As Africa’s external debt continues to escalate, now reaching $1.3 trillion, debt-for-nature swaps are proliferating across the continent with dual aims: advancing climate action and reducing debt burdens. Proponents view these mechanisms as an innovative way to free up fiscal space while financing conservation projects. But critics argue their impact is marginal: 36 swaps to date have restructured just $921 million, of which only 34 % was actually allocated to environmental projects, less than 0.1 % of Africa’s external debt. Amid greenwashing claims, transparency doubts, and alleged high transaction costs, this debate brings together two opposing views on a tool that sits at the intersection of debt relief and environmental goals.