Climate change is making Africa’s debt burden worse but new debt contracts could help

OP-ED | Fair Climate Finance Requires Debt Reform, By Mohamed Adow - African Newspage | Reporting Africa’s Development

Reforming the global financial architecture is vital to finance climate action, particularly for debt-distressed countries and Africa must take the lead in advocating for change. When delegates from around the world convened in Bonn, Germany, last month for the 62nd session of the United Nations Climate Change Subsidiary Bodies (SB62), the specter of sovereign debt loomed large. For African countries, in particular, debt is no longer a problem u…

Climate change is making Africa’s debt burden worse but new debt contracts could help

A protest at COP27. Sean Gallup/ Getty Images COMMENT | MAGALIE MASAMBA | Many African countries are already struggling with heavy debt burdens. Climate change is making this worse. Africa contributes the least to global emissions but suffers the most from extreme weather, rising temperatures and drought. These disasters affect not just people’s livelihoods but also national revenues, making debt repayment harder. Yet traditional debt contracts …