African leaders want debt relief for climate action
They are grappling with two crises at once
Cape Verde, a volcanic archipelago off the west coast of Africa, is not in fact a cape, and only in the rainy season is it particularly green. It is vulnerable to rising sea levels, acidifying oceans and erratic weather, and this may explain why it struck a debt-for-climate deal with Portugal this year. Initially Portugal will write off €12m ($13m) of debt. The money saved will be invested in projects like renewable energy and desalination plants. If all goes well, then the entire €140m (some 6% of GDP) that Cape Verde owes its former coloniser will be forgiven on similar terms.
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This article appeared in the Middle East & Africa section of the print edition under the headline “Swap shop”
From the December 2nd 2023 edition
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