In faraway Washington, DC over the weekend, Vice President Yemi Osinbajo propounded new ideas on how best to bring developing nations to contribute adequately to the course of global net-zero emissions targets, facilitate energy access and development of African countries.
Justifying the rationale behind such a debt swap deal, the Vice President submitted that the commitment to it would"increase the fiscal space for climate-related investments and reduce the debt burden for participating developing countries. For the creditor the swap can be made to count as a component of their Nationally Determined Contributions ." Osinbajo reasons that"there are of course significant policy actions necessary to make this acceptable and sustainable.
According to the WHO, Climate change is impacting human lives and health in a variety of ways. It threatens the essential ingredients of good health - clean air, safe drinking water, nutritious food supply and safe shelter - and has the potential to undermine decades of progress in global health. Between 2030 and 2050, climate change is expected to cause approximately 250,000 additional deaths per year from malnutrition, malaria, diarrhoea and heat stress alone.
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