HOW DEBT-FOR-CLIMATE SWAP OFFERS RELIEF TO NIGERIA, AFRICA'S DEBT BURDEN, BY OSINBAJO

*VP's ideas exciting, fresh thinking, says USAID Administrator

If and when Nigeria’s idea for a Debt-For-Climate Swap deal, tabled last week in the US at different forums and events including at the White House by Vice President Yemi Osinbajo, SAN, is widely accepted, the Federal Government would be reaping a huge debt relief from some creditors ranging in the order of billions of US dollars.

The idea described as fresh thinking in Washington D.C by senior American government officials last week is already receiving positive reviews even as VP Osinbajo explained the potential for significant debt cancellation for African countries.

In his meetings with the top officials of the US government right after his speech at the Centre for Global Development on Thursday, the VP further pushed the Debt-for-Climate, DFC idea which he had previously proposed, publicly first, at the CGD.

According to Prof. Osinbajo, "the proposed Debt-for-Climate swaps would be a very useful intervention and helpful as it will reduce debt burdens," while advancing the Climate Change objectives of the international community.”

He also described the idea as a Climate Change related financing instrument deserving of global consideration as it is a win-win proposal.

The VP also pushed the idea of opening up the Carbon Market in Africa so that the Climate Change actions of African countries can be adequately verified by the international community through the assessments of the appropriate verification institutions.

In addition, the VP noted "we are hoping to get support and international buy-ins for these ideas," specifically the DFC and the participation of African countries in the international carbon market. He reiterated that the DFC will help solve many of the debt burden challenges in Nigeria and other countries.

Responding to the Debt-for-Climate proposal, the Administrator of USAID told the Vice President that the idea is "fresh thinking that is very exciting," adding that the US is open to such new thinking even though it would require the full policy review of the American Government.

Experts say under the DFC, sovereign debtors and international creditors will forgive all or a portion of external debt often running into billions in a country like Nigeria, in exchange for a commitment by the country to invest, in domestic currency, in specific climate or energy transition projects during a commonly agreed period.

The expectation is that Debt For Climate swaps will reduce the level of indebtedness and free up fiscal resources to be invested in clean energy projects in Nigeria and other countries signed up for the programme once accepted by creditor-nations.

Prof. Osinbajo in his CGD speech explained that the "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.”

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.”

Similarly, the VP at the CGD speech also proposed a significant addition to conventional capital flows both from public and private sources to Africa through greater participation in the global carbon finance market.

His words: “currently, direct carbon pricing systems through carbon taxes have largely been concentrated in high and middle-income countries. However, carbon markets can play a significant role in catalyzing sustainable energy deployment by directing private capital into climate action, improving global energy security, providing diversified incentive structures, especially in developing countries, and providing an impetus for clean energy markets when the price economics looks less compelling – as is the case today.”

He encouraged developed countries to support “Africa to develop into a global supplier of carbon credits, ranging from bio-diversity to energy-based credits,” which would be a leap forward in aligning carbon pricing and related policy around achieving a just transition.

While in Washington D.C. last week, the VP met with his American counterpart, VP Kamala Harris at the White House, the US Secretary of the Treasury, Ms. Janet Yellen, and the USAID Administrator Samantha Power. He also held an interactive session with a group of Nigerian staff members of the World Bank and the IMF, before he spoke at the Centre for Global Development.

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
4th September 2022

Pyo would've made a Brilliant Commander in Chief, but the Ethnic issues in the Country would've been too heavy on his Academic Shoulders

Another foolishness in the making.

These idiots are on their way out and want to put the final nail on the coffin .

ESG is a WEF scam just like Covid to destabilize and impoverish nations.

Sri Lankan is a prime example of ESG madness .

The idiot of a now former and self exiled president sold his country to the WEF by signing up to this same madness the traitors in the APC led Federal government are blindly and stubbornly walking us into.

Now it all makes sense as we should expect fuel to cost at least #500 for petrol, diesel to hit over #1000 and fertilizer imports and useage banned just like the foolish Sri Lankan president did two years prior.

