OSINBAJO ADVOCATES DEBT-FOR-CLIMATE SWAP DEAL FOR AFRICAN NATIONS
Written by Kayode Sanni on September 2, 2022
Vice President YEMI OSINBAJO has proposed a Debt-For-Climate Swap deal to achieve a just and equitable energy transition for Africa.
According to a statement by his spokesman, LAOLU AKANDE, OSINBAJO made the call during a lecture on a just and equitable energy transition for Africa at the Center for Global Development in Washington D.C, USA.
He said the swap deal, if approved, would significantly advance the course of global net-zero emissions target, facilitate energy access and the development of African countries.
OSINBAJO, while justifying the rationale behind such a debt swap deal noted that the commitment to it would increase the fiscal space for climate-related investments and reduce the debt burden for participating developing countries.