Cape Verde, Portugal to sign climate finance agreement in January

The Prime Minister of Cape Verde, Ulisses Correia e Silva announced on Tuesday the visit of his Portuguese counterpart, António Costa, to São Vicente in January, when an agreement on “climate finance” will be signed.

I had a good meeting [on Monday in Lisbon] with Antonio Costa, Prime Minister of Portugal. I invited him to participate in the Ocean Summit, which will be held in Mindelo at the time of the Ocean Race, an invitation promptly accepted,” said the head of government, in a message posted on his official account on Facebook.

“It will be an opportunity to conclude an agreement on climate finance.” We talked about mobility in the CPLP space [Community of Portuguese Language Countries]. “As of January 1, the revised law on foreigners in Portugal will come into force, which accommodates the principle of mobility of the CPLP,” recalled the head of government.

The Cape Verdean Prime Minister defended on July 19 the need to transform the archipelago’s foreign debt into “climate capital” to finance adaptation to climate change, assuming that a strategy has already been outlined with the Portuguese government.

“This means that if, by 2030, we have goals of exceeding 50% of renewable energy penetration [currently about 20%], this will presuppose an investment of 400 million euros. So, part of this funding can come from debt transformation to be able to make investments that can achieve this purpose, this goal,” he pointed out.

“The same thing regarding objectives and goals that may have implications in terms of reducing emissions, objectives and goals that have to do with protecting the oceans, the problematic issue of water.” he also said.

According to Cape Verde’s prime minister, the process to transform part of the foreign debt into investment and measures to mitigate the consequences of climate change are more advanced in Portugal, one of the country’s creditors.

About Khalid Al Mouahidi 4413 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network