Donation Amount. Min £2

The issue of climate adaptation continued to dominate the African agenda on Day 3 of COP27.

On Wednesday, the International Capital Market Association (ICMA), who set the rules in the bond market, laid out plans for countries hit by climate induced natural disasters, such as flooding and hurricanes, to automatically freeze debt payments. 

The ICMA introduced new 'climate resilient debt clauses' or CDRCs, specifically targeting low-income countries, that governments can plug into soveriegn bonds they sell to raise money on global capital markets. With many African countries on the brink or knee-deep in a debt crisis, the mechanism will allow them to pause debt payments for a maximum of 2 years to free up cash flow to provide aid and assistance to battle climate disasters. 

Speaking during COP27, President & CEO at Africa Finance Corporation, Mr Samaila Zubaru noted that adaptation must be a priority for the continent but it puts additional pressure on Africa's current infrastructure needs. “In Africa we have a lot of need. The infrastructure deficit is about USD 2.3 trillion. If you factor in the need to climate-proof and build resilient infrastructure, it becomes about USD 3 trillion.

Also on Wednesday, a group of over 85 African insurers unveiled the African Climate Risk Facility (ACRF) to help climate-proof the continent's most vulnerable communities.

The commitment will provide protection for 1.4bn people against floods droughts and tropical cyclones by providing $14bn in climate risk insurance to 2030 to African sovereigns, cities, aid agencies and NGOs. Both measures will go a long way in bridging the gaping climate risk financing gap on the continent as rich nations continue to shrug off demands for compensation for countries due to 'loss or damage' caused by global warming. 

At the same time, if African borrowers can use the newly introduced CDRCs to avoid sovereign defaults while they're grappling with the fallout from their latest climate disaster, this will benefit not only affected populations but their global creditors too.

About IEA Media Ltd

Informer East Africa is a UK based diaspora Newspaper. It is a unique platform connecting East Africans at home and abroad through news dissemination. It is a forum to learn together, grow together and get entertained at the same time.

To advertise events or products, get in touch by info [at] informereastafrica [dot] com or call +447957636854.
If you have an issue or a story, get in touch with the editor through editor[at] informereastafrica [dot] com or call +447886544135.

We also accept donations from our supporters. Please click on "donate". Your donations will go along way in supporting the newspaper.

Get in touch

Our Offices

London, UK
+44 7886 544135
editor (@) informereastafrica.com
Slough, UK
+44 7957 636854
info (@) informereastafrica.com

Latest News

UN High Commissioner for Human Rights urges Iran to halt death penalty amid alarming surge in executions

UN High Commissioner...

Volker Türk called on the Iranian authorities on Monday to immediately halt the use of the death pen...

Malindi Court Allows DCI to Exhume Suspected Mass Graves in Binzaro Area

Malindi Court Allows...

The Directorate of Criminal Investigations (DCI) has received a go-ahead from a Malindi court to exh...

Two men, aged 58 and 27, dead and a third in 'life-threatening condition' after quadruple stabbing in London

Two men, aged 58 and...

Police officers at the scene in Long Lane, Southwark, south London, where four people were stabbed...

Opinion| South Sudan’s crisis isn’t tribal—it’s a struggle for power

Opinion| South Sudan...

In a recent opinion piece published by Radio Tamazuj titled “Kiir and Museveni’s Coordinated Effort...

For Advertisement

Big Reach

Informer East Africa is one platform for all people. It is a platform where you find so many professionals under one umbrella serving the African communities together.

Very Flexible

We exist to inform you, hear from you and connect you with what is happening around you. We do this professionally and timely as we endeavour to capture all that you should never miss. Informer East Africa is simply news for right now and the future.

Quality News

We only bring to you news that is verified, checked and follows strict journalistic guidelines and standards. We believe in 1. Objective coverage, 2. Impartiality and 3. Fair play.

Banner & Video Ads

A banner & video advertisement from our sponsors will show up every once in a while. It keeps us and our writers coffee replenished.