Africa: ActionAid Warns Debt Crisis Is Undermining Africa's Climate Action

A new era of climate-driven debt doom loops has begun

Anybody who has lived through the past quarter century or so is familiar with the concept of a debt doom loop. Big government deficits, say, cause higher interest rates, making the government pay more to borrow and also bail out the banks that own its sinking bonds, driving it even deeper into debt.

Africa: ActionAid Warns Debt Crisis Is Undermining Africa's Climate Action

Nairobi -- African countries vulnerable to climate change are diverting significant public resources towards debt repayments at the expense of climate action, food security and investments in resilience, according to new reports by ActionAid.

Africa: ActionAid Warns Debt Crisis Is Undermining Africa’s Climate Action

Nairobi — African countries vulnerable to climate change are diverting significant public resources towards debt repayments at the expense of climate action, food security and investments in resilience, according to new reports by ActionAid. The reports warn that rising sovereign debt and the continued reliance on loans rather than grants for climate financing are worsening […]

ActionAid Warns Debt Crisis Is Undermining Africa’s Climate Action

The reports warn that rising sovereign debt and the continued reliance on loans rather than grants for climate financing are worsening the financial constraints facing developing countries.