USAID Administrator Praises VP's Ideas for Debt-For-Climate Swap

USAID Administrator Praises VP's Ideas for Debt-For-Climate Swap

  • Vice President Professor Yemi Osinbajo has been receiving accolades in the US since his visit to the country
  • The USAID administrator Samantha Power said the ideas proposed by VP Osinbajo are NEW AND refreshing
  • Osinbajo has been meeting top key officials in the US government since he arrived the country last week

White House - The USAID administrator Samantha Power has stated that Vice President Yemi Osinbajo's ideas for Debt-For-Climate (DFC) swap are refreshing.

Responding to the DFC proposal, the administrator of USAID told VP Osinbajo that the idea is 'fresh thinking that is very exciting,' adding that the US is open to such new thinking even though it would require the full policy review of the American government.

VP and Kamala
VP Osinbajo has been meeting with top US officials since his arrival in the country last week. Photo credit: @ProfOsinbajo
Source: Twitter

In his meetings with the top officials of the US government right after his speech at the Centre for Global Development (CGD) on Thursday, September 1, Vice President Osinbajo further pushed the DFC idea which he had previously proposed, publicly first, at the CGD.

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According to Prof. Osinbajo:

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“The proposed Debt-for-Climate swaps would be a very useful intervention and helpful as it will reduce debt burdens, while advancing the Climate Change objectives of the international community.”

He also described the idea as a climate change related financing instrument deserving of global consideration as it is a win-win proposal.

He also pushed the idea of opening up the carbon market in Africa so that the climate change actions of African countries can be adequately verified by the international community through the assessments of the appropriate verification institutions.

In addition, the VP noted:

“We are hoping to get support and international buy-ins for these ideas, specifically the DFC and the participation of African countries in the international carbon market.”

He reiterated that the DFC will help solve many of the debt burden challenges in Nigeria and other countries.

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Nigerians online pile up accolades for Osinbajo after White House meeting with US VP

Nigerians online pile up accolades for Osinbajo after meeting with US VP had earlier reported that VP Osinbajo on Friday, September 2 met with United States Vice President Kamala Harris at the White House in Washington D.C.

Osinbajo arrived the US on Wednesday, August 31 to seek global partnerships and support for Nigeria’s $140 billion Energy Transition Plan.

Hos arrival in the US and his activities in the country elicited positive response from Nigerians on social media.

Osinbajo receives Harvard Business School Students at Aso Villa

Recall that twelve students from the Harvard Business School visited Vice President Professor Yemi Osinbajo recently.

The students who are currently on an African excursion asked questions about government policies in education, health and economy.

At the meeting, VP Osinbajo exuded his leadership dexterity and detailed what is possible in Nigeria.


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