00a0 in developing the Resilience and Sustainability Trust, which has the potential to incorporate many of the necessary components for successful debt and climate instruments discussed today.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Arnadottir ended the webinar by thanking the organizers and panelists, looking forward to future continued conversations and following the continued work of the panelists, their organizations, and countries. \u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">*<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">To receive notice of future events and publications, <\/span><\/i><a href=\"https:\/\/gdpcenter.org\/GEGI-Subscribe\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">subscribe to updates<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> from our Global Economic Governance Initiative.\u00a0<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rebecca Ray On Thursday, January 13, the Boston University Global Development Policy (GDP) Center and the Organisation for Economic Cooperation and Development (OECD) Development Centre hosted a webinar discussion on the potential for using debt-for-climate swaps as an innovative solution to the twin crises of climate change and debt distress. The discussion consisted of [&hellip;]<\/p>\n","protected":false},"author":18822,"featured_media":18534,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398,66,65,95,156,77,1074],"tags":[1618,1655,1662,1661,1660,974,1400,428,1241,623,464,735,1665,459,772,1658,1657,901,391,1663,1653,1302,1654,465,1243,440,1659,1656,1061,512,1613,1664],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/18592"}],"collection":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/users\/18822"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/comments?post=18592"}],"version-history":[{"count":6,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/18592\/revisions"}],"predecessor-version":[{"id":18627,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/18592\/revisions\/18627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media\/18534"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media?parent=18592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/categories?post=18592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/tags?post=18592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}