Hon. President Mohamed Nasheed, MP, Speaker of the People’s Majlis has called for a large-scale climate-debt swap for debt distressed vulnerable countries. The Speaker proposed the action of large-scale climate-debt swap for debt distressed vulnerable countries during the 'Climate Reparations: Opportunities and Obstacles for the Commonwealth’s Small Island States' event held this evening.
Speaking at the event organized by the Commonwealth Foundation to address the challenges faced by small island nations, the Speaker stated that after undergoing a ‘debt sustainability analysis’ of the most vulnerable countries, if at least 18 months of interest payments on new bonds guaranteed by the World Bank, the countries will not be locked out of capital markets. This will allow these countries to continue investing in strategic areas of development, including health, education, sustainable energy and climate-resilient infrastructure. The Speaker also called the debtor governments within the climate-vulnerable group to carry out Climate Prosperity Plans to map out the actions they will take.
The Speaker, who is also working as the CVF Thematic Ambassador for Ambition, stressed out the importance of protecting forests, mangroves and coral reefs in order to reduce the impact of climate change. He also mentioned the need of using technologies like renewable energy storage, clean hydrogen and advanced nuclear fission to escape from the age of fossil fuels.
Speaking at the event, the Speaker highlighted that, debt distressed vulnerable countries cannot invest in strategic areas of development unless money is available for the required investments, which calls for an urgent debt relief.
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