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For a lot of Africa, power transition is firstly about power entry.
That’s as a result of 600 million individuals nonetheless don’t have entry to electrical energy and the continent’s power wants are booming.
That’s additionally the argument the African Union used when its officers requested the African group of local weather negotiators to undertake a place for Cop27 that endorsed all sources of power, clear and soiled, to ship inexpensive power.
A technical doc which knowledgeable the proposal, seen by Local weather House Information, mooted investments in oil and coal within the medium time period, with financing for gasoline into the long run.
Whereas quite a few African nations have backed gasoline a “bridge gas”, African local weather diplomats rejected the pro-gas stance arguing that the place would distract from one other, maybe extra urgent financing want: adaptation.
Finance is on the prime of the agenda for the Egyptian Cop27 presidency. Throughout a gathering in Addis Ababa this week, the Cop27 host and the UN convened worldwide financiers with the intention to match bankable local weather initiatives with non-public funders forward of the Sharm el-Sheikh summit. Egypt itself pitched for $11.4bn of funding to assist adaptation and carbon-cutting initiatives.
The Cop27 presidency’s drive to mobilise extra non-public finance comes sizzling on the heels of a stark reminder of failed guarantees on funding. The OECD quietly launched the most recent knowledge on worldwide local weather finance flows. It confirms that wealthy nations fell $17bn in need of mobilising $100 billion a yr by 2020.
Moreover the eroded belief between weak and rich nations, the dearth of finance is stopping ready-to-fund initiatives from getting entering into Africa and elsewhere.
Reminder: the $100bn aim is a tiny fraction of the trillions that must be shifted to scrub initiatives. For scale, 28 of the biggest oil and gasoline producing firms made near $100bn in mixed income within the first quarter of the yr alone.
UN chief António Guterres known as it “immoral” and “grotesque greed“. He urged governments to tax oil and gasoline firms’ income and use the funds to assist essentially the most weak face the power and value of residing disaster.
However not everybody agreed with him on who ought to foot the invoice of the power disaster. The IMF agreed that authorities ought to protect weak individuals from worth hikes however argued the prices must be handed on to shoppers to encourage power financial savings and transferring away from fossil fuels.
“We want each: windfall taxes on oil and gasoline income; and a shift to insurance policies that subsidise individuals, not power,” Chris Beaton, of the IISD assume tank, informed Local weather House.
In case you missed it, India has lastly turned a pledge by Narendra Modi on the Cop26 summit into an up to date local weather plan. A authorities press launch confirmed a goal for clear power which had induced confusion amongst specialists.
India is aiming for half of put in electrical energy era capability to come back from non-fossil sources on the finish of the last decade, not half of power use – which might have been a lot tougher to attain.
This week’s tales
Supply: Climate Change News