Keeping the promise of COP16, sustainable climate financing

Sam Matema, Herald Correspondent

At the end of the Rio summit or Rio Convention in 1992 which was held in Rio de Janeiro, Brazil, a decision was made to set up three different conventions, the United Nations Convention on Biodiversity (UNCBD), United Nations Conference on Combating Desertification (UNCCD) and the United Nations Framework Convention on Climate Change (UNFCCC).

The two conventions on biodiversity and desertification are held after every two years, while the one on climate change is a yearly event where the members to the conference meet under the banner of the Conference of Parties (COP).

The United Nations Convention on Biological Diversity (UNCBD)

At the centre of UNCBD, is the 30×30 initiative which speaks to the preservation, protection, connection and conservation of the variety of life on earth (flora and fauna), which is under threat from habitat loss, habitat fragmentation, climate change, and anthropogenic factors.

This protection can be achieved by creating a network of protected areas called corridors, which provide the critical component and path of connectivity targeting conservation of 30 percent of the global diversity by the year 2030.

COP16, a biodiversity convention held in Cali, Colombia, under the theme – “At Peace with Nature” was a defining moment in more ways than one post the COP15 conference that was held in Canada – the Kunming-Montreal declaration.

“At peace with nature” largely speaks to stewardship, and Cali was both a conference and moment of reflection with respect to the targets (23) set and commitments made at COP15.

It presented critical lessons, laid bare current opportunities and highlighted potential blind spots going into the future in light of the current state and health of the biodiversity juxtaposed with conservation of the same, sustainable use of resources and fair and equitable benefits sharing coming from local resources.

At Peace with nature

Realising the role and functions of the biodiversity is critical in informing and shaping how we interact and interface with nature. Principally and primarily, there are three ecosystem services played broadly by nature, and that is the provisioning, regulating and the supporting services.

United Nations Convention to Combat Desertification (UNCCD)

The UNCCD was established in 1994 with the express objective to protect and restore our land and ensure a safer, just, and more sustainable future.

It is held after every two years, and Riyadh, Saudi Arabia, will play host to the 2024 convention running from December 2 to December 13, 2024.

Unlike climate change which is trans-boundary, desertification is primarily an African issue and is boundary. Given the foregoing, there is relatively less mobilisation of global resources in that direction.

UNFCCC

Principally deals with climate change, trans-boundary impacts and responses to the same in terms of mitigation, adaptation and resilience building.

Acknowledging the common, but differentiated responsibilities to climate change contributions, in terms of climate finance as per the Paris Agreement, finance for loss and damage and the New Collective Quantified Goal (NCQG), the global North should contribute more because it is the biggest polluter to planet earth. The Conference of Parties to the UNFCCC, sit every year to take stock of progress or lack thereof, and make resolutions and fresh commitments around green transition in a just manner.

Opportunities

  • Legislation and alignment of laws to reflect direction of travel with respect to signed protocols and new and emerging issues.
  • Mainstreaming of the Rio3 agenda around mitigation and adaptation towards resilient sustainable development. Zimbabwe launched its National Biodiversity Strategies and Action Plans (NBSAPs) and the National Adaptation Plan (NAP) to attend to the environmental challenges of our time.
  • ESG Reporting – in embracing the need for the mainstreaming of the Rio3 Conventions and attendant responses and impacts, environmental, social and governance issues at every level across sectors must be captured and reported. This must be made mandatory so that all manner of planning and reporting is Rio3 sensitive.
  • Artificial intelligence: I am convinced and convicted to the fact that the future resides in Artificial Intelligence (AI) and that AI is the future.

We should be able to glean into the future on the back of strategic and intentional investments in that space.

Climate finance therefore should be AI-sensitive as we look for solutions to mitigate the global warming challenge and the risk of an environmental overshoot.

Technologies that capture and sequestrate carbon as well as find useful ways for the same is the way to go.

This should be the pre-occupation of our innovation hubs in Zimbabwe and beyond as a global response. This is a huge opportunity that we must seize and run with for the greater good.

 Blind spots

The commitments made by the Global North are hardly followed through and actualised. The disproportionate and discriminatory impact on the natural environment occasioned by anthropogenic factors is cause for concern.

There is no political will to provide the necessary funding as per the pledges made to reverse the impact of climate change on the part of the Global North.

If anything, they want to push debt finance more than grants.

With respect to the carbon credits market, there is the risk that payments will be made outside the developing countries benefiting the Global North hence the problem of externalisation of financial resources that should naturally benefit host countries.

Finally, Africa and the small island states have not been able to speak with one voice.

They are being divided by the very same people who are causing serious environmental damage. This lack of alignment and disequilibrium should be corrected by yesterday.

The sustainable future

A sustainable future is only possible when we live at peace with nature, and that means being good and responsible stewards. It means we are not lost to the idea that we are holding the natural environment in trust for future generations.

We should be able to bequeath an environment that is in a better state than the one that we inherited from our fore bearers, and let us look inwards for funding and domesticate interventions and solutions on the back of the vast natural resources threatened by the Global North.

Cde Sam Matema is the Chairperson of the Parliamentary Portfolio Committee on Environment, Climate and Wildlife and writes here in his personal capacity.

 

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