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African countries shouldn’t have to borrow money to fix climate damage they never caused – economist
As COP29 approaches, African nations urgently seek increased public finance for climate adaptation. The reliance on loans exacerbates their debt, impeding progress. Systemic biases and bureaucratic barriers hinder access to essential climate funding, demanding coordinated efforts.
Carlos Lopes, University of Cape Town
As we approach the global annual climate change conference, COP29, the need for increased public finance from the global north to address climate adaptation in Africa has become more urgent than ever.
However, framing the finance debate solely around this need risks deepening mistrust and downplaying the scale of the challenge. The financial burden of addressing climate change, coupled with limited fiscal space, creates a precarious situation for many African countries. African countries bear no historical responsibility for causing the climate crisis. However, they rely heavily on external financing to solve climate change problems.
Unfortunately, much external climate finance comes from loans rather than grants. This only worsens Africa’s debt burden. There is also not nearly enough money being channelled to Africa to pay for climate change adaptation.
At COP29, African negotiators will undoubtedly focus on reducing dependence on debt, and improving access to finance. I’m an economist who specialises in climate change and governance, with a long background at the United Nations and the African Union. Without robust commitments from public financial institutions, Africa will continue to face the dual crises of climate vulnerability and debt.
African countries must use COP29 to tackle systemic biases that inflate risk perceptions, minimise African achievements and inflate its problems. These biases drive up borrowing costs, and worsen commodity dependence.
The climate finance gap
The African Development Bank has estimated that Africa needs between US$1.3 trillion and US$1.6 trillion in total climate financing every year between 2020 and 2030. This will enable African countries to meet their commitments to reduce greenhouse gas emissions, known as nationally determined contributions.
The Global Center for Adaptation estimates that Africa requires at least US$52.7 billion annually for adaptation every year until 2035. However, this figure could rise to US$106 billion. This is because data gaps allow for double counting of financial contributions. There is also very little transparency about the real amounts of climate finance being disbursed. Because nationally determined contributions are focused on mitigation, carbon depletion tends to be measured without accurate calculations of the amount of emissions that are captured, or carbon that is conserved.
The United Nations Development Programme says that Africa’s nationally determined contributions mean the continent needs about US$2.8 trillion by 2030 for climate mitigation. However, Africa contributes only 4% of all greenhouse gas emissions currently. It needs funds for adaptation to adjust to climate change that is already changing the lives of many, rather than for mitigation.
But only about half of the climate finance received by Africa in 2022 was for adaptation (US$4.6 billion). The rest of the climate finance addressed mitigation or a mix of both, in line with the global north’s agenda.
Worse still, 64.5% of adaptation financing came from loans, which need to be repaid. This will increase the financial strain on African nations.
Loans versus grants for climate change adaptation
Multilateral financial institutions such as the International Monetary Fund (IMF) and the World Bank, and the Organisation for Economic Co-operation and Development through their Development Assistance Committee, handed out US$8.33 billion to Africa in 2022 for climate action. But most of this – US$5.4 billion – was loans. Only US$2.9 billion was grants, with a small fraction in equity investments.
These loans come with lower-than-market rates or extended repayment terms. But they still add to Africa’s external debt, which reached US$1.12 trillion in 2022. African countries’ debt repayments are twice what they get as climate finance.
The United Nations Framework Convention on Climate Change says developed countries are responsible for financing climate adaptation in vulnerable regions. But loans that create a huge debt burden only enrich global financial institutions at the expense of African countries.
The effects of climate change are causing unprecedented floods, drought and other disasters across Africa. Yet it is becoming more difficult for African countries to access the climate finance they need to adapt to a warming world.
Why is the situation worsening?
First, access to climate finance remains a bureaucratic nightmare with complex application processes. There also needs to be more transparency in fund allocation. The recently established Loss and Damage Fund could assist. It is meant to channel money to countries worst affected by climate change to pay for the damage caused.
Second, the focus on reforming Bretton Woods institutions and development finance institutions is shifting attention away from the obligations developed countries have signed up for. This distracts developing nations from making reforms in trade, taxation and financial regulations that could drive more meaningful results.
