The African Climate Forum (ACF) has said that the over $700 million commitments of the Fund for Responding to Loss and Damage (FRLD) constitute merely 0.2 per cent of the total amount needed to address the irreversible effects of climate change and global warming.
It pointed out that climate and development experts have recommended a baseline of US$ 400 billion annually to cater for the loss and damage caused by severe weather incidents globally.
This was disclosed by Dr. George Nwangwu, DG, Global Centre for Law, Business and Economy (GCLBE) in his welcome remarks at the ongoing ACF 2024 in Abuja.
He said the absence of mandatory commitments raises doubts about the Fund’s effectiveness and its sustainability in assisting vulnerable developing nations impacted by climate change.
As a result of these and other challenges, he added that it is necessary for “African stakeholders to dialogue towards defining remediation, mitigation and adaptation strategies, as well as low-emission pathways,” and acknowledged that the theme of this year’s conference, “Africa’s Climate Future: Pathways from Dependence to Leadership,” could not be more timely or relevant.
Dr. Nwangwu said the ACF 2024 the resolutions made last year by the body have been considered in conceptualising ACF 2024, citing the example of incorporating a Deal Room, which will bring climate project financiers and project developers together to activate climate solutions for Africa, in addition to also being shaped by events that have unfolded in the past one year.
He highlighted that the focus for ACF 2023 was “Financing Energy Transition for Sustainable Progress. Among the key resolutions reached were the need to: design climate finance that works for Africa; de-risk Africa as an investment destination; develop local climate finance products; and create linkages between the public and private sector towards driving climate finance”.
The DG of GCLBE noted that African countries have continued to suffer from the effects of climate change such as floods in Nigeria and droughts in Southern Arica, stressing that the question of differentiated responsibility has been a constant topic and was revisited at COP 28 in 2023 as the continent bears no real historical responsibility for climate change effects.
“As we stand at the crossroads of a global climate crisis, Africa is faced with a unique opportunity – a moment where we can transform from being a continent that bears the disproportionate burden of climate impacts to one that leads in climate solutions and innovation.
“Our discussions over the next two days will be focused on the many pathways available to Africa. We will explore how Africa can build resilience, tap into its immense renewable energy potential, and forge new partnerships that prioritise both sustainable development and climate action.
“From the Sahel to Southern Africa, from our coastal regions to the heart of the continent, Africa’s diverse ecosystems, people, and resources offer unique opportunities for growth and innovation,” he further said.
According to him, while international agreements set ambitious climate targets, it is often the sub-national entities that play a pivotal role in translating these commitments into concrete actions.
One of the primary advantages of sub-national entities in climate action, he submitted is their ability to tailor solutions to local contexts, stressing that “Climate change impacts vary significantly across regions; therefore, localised action is crucial.”
He pointed out that the Sub-national governments are often more attuned to the specific needs and vulnerabilities of their communities, explaining that for instance, coastal cities may focus on strategies to combat sea-level rise, while arid regions prioritise water conservation and drought resilience.
Despite their critical role, Dr. Nwangwu observed that the sub-national entities face several challenges in implementing climate goals as limited financial resources can constrain their capacity to develop and maintain climate initiatives.
In addition, he said sub-national entities may encounter political barriers as local leaders may face pressure from constituents or industries resistant to change, complicating efforts to enact progressive climate policies.
While challenges remain, he said adopting best practices and fostering community engagement can enhance the impact of sub-nationals.
“As the world faces an escalating climate crisis, empowering sub-national entities to lead the way will be crucial in achieving meaningful and lasting progress toward climate goals,” he stated.
Dr. Nwangwu reiterated that climate Finance for Africa is essential not only for combating climate change but also for fostering sustainable development.
READ MORE FROM: NIGERIAN TRIBUNE
and then