I have been warning since 2014 of the APC and Buhari being puppets of the neo-liberal corporate new world order and so far they have not disappointed.

This was the reason the west backed Buhari and the APC

ESG is akin to Covid and it is being used aggressively to bankrupt and impoverish nations making them dependent on international Jewish banksters.

Osinbanjo, may you never die well, you Judas priest of moloch

Unzerious:
Pyo would've made a Brilliant Commander in Chief, but the Ethnic issues in the Country would've been too heavy on his Academic Shoulders

The level of stupidity on nairaland is just too much.

How ignorant are you niggers to the earth shattering events going on across the world without not even having a clue can only be reasoned by the fact that the average Nigerian IQ range is hovering within room temperature ranges.

If you only knew what this carbon swap for debt is all about you will be searching for trailer tyre to roast this fool osinbanjo with it.

The UN Agenda 2030 Environmental Sustainability Goals will usher in a global famine and widespread deaths , destroy agriculture as we know it and consolidate all farm lands to corporate entities that will monopolize food supply with GMO crops.

The ESG identifies agriculture as dangerous to the planet and for that reason they want to shut down private farms.

I will not talk more on this but hope you will at least do your own fcking research once in your pathetic life.

Nigeria depends on fossil fuels .

If we sign up to this terrible deal then know that oil production will be drastically cut.


Nigeria is also a big polluter when it cones to Green house gasses as we emitt more methane into the atmosphere from wasteful gas flaring.

Methane is 8 times a green house gas than CO2.

We will thus have to shut down all remaining oil fields that still flare gas during drilling something the oil companies are not interested in doing since this will either involve investing in expensive reinjection drilling methods or piping the gas to depots. This is totally not feasible as Wall Street and London (major financing centers) are no longer investing in oll and gas since the major instutuinal investment firms who practically own every company, debt and countries in the planet are the ones pushing this Woke ESG policy.

These people want to destroy the energy sector as a means towards impoverishing the planet towards making it possible for corporate take over of nation states.

Yes, Blackrock Inc which owns everything that can be bought and sold now has nation stares under their radar to purchase.

If you think this is lunacy and just another "conspiracy theory" have you forgotten that your own Nigeria and practically most independent nations today that sprang up after WW2 where first and foremost corporate entities ran and managed by registered charter companies? Nigeria started as a Chartered company registered in London as The Royal Niger Company.

These people in Wall Street and the City of London want an end to social governance that will be replaced by them in a neo liberal corporate order.

This ESG, Covid, supply disruptions and the senseless provoked war in Ukraine is meant to destroy the current order .

Before you can build anew you must destroy the existing structure.

Another reason why they are after crude oil is because their fiat scam liquidity financial system is based on the hegemony of the US petrol dollar.

The Petrol dollar is only feasible as long as crude remains finite. And for this they came up with the scam science of Biotic Crude oil theory that postulates that crude oil is a finite irreplenishable commodity brought about by eons of decaying bio matter. Bull Shit!

The Biotic theory makes finite a product that isn't so as to commodity crude. You can't set a price on something that is near free like the air we breath. The actual real science behind crude formation is now coming to light after decades of it being suppressed. That theory is the opposite of Biotic crude and is aptly naked abiotic crude theory which postulates correctly that crude oil formation is a natural geological process from deep below the earth's crust were owing to immense pressures and temperatures, soil and rock material turns to crude oil. The same process that gives you volcanoes is what brings about crude. Those pesky Russians refused to abide by the scam biotic theory and that has seen them continuously pumping millions of barrels into the market thereby disrupting prices. With cruds no longer finite , it must go for it will be the end of the scam petrol dollar.

Ask yourself how they were screaming "peak oil"_only a decade ago warning that the earth will soon run out of crude but are now shouting that crude must go because it is polluting our atmosphere?

From the now since dead and forgotten Ozone layer to Global warming to now Climate change, the only thing constant from these paid hacks like those at the WHO is the ever changing fake scientific narrative.

Climate Change replaced Global warming because eery dataset analyzed globally or for each specific location on the planet has shown our earth isn't warming but rather dangerously cooling. This is why they changed the goal post.