Third, there is a lack of liquidity (access to fresh money) needed to propel investment or allow countries to bridge their budget deficits. African countries are forced to juggle paying for healthcare, education and infrastructure development with paying back debt. Some spend more on debt repayments than healthcare.
Increased tax efficiency and domestic savings, such as the savings maintained by pension funds, could be used. This should be the priority while the fight for better international conditions continues.
Fourth, the distinction between development finance and climate finance is becoming an impediment to progress. The conversation should move away from getting African countries to prioritise greenhouse gas emission reductions at the expense of other development priorities. Climate action is under-implemented and underfunded. The focus must be on excessive dependency on aid and rather promote market incentives to encourage the private sector to invest in climate adaptation in Africa.
Fifth, African negotiators must address the structural barriers that limit access to finance. For example, biased risk perceptions by credit rating agencies prevent African countries from securing finance. Restrictive prudential rules from the Bank for International Settlements intended to preserve international financial system integrity have proven unfavourable to the transformation of the African economies.
Sixth, Africa should make use of regional climate finance platforms and set up cross-border climate change adaptation projects that benefit more than one country.
This will allow Africa to pool resources, coordinate demands and make it easier to negotiate better terms for climate finance. Just energy transition partnerships create an opportunity for countries to secure renewable energy funding for the transition from fossil fuel. Success will depend on effective coordination and regional solidarity in international climate negotiations.
Seventh, African countries have strong potential to use carbon markets to finance climate initiatives, provided they have control over them. Nature-based solutions can go hand in hand with reforestation, sustainable land management or conservation, while generating carbon credits. These are additional funding opportunities for climate adaptation efforts in Africa.
This moment demands bold leadership and a united front to rewrite the rules. African countries must secure the commitments and resources at COP29 that are needed to build a sustainable future.
Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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News
Major Popeyes Franchisee Sailormen Files for Chapter 11 — What It Means for Restaurants and the Economy
Sailormen Inc., a major Popeyes franchisee operating 130+ locations in Florida and Georgia, filed for Chapter 11 on Jan. 15, 2026 amid rising costs and heavy debt. Many restaurants are expected to remain open as restructuring continues.
A major Popeyes Louisiana Kitchen franchise operator is heading to bankruptcy court — but the headline does notmean Popeyes corporate is filing, or that every restaurant involved is about to close.
Sailormen Inc., a Miami-based Popeyes franchisee that has operated in the system since 1987, filed for Chapter 11 bankruptcy protection on Jan. 15, 2026. The company operates more than 130 Popeyes locations across Florida and Georgia (some industry coverage puts the count at 136), making it one of the chain’s largest franchise groups in the region.
Franchisee filing, not a Popeyes corporate bankruptcy
This case involves Sailormen (the operator) — not Popeyes corporate and not parent company Restaurant Brands International.
In a message referenced in industry reporting, Popeyes leadership said Sailormen’s filing does not reflect the overall health of the Popeyes brand, and that a large majority of Sailormen’s restaurants are expected to remain open while the company restructures.
What pushed Sailormen into Chapter 11
Court-related summaries and industry coverage point to a familiar mix of pressures hitting restaurant operators:
- Inflation and higher operating costs (food, labor, and day-to-day expenses)
- Higher borrowing costs as interest rates climbed
- Liquidity strain, including reports of falling behind on rent and facing pressure from landlords and vendors
- Legal disputes, including vendor-related claims tied to unpaid balances
The failed store sale that worsened the situation
One key detail: Sailormen reportedly tried to sell 16 Georgia restaurants to stabilize finances. That deal fell through, and the company remained responsible for lease guarantees tied to those locations — a liability that can linger even if other stores are performing.
The debt and the lender pressure
Industry reporting describes Sailormen as carrying a heavy debt load — cited at about $130 million overall.
More detailed figures cited in coverage include:
- Over $112 million in unpaid principal loan balance
- Over $17 million in accrued interest and fees
Reporting also points to pressure from BMO (BMO Bank), described as Sailormen’s largest lender. In December 2025, BMO reportedly sought to appoint a receiver, a move that can displace management and take control of a company’s assets. Sailormen’s Chapter 11 filing allows the company to continue operating as a debtor-in-possession while it attempts to reorganize.
