Browsing: COP 27

• Lender AfDB is looking to harness global equity funds to finance climate change mitigation in Africa.
• AfDB statistics show that only 14 percent of $29.5 billion that was invested in climate finance for Africa in 2020 was from the private sector.
• AfDB is set to hold climate change financing meeting in Sharm El Sheikh, Egypt, this May.

An increasing number of people across Africa are grappling with unpredictable but definite cycles of failed rains, flash floods or severe drought as climate change-induced weather patterns become the norm in the continent that is one of the least polluters globally.

“Africa, the continent that pollutes the planet the least, is today one of the world’s most vulnerable to climate risks,” admits the African Development Bank.

In many countries in Africa today, it is nearly impossible for farmers to practice rain-fed agriculture, which is the primary option for 99 percent of agricultural production …

The calls for concrete, concomitant, and substantive actions against carbon emissions are not an exaggeration. The effects of climate change are obvious, even for the casual observer to see. Presently a devastating hurricane, Ian has made landfall on the United States coast of Florida. The tropical storm which tore through Cuba and made landfall in the United States a day ago has reportedly left an estimated 2.5 million people without electricity.

NBC News called hurricane Ian one of the most powerful storms ever to hit the United States. The hurricane it is said, has caused devastation and flooding that has left residents of Miami and Florida trapped in their homes. Hurricane Ian has been described as a category 4 hurricane with speeds of as much as 150 miles per hour or 240 kilometres per hour. Speeds like that make such a storm a threat to life and property. President Joe …

• In 2020, the capital investment in the renewable energy sector was at US$8.72 billion, outshining oil and gas for the first time
•  Despite the damage caused to the climate, gas and oil are at the core of the energy sector, which is concerning
• The United Arab Emirates (UAE) topped in the Middle East, attracting foreign direct investment (FDI) in renewable energy close to US$2.4 billion in 2020

One of the conclusions of the 26th United Nations Climate Change Conference, which was held in Glasgow, Scotland, is that the climate change effect caused by fossil fuels on the earth might be irreversible by 2030.

The COP 26 conference emphasized the cutting down subsidies granted for coal and fossil fuels to low- and middle-income countries. However, there is no amicable consensus arrived on the above emphasis.

It appears that global financial firms are reluctant to curtail the direct and indirect financing of …