By: Melanie Teriki
The United Nations Framework Convention on Climate Change (UNFCCC) established an international environmental treaty to combat dangerous human interference with the climate system in 1995. Since then, the Conference of the Parties (COP) has taken place every year with 198 nations, referred to as the Parties to the Convention, ratifying it. The two-week conference brings together the Parties with representatives from the UN, scientists, civil society, and other world leaders to identify solutions to the climate crisis and facilitate their implementation.
The historic result of COP27, which took place from November 6 to November 20, 2022, in the Egyptian beach city of Sharm el-Sheikh, was the creation and operationalization of a loss and damage fund. Over 100 heads of state and government, 35,000 attendees, and numerous pavilions showcasing climate action in all regions and across all sectors were present at COP27. Additionally, it held important negotiations, side events, and press conferences.
This leads us to the question; how do the discussions affect Africa? The following are the three highlighted pointers.
Loss and Damage
Countries ultimately came to an agreement to establish funding mechanisms, including a specific fund for loss and damage. This was a major development on a subject that the UN climate talks had long overlooked. The loss and damage fund can reinforce a larger mosaic of solutions to offer lifelines to poor people whose homes are demolished, farmers whose fields are damaged, and islanders pushed from their ancestral homes. The achievement of a fund agreement is a significant accomplishment. Now comes the challenging part: creating and financing the fund. There is still no consensus on how and where the financing should be obtained.
Multilateral lenders Reform
A growing number of developed and developing nations are calling for reforms for multilateral lenders to become more efficient in supporting developing nations to reduce their greenhouse gas emissions and preparing for the effects of the climate crisis. A recapitalization of the development banks might be part of the reform that was heavily discussed at COP27.
Adaptation
Building flood defenses, protecting wetlands, regenerating forests, and restoring mangrove swamps are just a few of the steps that can help countries become more resilient to the effects of climate change. But obtaining finance for these initiatives still remains a challenge.
We hope to see the fruition of these goals set in the tedious yet important annual meeting.
