Fourteen months ago, I resigned from my job to pursue a graduate degree in Public Policy, while the choice of Public Policy is based on my interest in international development, I did not particularly figure out what aspect of international development I will be focusing on. Combining my Investment Banking knowledge with the frustration of Energy Access in Nigeria, I decided that I will focus on improving Energy Access in Sub Sahara Africa. It became clear that as we are aiming to solve the issue of energy poverty, the traditional approach of using fossil fuel, coal, and other non-renewable would not sustain Nigeria and all other developing countries that are still dealing with energy poverty in the long run. Providing enough renewable energy sources is largely reliant on financial resources which are not available in many developing countries.
My expectation in COP 27 is inextricably linked to the success and failures of COP 26. The successes include creating a private network of financial institutions and creating a methane reduction mandate. Failures include the inability to scale finance flows beyond $100B and the inability to properly address the extent of irreparable damage that is happening in many developing and small island nations. I am hoping that this year’s COP will see a better commitment and action to mobilize the private sector into climate investment. I am looking forward to increasing pressure on restructuring DFI and MDBs funds into blended finance instruments to leverage private finance. I am also hoping that financial services through the GFANZ network and other similar networks could create and develop country-level finance strategies to strengthen the NDC action of their host countries. Secondly, I am looking forward to seeing that adaptation and damages are not just confined to NGOs and Philanthropic organizations. I am quite happy that Egypt has decided to include Loss and Damage in this year’s agenda and that means that issues around the anthropogenic factors leading to climate change can be discussed and possibly paid for. I am hoping that COP 27 will offer a paradigm shift in how we see climate change across the world. On a personal note, I am looking forward to connecting with organizations, individuals, and agencies committed to climate change and sustainable development in general.
Financing for climate has always been driven by Multilateral Development Banks and Development Finance Institutions, I am hoping that this year’s COP will provide a genuine commitment to a fair equitable, and just energy transition. Just Energy Transition Partnership also known as JETPs is an $8.5b financial package that was offered to South Africa last year to transition from coal, this has led to similar calls by other coal-dependent nations like India, Indonesia, and Vietnam. While this is commendable, countries will low coal and fossil usage have seen their voices increasingly drawn and quietened in the crowd. I hope this year’s COP will also provide opportunities for Small Island Nations and smaller countries to seek commitment to their energy transition goals.
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