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Rich countries ‘trap’ poor nations into relying on fossil fuels (www.theguardian.com)
submitted 1 year ago by silence7@slrpnk.net to c/climate@slrpnk.net
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[-] Infectoid@beehaw.org 8 points 1 year ago

I don’t really understand it properly but it seems that the debt repayment is pegged to future fossil fuel revenue.

Mozambique was plunged into a debt crisis when oil and gas prices fell in 2014-16, Ribeiro said, but the solutions from international lenders to bail out the country have relied on loans being repaid through future gas revenues.

So I guess they can’t not repay the debt and they can only pay it back one way.

[-] MrMakabar@slrpnk.net 6 points 1 year ago

In the case of Mozambique Total has an unfinished project developing a gas field and building an LNG terminal. Due to ISIS attacking similar infrastructure in the country, they stopped construction. However Mozambique is already in a lot of debt and is just about able to serivce it. If Toal finishes the gas projects however, it becomes much more likely that Mozambique pays back its debt. Obviously the lenders lobby for fossil fuels in this case.

However the loans are not directly tied to the gas project and Mozambique could go renewable to repay its loans, but the LNG project is by far the most likely as construction has already started.

https://theexchange.africa/countries/mozambiques-debt-repayment-hinges-on-totals-lng-project/

https://www.bbc.com/news/world-africa-56886085

this post was submitted on 21 Aug 2023
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