Leaders’ from more than 170 countries gathered during the 1st week of the Conference of Parties (COP)27 to raise money, make commitments, and negotiate on ways to stop global warming.
The event dubbed “Africa Day” is currently hosted in Egypt. The continent has been the most impacted by the earth’s accelerating climate change. This event has already been held in African nations like Morocco (2001 and 2016), Kenya (2006), and South Africa (2011).
The six primary subjects that have dominated the event since its 1st week of COP27 have been about just transitions, food security, innovative finance for climate and development, investing in the future of energy, water security, climate change and the sustainability of vulnerable communities.
It is anticipated that this discussion will continue until November 18, 2022.
Without further ado, let’s take a look at the five key takeaways for Africa from the 1st week of COP27.
1. Loss and damage
At the COP27 conference’s first plenary session, which was presided over by COP27 president Sameh Shoukry, the agenda for “Loss and Damage” was approved.
Under the recently proposed “Loss and Damage” notion, the nations that have emitted the most greenhouse gases would be required to compensate less developed nations for the costs associated with recovering from natural disasters caused by climate change.
Damage captures the destruction of homes, roads, schools, and other facilities that can be calculated, whereas loss indicates economic repercussions like lost agricultural products that are difficult to quantify.
The $100 billion climate funding will help developing countries reduce their climate change impacts and prepare for them.
To put it in perspective, the loss and damage fund would make it possible for nations whose economies have recently been impacted by floodings, such as the Democratic Republic of the Congo, Mali, and Nigeria, to receive compensation for the losses and damages incurred.
2. Africa alliance for green infrastructure
In collaboration with various global partners, the African Union, African Development Bank Group and Africa50 launched The Alliance for Green Infrastructure in Africa (AGIA), an initiative to help expand and accelerate finance for green infrastructure projects in Africa.
The goal is to raise a sizable amount of money to hasten the just and equitable transition of Africa to net zero emissions. The effort would provide a large pipeline of bankable projects and encourage funding for Africa’s green infrastructure with two strategic goals in mind.
With the aim of creating up to $10 billion in investment opportunities for the private sector, the alliance is looking to raise up to $500 million for early-stage project development capital.
3. Bill and Melinda Gates pledge $1.4 billion to Africa
The Bill and Melinda Foundation has pledged $1.4 billion to Africa, including Nigeria, in order to support regional innovation and the creation of a robust pipeline of initiatives aimed at smallholder farmers that are climate-smart.
The pledge is a component of the foundation’s attempts to increase the supply of “adaptation finance” at the international climate negotiations in Egypt.
While $2.1 million are allocated for research and development in the Nigerian agricultural sector, Mr. Enock Chikava, the foundation’s interim director of agricultural development, explained that the foundation plans to raise $9 million for technologies that would improve the region’s livestock and crop production.
4. $350 million climate investment fund
The first few countries to receive funds from the Climate Investment Fund’s (CIF)newly formed Nature, People and Climate Investment Programme (NPC) include Kenya, Egypt, Zambia, Malawi, Mozambique, Namibia, and Tanzania. Italy, the United Kingdom, and Sweden each contributed $350 million.
The program’s main goals are to empower indigenous people and local communities in these chosen countries while also promoting and safeguarding natural habitats that are essential to tackling climate change, sustainable agriculture and food supply, healthy forests, and resilient coastal systems.
5. UK £95 million investment in Nigeria’s agricultural sector
The UK announced it would provide £95 million to Nigeria’s advancement of climate-resilient agriculture. It is anticipated that this investment will benefit at least four million Nigerians, including two million women, by boosting production and assisting with adaptation to the consequences of climate change while lowering emissions.
The Propcom+ investment, made by the UK government through the Propcom Mai-Karfi programme in Nigeria, aims to solve major obstacles to Nigeria’s sustainable agricultural development.
The £95 million is a portion of the more than £100 million that the UK has committed to helping poor nations prepare for and respond to climate-related disasters.
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