Why this matters for “Food” and “Our Economy”
This isn’t just a Popeyes story — it’s a snapshot of what happens when restaurant operators face higher costs, value-conscious consumers, and more expensive debt at the same time.
Chapter 11 is designed to reorganize a business, not automatically liquidate it. For customers, the near-term impact may be limited if most locations stay open.
STM Daily News will follow this story as it develops, including any updates on store operations, restructuring plans, and potential sales of locations.
Sources
- Restaurant Business: “A big Popeyes franchisee files for bankruptcy” https://restaurantbusinessonline.com/financing/big-popeyes-franchisee-files-bankruptcy
- Restaurant Dive: “Large Popeyes franchisee files for Chapter 11” https://www.restaurantdive.com/news/popeyes-frachisee-sailormen-files-chapter-11-bankruptcy-protections/809854/
For more food business headlines and how they connect to the real economy, follow STM Daily News.
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Food and Beverage
Diva Fam Inc. Announces Voluntary Recall of True Sea Moss “Sea Moss Gel Superfood” Products Due to Possible Health Risk
Diva Fam Inc. is recalling all True Sea Moss Sea Moss Gel Superfood flavors nationwide due to missing pH/temperature records and potential botulism risk.
Diva Fam Inc.. announced a voluntary recall of all lots and flavors of its True Sea Moss brand Sea Moss Gel Superfood due to a lack of required regulatory authorization and temperature monitoring records for pH-controlled food products, according to a company statement released January 9, 2026.
The company said the recall applies to products manufactured prior to January 9, 2026. The manufacture date (MFD) is indicated on the can lid in MM/YYYY format.
Why the products are being recalled
Diva Fam said the recall is related to missing required regulatory authorization and temperature monitoring records for certain pH-controlled food products. The company noted that pH-controlled foods that are not manufactured in accordance with applicable regulatory requirements may present a potential risk of microbial growth, including organisms that can produce toxins associated with botulism.
Botulism is a rare but serious illness that can affect the nervous system. Symptoms may include general weakness, dizziness, double vision, difficulty speaking or swallowing, and, in severe cases, difficulty breathing or muscle weakness.
Diva Fam said no illnesses or adverse health events have been reported in connection with the products subject to this recall to date.
Where the products were sold
The affected products were distributed nationwide through select retail locations, online via https://truеsеamоss.cоm/, and other distribution channels, according to the company.
Recalled products (all flavors, all lots)
The recall includes all flavors and sizes and batch numbers of True Sea Moss brand Sea Moss Gel Superfood packaged in 16 FL OZ (473 mL) glass jars, manufactured prior to January 9, 2026.
Recalled flavors and UPCs
| Flavor | UPC |
|---|---|
| Mango | 5065006235875 |
| Pineapple | 5065006235288 |
| Wildcrafted | 5065006235073 |
| Apple and Cinnamon | 5065006235776 |
| Elderberry | 5065006235189 |
| Passion Fruit | 5061033691882 |
| Blue Spirulina and Raspberry | 5065006235813 |
| Strawberry | 5065006235271 |
| Cherry | 5061033691264 |
| Mango and Pineapple | 5065006235301 |
| 5 Blends in 1 | 5061033690052 |
| Soursop | 5061033691875 |
| Lemon Pie | 5061033691271 |
| Orange | 5061033692926 |
How the issue was identified
The company said the matter was identified during a California Department of Public Health inspection that raised questions regarding regulatory authorization and related production records for certain distributed products. Diva Fam said it is cooperating fully with regulatory authorities and initiated the voluntary recall to ensure regulatory alignment.
The company said the recall is being conducted with the knowledge of the U.S. Food and Drug Administration.
What consumers should do
- Discontinue use of the affected product.
- Follow the instructions provided by the place of purchase regarding product return or disposal.
- Contact the company for additional information (details below).
