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Malawi roars for change: Demands action ahead of COP 28 summit

Content Editor: Dr. Anubhav Mondal

December 20, 2023 at 12:30:00 PM

Climate change, Environment

Content Editor: Dr. Anubhav Mondal
  • Geopolitics and foreign events have already had an impact on Malawi in recent years. 

  • Cyclone Freddy killed hundreds of people and displaced over 650,000 in the country. It also influenced Malawi's agriculture industry, which accounts for roughly 30% of the country's GDP and 80% of national export profits. 

  • The Ukrainian war has already had a significant impact on the economy, as its agricultural industry relies on fertilizer imports, which is one item harmed by the conflict. 

  • Nancy Tembo, Malawi's Foreign Affairs Minister noted that one approach to further support nations like Malawi at the climate conference will be the realisation of the long-awaited loss and damage fund, a financial mechanism to ameliorate climate emergencies established at COP 27 but currently lacking in execution. 

  • She is also asking for assistance in gaining a greater understanding and clarity on the carbon market, a trading system in which carbon credits are sold and bought to recompense firms or individuals for their greenhouse gas emissions. 

  • Malawi is likewise promoting debt forgiveness through a debt-for-nature concept

  • Debt-for-nature swaps are financial arrangements that allow for the forgiveness of portions of a developing country's foreign debt in exchange for commitments to spend in biodiversity conservation and environmental policy measures.

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