Cabo Verde and Portugal presented at COP28, taking place in Dubai, the global agreement to transform the bilateral debt of Cabo Verde versus Portugal into climate financing. The Prime Minister of Cabo Verde, Ulisses Correia e Silva, calls on more countries to follow this example “so that climate financing is not carried out at the cost of more debt.”

Last summer, Praia and Lisbon agreed to transform Cabo Verde’s debt to Portugal into an environmental and climate fund. The budget, around 12 million euros, is intended for two projects related to strengthening renewable energy production capacity, which will allow the Cape Verdean archipelago to get closer to the target of 50% renewable energy by 2030.

Source: RFi – Rádio França Internacional