(Bloomberg) — Politicians and academics are turning their attention to a new trade pitch for South Africa: debt relief in exchange for progress toward global climate goals.
The debt-for-climate concept, which was floated by International Monetary Fund Managing Director Kristalina Georgieva in April, has been picked up by South African Deputy Finance Minister David Masondo and the South African Communist Party, which is part of the countrys ruling coalition. The IMF plans to raise the idea at the COP26 climate conference in Glasgow in November.
Backers of the proposal hope creditors can be persuaded that climate change is a global problem so urgent that its worth forgiving debts in developing nations to help them pay for costly transiti…
Read the full article at: https://www.bnnbloomberg.ca/new-trade-idea-for-south-africa-is-debt-relief-for-climate-goals-1.1649731
