The United Nations Organization (UNO) has urged developed nations to fulfil their pledge to provide 100 billion dollars a year for developing countries to support both climate mitigation and adaptation.
This was disclosed by the UN Secretary-General, António Guterres, in a virtual 2021 UN Climate Change Conference Roundtable on Clean Power Transition. The conference which is also known as COP26 was themed: “Achieving a rapid shift to green, affordable and resilient power systems”.
What they are saying
Commenting on the rationale behind the appeal, Mr. Guterres opined that this year would be critical “not only in beating the COVID-19 pandemic but in meeting the climate challenge,” adding that African countries, in particular, were vulnerable.
He said:
- “Huge amounts of money have been earmarked for the COVID-19 recovery and stimulus measures. But sustainable investments are still not being prioritised. We must invest in the future of affordable renewable energy for all people, everywhere.”
On the other hand, COP26 President, Alok Sharma, called for enhanced global cooperation to enhance innovation, he said:
- “This is our moment in history to make those vital decisive and positive choices, so that we can protect the future of our planet and our people. So, let’s continue to work together to bring the benefits of clean, affordable and resilient power to the world.”
In addition, the President of the African Development Bank, Akinwumi Adesina, stated that the bank had prioritized renewables as the crux of its Light Up and Power Africa strategic priority.
He said:
- “The bank has been at the forefront of transformative renewable energy projects in Africa, including large-scale concentrated solar projects in Morocco – one of the largest in the world and the Lake Turkana wind power project, the largest in Sub-Saharan Africa. The bank expects to invest 10 billion dollars in the energy sector over the next five years.
- “When we light up and power Africa – based on an energy mix aligned to a low carbon transition and prioritising renewable energy sources – we will achieve a more economically prosperous Africa.”
What you should know
- In 2010, developed countries through the United Nations Framework Convention on Climate Change (UNFCCC) Conference, committed to a goal of mobilizing jointly $100 billion per year by 2020.
- The fund is to be sourced from a wide variety of sources which include public and private, bilateral and multilateral, alternative sources etc., all in a bid to address the climate needs of developing countries.