REVISITING COP 27
Famously dubbed as the 'African COP', the 27th Convention of Parties that held in Egypt Sharm El Sheikh from November 6 to 20, 2022, has been hailed as momentous for its breakthrough achievement - establishment of the Loss and Damage funds to help vulnerable countries deal with the effects of climate disaster
The Loss/Damage Finance facility is a major milestone in addressing the vast inequalities of the climate crises, yet it's a victory shrouded in uncertainty. For instance, there is yet to be a concrete plan or definitive action as to how the funding process will be managed and monitored, who's contributing, how much each nation can get and apply for, what parameters will define Loss, especially permanent damages and cultural heritages, delimitation of the funds usage to climate/environment-related challenges, among others.
These questions raise contentions as to the efficiency of financing for mitigation of climate impacts as opposed to aggressive carbon emission reduction. There are also concerns that the Loss and Damage fund is approaching the climate crisis by treating only its symptoms rather than the complex underlying causes. As loss and damage continue to increase, ill management of the fund can exacerbate existing tensions and ultimately detract from the real priority of a urgent transition to renewable energy. While it is a necessary and welcome development - especially for countries in the global south who have been most heavily hit by the bitter effects of the climate crisis, the general feeling is that COP27 failed to deliver where it mattered most - re-enacting a strong commitment to equitably phase out fossil fuels and halve global emissions by 2030.
Worse still, recent policy changes within government administrations in the global north countries, seem to effectively undo whatever little gains COP27 promised. U.S’ decision to start oil drilling in Alaska for an additional 2.2 billion oil barrels is a major setback, as is the United Kingdom's Trans-Pacific Trade Deal. Furthermore, the appointment of United Arab Emirates' Industry and Advanced technology minister - Sultan Al Jaber, as president of COP28 has sparked criticism over potential clash of interests over carbon emissions reduction, given his affiliations with the oil and gas industry.
27 COPs later, we are back at where we began, with promises and pledges, and progress that is less than satisfactory. The Intergovernmental Panel on Climate Change has highlighted the massive costs and risks that our failure to limit global temperature to 1.5 degrees above pre-industrial levels will result in. As it stands, achieving a timely transition away from fossil fuels to clean energy requires unprecedented cooperation across human society. So far, nations have done little more than pay lip-service to the climate ambitions and accountability is almost non-existent.
Perhaps it's time to rethink our methods and explore bolder options, something outside-the-box, outside the world, even?
The bottom-line is, there's no Planet B.
So should we fail, all that will be left is the space that once was earth.
Debby Yinka Wonders
