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Creecy: Climate finance shouldn't worsen Africa's debt burden

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Minister Barbara Creecy says that climate finance requires innovation, so that it does not increase the debt burden for African and developing countries nor require sovereign guarantees.

Minister Barbara Creecy has reiterated previous calls for climate finance not to worsen the debt burden for Africa.

The summit is themed around driving green growth and climate finance solutions for the continent and the rest of the world. Creecy noted the importance of accessing grant and concessional finance – something which she has also advocated for at UN climate summit, COP27, last year. She said that South Africa's position is that non-debt finance instruments be deployed. This includes not requiring sovereign guarantees for finance:

"Climate change impacts will be genuinely felt during the lifespan of the planned and future infrastructure within the coming decade," Creecy warned.

 

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