Climate Change in Africa
A race against time
We live in a complicated interconnected world, on a continent experiencing considerable economic, social and environmental challenges. Among the most significant of the environmental challenges is climate change. In Africa, climate change threatens to derail the significant development gains that have been made over the last decades; climate change also threatens future growth and development. Read more
The December 2015 Paris Agreement on climate change is a global treaty in which all participating countries agree to do what they can to contribute towards “holding the increase in global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C above pre-industrial levels”. Specifically, countries agree to do this through their Nationally Determined Contributions (NDCs) to be submitted every five years to the UN Climate Change Convention.
The Pilot Program for Climate Resilience (PPCR), the Climate Investment Funds’ (CIF) resilience program for low-income countries, is a bellwether for today’s emerging renovation of the global climate finance architecture. Its role as a preeminent global public sector program funding adaptation to climate change must be reviewed in light of the advent of the Green Climate Fund (GCF), which is aiming to direct 50% of its funds to adaptation.
Positive GDP growth has occurred across the continent for many years with bright spots in North, East, West and Southern regions which clearly show that development is spreading. Initiatives to promote energy such as the New Energy Deal for Africa recently launched in the African Development Bank, the Africa Renewable Energy Initiative, Sustainable Energy 4 All (SE4ALL) and SEFA and CTF under the Climate Investment Funds are just some of the large scale initiatives promoting various forms of energy across Africa. The recent Economic Community of West African States (ECOWAS) renewable energy competition hosted by the AfDB showed that there is no shortage of small scale and innovative initiatives being promoted by avid entrepreneurs.
Under a post 2020 climate regime, all countries will have the opportunity (obligation?) to develop and implement effective policies and measures to help meet their climate change commitments. Carbon markets have had a chequered history but their time could be approaching. Here are seven steps to create a carbon market which can be implemented approximately sequentially over a timescale of 5 to 15 years: