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Vice President Yemi Osinbajo, SAN, is currently meeting the United States Special Presidential Envoy for Climate, John Kerry, at the Presidential Villa, Abuja.
Kerry, a former Secretary of State under President Obama and the Democratic Presidential candidate in the 2004 elections is visiting Nigeria barely two weeks after Osinbajo’s working visit to the US.
Although details of their discussions remain unknown, it is believed to be a follow-up on the Vice President’s proposal for a Debt-For-Climate Swap deal.
The PUNCH reported that Osinbajo proposed a Debt-For-Climate Swap deal to achieve a just and equitable energy transition for Africa.
He said the swap deal, if approved, would significantly advance the course of global net-zero emissions targets and facilitate energy access and the development of African countries.
“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.
“Typically, the creditor country or institution agrees to forgive part of a debt, if the debtor country would pay the avoided debt service payment in a local currency into an escrow or any other transparent fund and the funds must then be used for agreed climate projects in the debtor country,” the VP said during a lecture at the Center for Global Development in Washington D.C, USA,
According to him, the debt-for-climate swap deal is a win-win for both creditor/developed nations and Africa.
As of this report, the meeting which began at about 08:15 pm local time is still in session.
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