Nigeria has proposed a Debt-For-Climate Swap deal in order to ensure a principle energy transition for African nations.
The VP and other government officials are seeking global partnerships and support for Nigeria’s recently launched Energy Transition Plan. He said debt for climate swaps is a type where debt is forgiven by creditors in exchange for a commitment by the debtor to use the debt service payments for climate action programmes.
The Nigerian deputy leader noted that the idea increases the fiscal space for climate-related investments and reduces the debt burden for participating developing countries.
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