African nations considering ‘debt for climate’ swap to help stave off impact of growing climate emergency
Young girls pull containers of water as they return to their homes from a well in the village of Lomoputh in northern Kenya, May 12, 2022
AFRICAN nations are considering a “debt for climate” swap to help them stave off the impact of the growing climate emergency.
Saddled with debt and ravaged by losses and damages from devastating weather events like cyclones, drought and extreme temperatures, African finance ministers meeting in Ethiopian capital Addis Ababa on Monday have agreed to consider swapping debt to invest in climate action.
This comes as Russia has announced that it has agreed to write off more than $20 billion (£16.4bn) dollars in African debt.
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