Osinbajo Advocates Debt-for-Climate Swap Deal leadershipNGA: Nigeria
Explaining the concept yesterday at a lecture on a just and equitable energy transition for Africa at the Center for Global Development in Washington D.C, Prof Osinbajo stated that debt for climate swaps is a type of debt swap where bilateral or multilateral debt is forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.
The vice president also proposed the greater participation of African countries in the global carbon market while exploring financing options for energy transition. He encouraged developed countries to support Africa to develop into a global supplier of carbon credits, ranging from bio-diversity to energy-based credits, which would be a leap forward in aligning carbon pricing and related policy around achieving a just transition.
He added;"Countries worldwide have been hit by record prices on all forms of energy. Power prices are breaking records across the globe, especially in countries or markets where natural gas plays a key role in the energy mix." He also emphasised the role that natural gas must play in the short-medium term to facilitate the establishment of baseload energy capacity and address the nation's clean cooking deficit in the form of LPG.
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