I could have been writing this from a packed press briefing room somewhere in the Bonn Zone, but I am writing this from Nigeria, where the Paris Agreement cries to be implemented.
This is why the 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, but as everyday people, and I am trying to let you know that what happened in Bonn is your business too.
This year’s Conference of Parties gives us reason to re-assess our priorities, ad rethink our game plan as a country. This year was the first year 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. And their goals are goals that concern developing nations, chief among which was the clamor 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 an 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 should fly Green Bonds which are increasingly becoming attractive in the international stock market. Also, de-risking financial instruments, and generally pooling capital market investments for Green development is a great way of financing climate in the 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, 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. The Abidjan Declaration of ECOWAS concluded in June this year speaks to this.
Some other very interesting occurrences at the COP this year was Syria’s signing of the Paris Agreement, something many have praised, but a few have maligned as being not well thought out for a war-torn country. Despite the criticisms, the move remains a commendable one, and one that typifies the United States as the child in the circle being taunted by other children for peeing her pants. Another development which puts Trump’s government on edge is the ‘We are Still In’ movement which was showcased at the COP by Governor Jerry Brown of California, a movement that brings thousands of US citizens together as they continue implementing the Paris Agreement, regardless of Trump’s stance. The lesson to take away from this is that we, the citizens, are powerful, and that if we should one by one commit to taking action to combat climate change and its effects, we can do a lot of good, even more for our country that has signed the Paris Agreement.
At the COP, the Gender Action Plan was also launched for the first time, a plan of action to ensure more inclusiveness for the female gender in climate activities; negotiations, high-level decisions, policy making, adaptation and mitigation programmes, loss and damage activities, financing etc. It is laudable because the Paris Agreement and its eventual success had women at the forefront and still does.
There is no doubt that much can be achieved with more women involvement in decision making.
Adebayo, a lawyer with Wole Olanipekun and Co., is keen on the intersection of Energy, Environmental Law and Finance
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