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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.
The search for new finance is top…
Read the full article at: https://www.economist.com/middle-east-and-africa/2023/11/30/-african-leaders-want-debt-relief-for-climate-action