Loss and Damage Fund Recommendations Finalised
In a bittersweet victory, the Transitional Committee has finally arrived at a set of recommendations on the design of the Loss and Damage Fund ahead of COP28. It, however, entails hosting it at the World Bank and developed countries have no obligation to financially contribute. The US has also refused to approve it. Negotiators at the COP will now need to deliberate on whether to adopt the proposal.
Latest global stocktake report replete with bold and developing country centric positions
The most recent Global Stocktake Report from the UN Secretariat puts forward what are primarily developing country positions on key issues such as finance, mitigation, loss and damage and trade response measures. Getting parties to agree what are collectively the most contentious issues in the negotiations in the next two months will be no mean feat.
Climate change fund replenishment falls vastly short
The latest replenishment of the UN’s climate fund, the GCF, barely moves the needle on what has been historically pledged. It also doesn’t touch sides with the amount needed by developing countries. This bodes poorly for the trust deficit between developed and developing countries at COP28.
Interview with Kenya’s special climate envoy, Ali Mohamed, on the outcomes of the Africa Climate Summit
We had the pleasure of speaking with the Special Climate Envoy for Kenya, Ali Mohamed, in the days that followed the Africa Climate Summit to discuss his views on its outcomes and what they might mean for Africa’s positioning in the climate negotiations. In the interview that follows we discuss the framing of African action, climate finance, renewable energy, carbon taxes and loss and damage.
African Negotiators Push Back on Key Elements of the Global Stocktake Report
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 call for Finance Reform at the UNGA, but Lack of GCF Pledges is Worrying
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.
Interview with Egypt’s Lead Climate Change Negotiator, Ambassador Mohamed Nasr, on Climate Finance and the Africa Climate Summit
We spoke with Egypt’s chief climate negotiator, Ambassador Mohamed Nasr, who headed the COP27 Presidency’s team and led many of the negotiation tracks at COP27 in Egypt last year, about his thoughts on climate finance, Africa’s priorities and the upcoming African Climate Summit.
Making the Global Financial System Work for Africa
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.
Wrangling over Climate Finance Language in SDG Summit Declaration
The US, the UK and a handful of developed countries have pushed back on climate finance language within a draft declaration on the SDGs ahead of the SDG summit in New York in September. Issues of contention included the manner in which calls to reform the international financial system were phrased, and the establishment of a multibillion-dollar development stimulus plan.
Ruto calls for the creation of a Global Green Bank
Kenyan President William Ruto is looking to radically shake up the global climate finance architecture, proposing that multilateral lenders provide at least $500 billion/year to settle existing debts and free up domestic resources for climate and development priorities. He also wants the establishment of a global Green Bank, financed by carbon taxes and other climate levies.