Consumer and media contact
Consumers seeking additional information may contact:
- Email: support@divafam.com
- Phone: (818) 751-3882
- Hours: Monday through Friday, 9:00 a.m. – 5:00 p.m. Pacific Time
Source: Diva Fam Inc. (PRNewswire, Jan. 9, 2026)
https://stmdailynews.com/culvers-thank-you-farmers-project-hits-8-million-donation-milestone/
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Economy
6 Wild Truths About America’s 2025 Spending Habits: Fetch Reveals Surprising Consumer Trends
The Fetch Finds Report reveals that in 2025, Americans balanced hard work with self-care, reflecting a mix of discipline and indulgence. Notable trends included a resurgence in meat sales, increased dining out, a focus on organization, and a rise in comfort-related purchases.
The Fetch Finds Report reveals a year of hustle, comfort, and delightfully chaotic shopping carts
Americans in 2025 were a study in contradictions. We hit the gym but also hit the couch. We decluttered our homes while filling our carts. We powered through demanding days with energy gels and powered down with weighted blankets and candles.
That’s the picture painted by Fetch’s first-ever full-year Fetch Finds Report, which analyzed more than $179 billion in consumer transactions. With 12 million receipts submitted daily, the data tells a story that’s equal parts discipline and indulgence—a snapshot of a nation trying to balance the hustle with some much-needed comfort.
6 Wild Truths About America’s 2025 Spending Habits: Fetch Reveals Surprising Consumer Trends
The Six Spending Surprises of 2025
1. The Meatless Revolution Has Expired
Remember when plant-based everything was the future? In 2025, Americans said “thanks, but no thanks” and brought meat back to the table. Fresh beef sales jumped 13%, pork climbed 12%, while refrigerated plant-based alternatives dropped 11%. Despite rising grocery costs, consumers chose the real deal over the meatless alternatives.
2. America’s Eating Out—and Sushi’s on a Roll
Even with tighter budgets, dining out surged. And the big winner? Sushi, with a massive 45.6% increase in trip growth. Mexican restaurants saw a respectable 13.9% bump, and pizza grew 6.7%. But sushi absolutely dominated the dining-out conversation this year.
3. Endurance Nutrition Takes a Victory Lap
Energy chews and gels jumped 27.4% in 2025. Whether Americans were actually running marathons or just trying to survive Monday morning meetings, endurance nutrition became a go-to for powering through demanding days.
4. The Great American Declutter Hit Overdrive
Self-care became shelf-care. Household storage bags surged 55.8%, charging valets climbed 37%, and cleaning gloves rose 13.4%. Getting organized wasn’t just about tidiness—it became an act of wellness. A clean space, a clear mind.
5. Protein Moved into the Pantry
Protein isn’t just for gym bros anymore. Everyday staples got a protein makeover:
- Protein-labeled breakfast cereals: +69.8%
- Protein granola: +45.9%
- Protein dry pasta: +35.4%
Consumers wanted their regular foods to work harder, turning breakfast and dinner into opportunities to fuel up.
6. America Powered Down and Got Comfortable
Comfort became the ultimate status symbol. Loungewear sales soared 218%, weighted blankets climbed 45%, and candles rose 20%. After all that hustle, Americans made winding down a priority—and they weren’t shy about investing in it.
What This Tells Us
The Fetch Finds Report captures something real about 2025: Americans were navigating a shifting economy with a mix of practicality and self-care. We pushed hard during the day and gave ourselves permission to relax at night. We organized our homes, fueled our bodies with protein, and treated ourselves to sushi dinners and cozy nights in.
“Fetch sees what others can’t: how people actually spend based on billions of purchases,” said Jacob Grocholski, Vice President of Analytics at Fetch. “This year, we saw a chaotic mix of discipline and indulgence that defined how people navigated 2025.”
About the Data
The findings come from Fetch, America’s Rewards App, which captures billions of spending transactions annually using AI and machine learning. With more than 6 million five-star reviews and users submitting 12 million receipts daily, Fetch has unmatched visibility into what consumers actually buy—at the item level, across every channel and retailer.
Want the full breakdown? Read the complete Fetch Finds Report for all the details on America’s 2025 spending habits.
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