Creditors should consider forgiving poor countries’ debts in return for a commitment to using outstanding payments on programmes to mitigate the climate crisis, said Yemi Osinbajo, Nigeria’s vice-president. | City_Press
At least 20 emerging market sovereigns’ dollar bonds are trading in distressed territory, according to data compiled by Bloomberg. Some of those may join Sri Lanka and Belarus, which defaulted this year.
Osinbajo also said Africa would need a fourfold increase in investment to achieve the energy mix needed to limit global warming to 1.5C. The continent needs $40 billion a year -- quadruple the amount that’s been invested since 2018, Osinbajo said. He called for a reversal of the trend in which 15% of the world’s population in high-income countries receives 40% of global energy investments, and developing countries – with 40% of the world’s population – receive only 15%.
“If energy access issues are left unaddressed, we’ll continue to see growing energy demand being addressed with high-polluting and deforesting fuels such as diesel and firewood,” he said.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
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Nigeria calls for debt forgiveness so African countries can mitigate climate challenge | CitypressCreditors should consider forgiving poor countries’ debts in return for a commitment to using outstanding payments on programmes to mitigate the climate crisis, said Yemi Osinbajo, Nigeria’s vice-president. | City_Press
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