December 9, 2022

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Gas-Exporting Mozambique Is a Cautionary Tale in the Loss and Damage Fight

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Tired of waiting for international aid to help rebuild after deadly storms, Mozambique is tapping into massive natural gas deposits to fund development.

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(Bloomberg) — The devastation that cyclone Idai caused in Mozambique in 2019 galvanized the world to take action against climate change, much as deadly floods in Pakistan did this summer. Yet three years later, Mozambique has given up waiting for help from abroad and is focused on developing its massive natural gas resources to fund recovery and growth.

One of the world’s poorest nations, Mozambique joined the club of gas-exporting countries earlier this month when it flagged off its first shipment of liquefied natural gas to Europe. Funds obtained from selling fossil fuels will help fund the country’s green transition, said Mozambique President Filipe Nyusi in an interview with Bloomberg Green.

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“We need to…

Bloomberg News

2022-11-25 03:19:49

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