(5 Minutes Read)
Climate change has been mired in controversies and contradictions for one reason or the other. Developing nations have been complaining about the inadequacy of the climate fun
Climate experts at COP28 were unanimous on the creation of a fund to help compensate countries struggling to cope with loss and damage caused by climate change. Assembled delegates cheered the announcement of the president of the COP28 climate conference Sultan al-Jaber that the UAE the host country would contribute US$100 million to the fund. Germany also committed US $100 million towards the fund. Before the marathon session of the climate summit ends, it is expected that more countries will come forward to contribute to the fund to make it substantial to meet the vagaries of climate change.
Climate change has been mired in controversies and contradictions for one reason or the other. Developing nations have been complaining about the inadequacy of the climate fund. They have been talking in high decibels about how they have been given a raw deal, while their responsibility for creating the climate disasters is insignificant. Their pleas for the allocation of more resources to fight climate change have been overlooked by the countries that are major contributors to environmental degradation. It has been empirically proved how the developing and least developed countries, particularly in the African region are at the receiving end as far as climate change is concerned. Due to incessant rains, floods, and droughts, the region is perennially in the grip of ill effects of climate change, although Africa as a continent has to bear the brunt of 94% of the impact of climate change.
While there is an across-the-board endorsement of the alacrity with which the host country agreed to take action to fill the coffers for fighting climate change, there are skeptics who dub the announcement as theatrics and consider this gesture to deflect the public attention. The selection of venue in UAE, a country mostly depending on fossil fuels to engine its growth, did not go well with many environmentalists since they feel that their commitment and drive to implement the climate change agenda will be lackadaisical driven by their own selfish interest.
Do contributions in bits and pieces add to the massive fund of US$ 100 billion needed for transiting into a pollution-free environment, where emissions can be brought to the level of 1.5%? Many doubt about the possibility of collecting such a large quantum of funds since many countries may be sulking to contribute. Also, there are differences among the countries about the timeframe for the goal to be achieved. A classic example is the issue of plastics and the use of coal to be phased out by 2030. Plastic-producing countries including some developed and emerging economies want the time frame to be revisited and exemptions to certain categories of plastics from the banned list. In the case of coal, countries that are dependent on coal as their main source of fuel want the time frame to be extended.
Initial steps toward creating the fund were a major accomplishment at last year’s U.N. climate conference in Egypt. But that remained mostly in papers. Some skeptics believe that the euphoria will drive out once the COP28 concludes. Added to that is another report by the UN, which estimates that US$387 billion will be needed annually if developing countries are to adapt to climate-driven changes. Should that need a different strategy to mobilize funds and commit it effectively?
The fund will be hosted by the World Bank for the next four years and the plan is to launch it by 2024. A developing country representative will get a seat on its board. Still, Africa, a region ravaged by climate change, is not sure about its say in the appropriation of the fund to address the viscidness of nature let loose as a part of climate change. Recent happenings in Morocco and Libya cost the lives of many and the loss of properties worth billions of dollars due to climatic change is fresh in the minds of people.
During a speech at the summit, Kenyan President William Ruto highlighted the rapid shift from the most severe drought in the region in over 40 years to catastrophic flooding, resulting in over 200 fatalities and the displacement of tens of thousands in Kenya, Somalia, and Ethiopia. Scientific evidence strongly links these extreme weather events to human-induced climate change. Studies indicate that droughts are now at least 100 times more likely in parts of Africa than they were in the pre-industrial era. This translates into a dramatic reduction in long-term rainfall. In the short term, rainfall patterns remain erratic and unpredictable.
Developing countries, including Africa, are appealing to the global community, particularly developed nations, to fulfill their pledges and contribute billions of dollars to help mitigate the climate crisis. It is a moot point whether the much-touted COP28 will address the issues the way it should. There are positive signs and at the same time huge challenges ahead. Against this backdrop, the moot point is the announcement of US$100 million by the host country UAE can trigger a new set of agenda and implementation urgency among the nations. One should have to wait till the end of the 12-day long summit to conclude to sit on judgment as to which way it would sail through.
