Taken together, the outcome on the global goal on adaptation misses an opportunity of facilitating climate resilient development in developing countries. In this overview, CSIR holistic climate change impact area manager and South African Presidential Climate Commission member, Dr Brian Mantlana, unpacks the outcomes of COP28 for the goal, arguing its laughable timelines and the lack of financial commitments makes it a farce.
The recent synthesis report for the Global Stocktake hints at some consensus around fossil fuel phaseouts. But African negotiators are displeased with its approach to equity and differentiation, and how it treats finance and technology transfer.
African countries made impassioned and detailed statements on how the global finance architecture should change at this year’s UN General Assembly. The SDG Summit also highlighted key climate finance reforms needed. However, action was lacking at the Climate Ambition Summit, where GCF pledges were underwhelming.
Looking towards the IMF and World Bank Annual Meetings on 9 October in Marrakech, expectations are that climate related reforms should go beyond much needed capital increases and the re-channeling of SDRs. We discuss a recent report by the African Climate Foundation of what these reforms should entail.
Building a financing ecosystem that works for Africa requires a systemic transformation of existing approaches to debt, lending practices, the global development finance system, tax and trade. These measures should address the continent’s debt overhang, create a fairer financial ecosystem, and unlock financial flows while preserving fiscal sovereignty.
Adaptation investment planning spur investments in prioritised projects and support the the implementation of adaptation and resilience measures in Africa. In this analysis, Sarah Wewege and Chipo Rusere discuss the advantages of this approach and how it can present a compelling case for investment.