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Portugal and Cape Verde have reached a debt settlement. Portugal invests in the Cape Verde Fund for Climate and Energy Transition by repaying Cape Verde’s debt.
Portuguese-speaking countries owe Portugal about €600 million. The signed agreement states that whenever a portion of the debt is repaid, the amount will be reinvested across the country. This investment could reach €12 million by 2025.
“This is a way to convert debt into what will become Cape Verde’s ability to invest in the energy transition and fight against climate change. The biggest challenge facing us is that no country is sustainable if all countries are not,” said Antonio Costa, Prime Minister of Portugal.
Cape Verde’s sustainable development goals target the energy transition. The country wants more than 54% of its energy production to come from renewable sources by 2030.
Currently, the island nation imports about 80% of the fuel it consumes. Portugal has exceeded this target and hopes to reach 80% by 2026.
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