Debt-for-climate and nature swaps (DFCNS) provide partial debt relief in exchange for commitments to invest in climate action and nature conservation. First used in the 1980s, they have gained renewed momentum in recent years, particularly in Latin America with countries such as Belize, Ecuador, Barbados, and Peru implementing increasingly large and complex deals. These swaps have reduced debt servicing costs and unlocked funding for climate projects. Constrained fiscal space make DFCNS an attractive option for many countries. LAC countries’ experience with swap mechanisms and their shared, biodiverse ecosystems further support this approach. The paper emphasizes the need for a coordinated strategies, recommending the creation of a knowledge centre, identification of shared climate and nature priorities, exploration of multi-country debt pooling, and consideration of a regional fund to enhance the effectiveness and scale of DFCNS.