Many are already struggling to pay back debt when a natural disaster strikes. Read more at straitstimes.com.
Those events often become humanitarian crises; they’re also expensive and getting more so. The average cost of capital for a select group of 58 climate-vulnerable countries is 10.5 per cent according to report published in April by the Boston University Global Development Policy Centre. That compares to a sovereign bond yield of 4.3 per cent over the past decade for a Bloomberg Barclays emerging markets index.
Mr Lubisi, 43, whose father was one of the first black farmers to start growing sugarcane in the area 40 years ago, has managed to keep going for now, but he is one of the lucky ones. Some in the region have sold their plots. Others are renting out their fields because they can’t afford the repairs. About 5,600km north-east of Dwaleni Farm is an archipelago that faces a similar financing problem on a national scale. The Maldives, a nation of 1,200 islands that are rapidly sinking into the sea, is spending 30 per cent of its annual budget on seawalls, land reclamation and desalination plants. The country’s borrowing costs have surged since it sold a US$500 million bond in early 2021, with the yield on the notes due in 2026 now trading at close to 19 per cent.
That’s a state of affairs already playing out on the southeastern coast of Africa, an area that’s been ravaged by a spate of violent storms in recent years, events that the World Weather Attribution initiative has linked to climate change.
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