"There's now a big push to get nature into sovereign debt markets," said Simon Zadek, executive director at NatureFinance, which advises governments on debt-for-nature swaps and other types of climate-focused finance.
At that level, it would be the biggest debt-for-nature swap struck to date.
The combined value of swap deals to date is $3.7 billion, according to the data.
Securing the buy-in of development banks is usually key for the economics of a deal.
The WWF has projects in Central and South America where they are monitoring deforestation by tracking jaguars, said Brenes, who has worked on debt-for-nature swaps for the last 25 years.