African nations consider swapping debt for climate funding WFTV [Video]

MOMBASA, Kenya — (AP) — 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.

The “debt-for-climate swap” option is an economic tool that allows a country’s debt to be reduced in exchange for commitments on green investments. It was among several alternative green financing models discussed at the ongoing United Nations conference for finance and economic ministers that supporters say would boost funds to adapt to climate harms, protect nature and finance local communities.

It comes as many African nations are battling with the effects of costly climate change-fueled events like the ongoing drought in eastern Africa that has killed thousands and decimated livelihoods reliant on rain-fed agriculture and the aftermath of the devastating Cyclone Freddy in the south that’s left hundreds dead and thousands of others displaced.

Egyptian finance minister Mohamed Maait …