{"id":73892,"date":"2022-09-12T02:02:45","date_gmt":"2022-09-12T02:02:45","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/09\/12\/africa-isnt-ready-to-let-go-of-fossil-fuels\/"},"modified":"2022-09-12T02:02:45","modified_gmt":"2022-09-12T02:02:45","slug":"africa-isnt-ready-to-let-go-of-fossil-fuels","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/09\/12\/africa-isnt-ready-to-let-go-of-fossil-fuels\/","title":{"rendered":"Africa isn\u2019t ready to let go of fossil fuels"},"content":{"rendered":"

<\/a> African ministers are pushing <\/strong>back on efforts for full and speedy divestment <\/strong>of fossil <\/strong>fuels energy sources<\/strong>, in large part due to climate financing pledges not being fulfilled, according to a communique from a climate conference in Cairo last week cited by Reuters<\/a>. The document stressed \u201cthe need to avoid approaches that encourage abrupt disinvestments from fossil fuels, as this will... threaten Africa's development.\u201d \u201cIf we are not getting reasonably-priced finance to develop gas, we are denying the citizens in our countries the [chance] to attain basic development,\u201d Nigerian Finance Minister Zainab Ahmed was quoted as saying.<\/p>\n

\u2026And for good reason: <\/strong>Africa faces a climate financing gap of about USD 108 bn each year<\/strong>, Kevin Chika Urama, chief economist at the African Development Bank, said during the forum. \u201cClimate finance structure today is actually biased against climate-vulnerable countries. The more vulnerable you are the less climate finance you receive,\u201d he said. The continent receives less than 5.5% of global climate financing despite contributing less to greenhouse gas emissions than most developed countries, Egypt\u2019s International Cooperation Minister Rania Al Mashat said<\/a>.<\/p>\n

Debt levels are reaching unsustainable levels:<\/strong> Developing countries with USD-denominated debt have had a tough few years due to the pandemic but things have gotten significantly worse this year as rising US interest rates and a surging greenback raise borrowing costs further. A record number of countries are now at risk of defaulting on their debt. \u201cThis is keeping us up at night \u2014 how to decrease the cost of borrowing,\u201d Reuters quoted Egypt\u2019s Deputy Finance Minister Sherine El Sharkawy as saying.<\/p>\n

POSSIBLE SOLUTIONS-<\/strong><\/p>\n

A little more help from friends abroad: <\/strong>The European Investment Bank (EIB) pledged to provide long-term climate financing to the continent and to Egypt, the International Cooperation Ministry said<\/a>.<\/p>\n

And the use of debt swaps: <\/strong>The statement from African ministers noted that the creation of a \u201csustainable sovereign debt hub\u201dand debt-for-nature swaps could reduce borrowing costs for developing nations.<\/p>\n","protected":false},"excerpt":{"rendered":"

African ministers are pushing back on efforts for full and speedy divestment of fossil fuels energy sources, in large part due to climate financing pledges not being fulfilled, according to a communique from a climate conference in Cairo last week cited by Reuters. The document stressed \u201cthe need to avoid approaches that encourage abrupt disinvestments […]<\/p>\n","protected":false},"author":1,"featured_media":73893,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[443],"tags":[280,531,530,781,11,536,164,803],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-finance","tag-africa","tag-climate-finance","tag-debt","tag-egypt-icf","tag-enterpriseclimate","tag-finance","tag-green-finance","tag-rania-al-mashat","wpautop","entry"],"acf":{"mongo_id":"3453ad7d-55c9-4711-9d53-2da589b8fcfc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/2191.jpeg","photo_position":"above","related_issue":[73884],"teaser":"","voice_url":""},"yoast_head":"\nAfrica isn\u2019t ready to let go of fossil fuels - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/09\/12\/africa-isnt-ready-to-let-go-of-fossil-fuels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa isn\u2019t ready to let go of fossil fuels\" \/>\n<meta property=\"og:description\" content=\"African ministers are pushing back on efforts for full and speedy divestment of fossil fuels energy sources, in large part due to climate financing pledges not being fulfilled, according to a communique from a climate conference in Cairo last week cited by Reuters. 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