Osinbajo meets John Kerry at State House at Aso Rock Villa for Climate Discussion

Vice President Yemi Osinbajo, last night met with the United States Special Presidential Envoy for Climate, John Kerry, at the Presidential Villa, Abuja.

Although details of their discussions were not made public at the time of filing this report, it was believed to be a follow-up on Vice President Osinbajo’s proposal for a Debt-For-Climate Swap deal.

Recall that Professor Osinbajo had 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.