COP 28: Converting public debt into green investment benefits "the whole of humanity"

"If there is one thing we’ve been acknowledging after the COP, it’s that investment is essential in developing countries, the ones that suffer the greatest impacts of climate change, that contributed the less to this historically, and which find it most difficult to make the necessary investments", claimed Prime Minister António Costa at the end of the ceremony to sign two agreements  for converting Cape Verde and São Tomé e Príncipe’s debt unto climate funding.

The first step towards exchanging Cape Verde’s debt to green investment was made in January. To the 12 million euros converted into green investment, another 140 million may be added in the future if this model is proven to work. 

"This is not about restructuring debt, this is not about Cape Verde not meeting its obligations. This is about complying in a smart way", the Prime Minister said.

In the case of São Tomé e Príncipe, funding to the sum of 3.5 million euros for the next two years was agreed.

According to the Prime Minister, this type of agreement benefits "the whole of humanity".

Is it enough?

In this edition of COP, held in Dubai until 12 December, Portugal has its own pavilion for the first time, thereby fulfilling a commitment take non about a year ago at COP 27 (held in Sharm El-Sheikh, Egypt). 

The pavilion’s programme can be viewed on  www.portugalcop28.com.

The space will host more than 40 initiatives: workshops, presentations, conferences, and showcases. Throughout the pavilion, among the most relevant projects and targets, there is one question: "Is it enough?" This is a question answered by the Prime Minister when opening the pavilion: We feel we must do more and therefore, we’ve been upping our targets, our demands and the challenges posed so we can go faster and further", António Costa said.