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.

The “debt-for-climate swap” would allow a country’s debt to be reduced in exchange for commitments on green investments. 

The option was among several green financing alternative models discussed at the ongoing United Nations conference that supporters say would boost funds to adapt to climate harms, protect nature and finance local communities.

It comes as many African nations are battling with the effects of extremely costly weather events like the ongoing drought in eastern Africa that has killed thousands.

Egyptian Finance Minister Mohamed Maait said that his country is one of many that is now having to add heavy climate costs to budgets stretched thin by external debt.

Mr Maait said: “What I am asking every day and every hour is where do I get the money to protect our people from climate extremes.” 

He said that borrowing was often the only option for many countries.

Meanwhile, speaking at the International Parliamentary Conference — Russia and Africa In A Multipolar World, on Monday, Russian President Vladimir Putin announced the debt write-off.

The Moscow conference was attended by some 40 African countries.