East Africa Entrepreneurs Association Unlocking Opportunities in the Global Value Chain
COP26 is a global United Nations summit about climate change and how countries are planning to tackle and adapt to it.
The United Nations Framework Convention on Climate Change (UNFCCC) was adopted in 1992. It has been ratified by 196 States (including the UK) which constitute the “Parties” to the Convention. The objective of the Treaty is to “stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system’.
Every year a Conference of the Parties takes place (known as COPs), with this year’s being the 26th meeting. The Energy & Climate Intelligence Unit has set out a useful history of COPs from Berlin in 1995 to Glasgow in 2021.
Climate disruptions are having devastating impacts on human lives and livelihoods, and demand urgent and concerted responses. This requires cooperation of local, national and global stakeholders and people from all generations and walks of life. Failure will mean that the young people of today and the generations to follow will face increasingly severe climate disruptions likely to impact every facet of their lives.
East Africa Entrepreneurs Association in partnership with the government of Uganda organized a delegation to attend COP26 to a quire more knowledge, best practices and techniques in ways to modulate climate change, despite all these debates and negotiations, the question that lingered in many peoples’ minds was: “What do all these discussions and agreements mean to the ordinary citizen who is struggling to cope with the changing weather, seasons, losses and damages to their crops, death of their animals and human diseases as a result of the changing climate?
Objectives
Integrating climate change adaption into government planning and budgeting systems. This will help government in allocating the initial financing for performance-based climate resilience grants to prove concept and lay the groundwork for scaling up with governments’ own fiscal resources and other sources of climate finance.
Increasing awareness of and response to climate change at the local level. The main goal is to empower all members of society to engage in climate action, through education, training, public awareness, public participation, public access to information, and international cooperation on these issues.
Increasing the amount of finance available to local governments for climate change adaption. local governments in mainstreaming climate change adaptation into regular decision-making processes, development planning and resource allocation through performance-based climate resilience grants.
KEY HIGHLIGHTS AND LISSIONS LEARNT FROM COP26
At Summit, COP26 presents an opportunity for the world to take immediate action to end the fossil fuel era and start regenerating nature while ensuring that all our remaining natural ecosystems stay intact. As nations look to rebuild their economies in the wake of COVID19, we have seen an emphasis on building back better through a green recovery, more and more countries and investors are also coming for word with commitments to decarbonize by 2030 or 2050. while these long-term commitments send a very important signal, it is the decision we make today that really matters.
The eyes of the young people are on COP26 and without urgent action translates to failing future generations. The climate crisis is already causing damage for so many people and while we may all be in the same storm.
COP26 made net-zero commitments a core principle for businesses as momentum. Net-zero commitments are the best norm but demand for solutions and systems to meet them out strips the supply. There fore to respond, businesses should focus on five fundamentals.
Commitments to systemic change mean that net zero is now an organizing principle for business. Plans take time to prepare but business conditions are changing quickly therefore companies should not wait to act, most can make no regrets moves even while drawing up their long term agendas. Start with straight forward moves that are sure to generate value.
The money to finance the transition is forming, markets and institutions are needed to channel capital. Financial institutions have been at the forefront of the drive to net zero and they continued leading at shortage of high quality iron ore could constrain production of zero emissions of steel. Executives will want to prepare now for tightening supplies and for upward pressure on their costs. Some businesses are lacking in purchasing contracts for commodities such as green steel. It may also be possible to hedge the gap in price between conventional materials and zero emissions substitutes though this would require trading capabilities that few companies outside the financial sector now possess. For makers of steel, cement,and other materials growing demand for zero emission goods constitutes an opportunity which can be met only if they decarbonize their base of installed assets.
Measurement and disclosure are unavoidable while using digital to create cost and prince transparency can have benefits. Financial institutions and governments are asking companies to disclose more information about their exposure to climate risks and their climate actions.
Companies can gain advantage from translating net zero pledges in net-zero plans. In many instances net-zero commitments are running ahead of companies’ own plans to meet them. Relatively few businesses have yet to make clear, detailed plans for how they will achieve net-zero. That must be what leaders focus on now.
Securing green(er) materials will mitigate risk amid shortages and price volatility. Extreme weather wont be the only climate related threat to supply chain in the years ahead. One consequence worries many as demand increases for materials with low emissions intensity such as green steel, production capacity may not expand quickly enough to pace at least in the near term.
Climate finance is one of the hot topics at COP26 where negotiations are ongoing. Representatives of developing and LDCs are asking for more finance for adaptation and resilience building. While public declarations of support have been welcomed, some meeting insiders are concerned that the grand-standing is not being met with concrete deals for action behind closed doors.
“Addressing climate change is not only a matter for government, it is for each and every one of us to take action. We can act and transform climate change into a real opportunity – only by working together,” said Ms Kitir as she noted that Belgium would be significantly increasing its commitment to climate finance to 112.5 million euro by next year, mainly focusing on adaptation in Least Developed Countries (LDCs).
At the same evening event on Monday, Hon. Meryame Kitir, Minister of Development Cooperation in Belgium , on behalf of the Government of Belgium made a commitment to fund the launch of Local project activities in Uganda worth 6.5 million. This action follows funding from the European Union and Sweden, in the spirit of a Team Europe initiative.
In her remarks, Hon. Beautrice Anywar Atim thanked the government of Belgium for their support that will enable the government of Uganda to roll out LoCAL over the coming three years and said that as a country Uganda is committee to do more so that the LoCAL mechanism can be consolidated.
“communities must be at the core of our work and resources need to be accessible and reach the local level in a systemic sizable and sustainable manner.” she added.
RECOMMENDATIONS
Reaffirming inter generational equity as a key principle embodied in the Paris Agreement , noting with concern that youth are the most affected generation by climate change, an emphasizing that they are critical agents and allies of change and key advocates for the urgent and ambitious global climate action.
Guarantee effective, diverse and inclusive participation of youth in decision making processes and in the implementation of climate solutions with a particular focus on disadvantaged, marginalized and vulnerable groups.
Ensure accessibility to decision making processes and implementation of climate solutions by removing all participation barriers via direct financial administrative and logistical support.
Provide capacity building, empowerment and education through concrete and funded programme accessible to all youth.
