COP26 Climate Change: Developed countries to mobilise $100bn yearly

The 2021 Conference of the Parties also called the COP 26 is expected to mobilise developed countries to raise $100 billion annually to tackle climate change globally.

Catriona Laing, British High Commissioner, made this known on Thursday during her opening remarks at the COP26 press conference in Abuja. She was represented at the conference by Ben LIewellyn-Jones, British Deputy High Commissioner, in Lagos.

Laing disclosed that the UK and Italian governments have committed to putting Climate Change and nature at the heart of the multilateral agenda in 2021 including the G7, G20, and COP 26 presidencies.

According to Laing, the COP26 two weeks event would be hosting the largest summit of world leaders, and other leaders the UK has ever hosted. 30,000 delegates, including world leaders, experts, activists, and government officials are expected at the event.

The British High Commissioner listed the four goals of the conference to include;

“To secure global net-zero by mid-century and keep 1.5 degrees within reach; “To adapt our behaviour to protect communities and natural habitats; “To mobilise finance – developed countries must make good on their promise to mobilise at least $100 billion in climate finance per year; And “to work together to deliver – finalise the Paris Rulebook (the detailed rules that make the Paris Agreement operational), and accelerate action to tackle the climate crisis through collaboration between governments, businesses, and civil society”.

She assured that the outcomes of the negotiations at COP26 should protect and restore nature, follow the best available science, and empower inclusive action.

Ikeazor Sharon, Nigeria’s Minister of State for Environment who attended the conference virtually in her remarks called for a just energy transition for developing countries.

She assured that Nigeria and Africa are committed to a net-zero future but noted that global energy transition must take into account the realities of economies.

Her words; Nigeria’s economy still largely depends on fossil fuel, energy transition, renewable energy is said to be the next frontiers of sustainability. The population of the world is growing, so as oil demands, the overall objective of the UN climate protocol is to reduce emission, Nigerian policies and strategies are gearing toward energy transition.

“African countries and Nigeria included are committed to a zero net future, but global energy transition must be inclusive, equitable, and just, taking into account the different realities of various economies and accommodating various pathways to net zero.

“A just energy transition for developing economies is central to the right to sustainable development and poverty eradication as ensured in relevant global treaties including the Paris Agreement. It is imperative that the international community recognises the critical role that energy, especially gas plays in catalysing economic health and livelihood of poorer countries”.

Sean Melborne, Head of Climate Change and Energy West Africa in a chat with Business Day on Climate finance explained how the COP26 intended to source the $100 billion annually.

He said; “There are numerous international funds so the multilateral development banks, for example, have a really important role, so the world bank, You know the World Bank is talking to the Ministry of Environment and the office of the Vice Presidency about the solutions and the findings that they can bring to Nigeria including on power sector reform and also reducing gas faring and there are also other international funds that Nigeria can tap into and we are trying to reduce the bureaucracy around that, so, for example, the Green Climate Act but there’s others as well”.