After two weeks of deliberations, negotiations and meetings dragging late into the night, the 23rd session of the Conference of Parties to the United Nations Framework on Climate Change (UNFCCC) has come to a close in Bonn, Germany. Questions linger however; questions on what took place in Bonn, questions as to the landmark decisions that were made, questions as to implementation plans over the next one year.
I could have been writing this from a packed press briefing room somewhere in the Bula Zone, or from one of the comfy rooms in Hotel Astoria in Bonn, Germany, but I am writing this from Nigeria, from a small room illuminated only by a faint torchlight positioned to face upwards to enable me see the keyboard of my laptop as I type away, trying hard to drown out the grumbling of generators. I am writing from this place where the Paris Agreement cries to be implemented.
This is why this memo from Bonn means a lot to me, and I am writing first to you as fellow countrymen, not as the government or office holders and I am trying to let you know that what happened in Bonn is your business too.
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This year’s Conference of Parties had many cognizable achievements; Syria signing the Paris Agreement, The Gender Action Plan to ensure more female gender inclusiveness, the United States ‘We Are Still In’ campaign by Governor Jerry Brown, the Talanoa Facilitative Dialogue to ensure Pre-2020 action, amongst others. Yet, one incident that was at the heart of the small island states and that resulted in many stalled meetings, and ‘back and forths’ during the negotiations, was finance.
This year was the first that the COP was chaired by a small island state- Fiji -and the push, drive and commitment of fellow small island states to see their goals achieved in the negotiations was palpable. Their goals are those that concern developing nations, chief among which was the clamour for financing from developed countries through the loss and damage (L&D) dedicated financing mechanisms. Expectedly, developed countries antagonized the move, as accepting the concept of loss and damage would mean their acceptance of the fact that developed countries have caused major irreparable loss to the rest of the world.
Germany had earlier opened the Conference on the first day with the announcement of an additional 100 million Euros to support climate change adaptation in developing countries; it is ironical then, why it was difficult for a bloc of countries to which they belong to, commit to financing for loss and damage. This very easily shows the rest of the world, how developed countries will not accept responsibility quickly. In fact, the European Union and Australia suddenly began to raise claims of there being no scientific proof linking climate change to extreme weather conditions.
What this portends for us in this part of the world, is a need to start thinking ahead; developing financing methods to cushion budget shortfalls in addressing issues of climate change, potential loss and damage, adaptation and mitigation. I have suggested elsewhere that the African Development Bank (AfDB) should fly Green Bonds which are increasingly becoming attractive in the international stock market. No doubt, the AfDB in 2013 implemented a 10 year strategy to promote inclusive and green growth in Africa, and has followed it up keenly till date, yet the Green Bonds are overdue and will help to address the climate funding problem for African countries.
Also, de-risking financial instruments and generally, pooling capital market investments for Green development is a great way of financing climate in Nigeria. There should also be the consideration of a regional capital market for Africa, to float such bonds in order to attract private sector funding on a continental level. In order to do this though, there is a dire need for knowledge dissemination on green investments, to provide a repository for financial analysts, investors and private actors to properly understand the climate investment market. There is also the need to use local expertise to pool investments with a view to benefiting local communities, who are most affected by the effects of climate change. Admittedly, achieving this goal will require policies that involve unprecedented economic, social and technological transformation, as economies shift towards low-carbon and climate-resilient (LCR) infrastructure investments. This is where our devotion to the Paris Agreement comes in. This devotion is what it all boils down to in the end.
The Talanoa Dialogue was also a very key decision reached at the negotiations, and it simply puts in place a pre-2020 plan of action for countries to start working to achieve the Paris Agreement, even prior to the official 2020 implementation date. The key phrase is ‘We can’t wait’, and truly, we can’t, because time is running out.
Caleb Adebayo
