African countries saddled with debt and ravaged by losses and damages from weather events like cyclones, drought and extreme temperatures have agreed to consider swapping debt to invest in climate action in a meeting of finance ministers in the Ethiopian capital Addis Ababa.
have agreed to consider swapping debt to invest in climate action in a meeting of finance ministers in the Ethiopian capital Addis Ababa.
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 -- which takes up to 17% of countries' spending in some cases -- and other basic needs. Yet "many countries simply cannot access international financial markets because of rising interest rates," Hanan Morsy, the chief economist of the U.N. Economic Commission for Africa told the roundtable Monday evening. Morsy added that private sector investments in climate finance are lower in Africa than in any other part of the world.
Interest in green finance has been growing, along with criticism that current mechanisms don't work for countries ravaged by climate extremes but have contributed little to the planet-warming emissions in the atmosphere.
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