By Obiabin Onukwugha, Yemi Olakitan
Dubai, United Arab Emirate (UAE), is currently hosting the 28th Session of the COP28 to the UNFCCC, which started on November 30th, 2023, with about 70,000 participants.
The event follows several global meetings on climate change, such as the UN Climate Ambition Summit, the G20, the G7, and the US-China bilateral meeting. The issue is urgent, as the world has faced its warmest 12-month period ever.
On Thursday, Nigerian President Bola Ahmed Tinibu met with King Charles III of England at the COP28. He posted on his X account that the meeting was a significant step to strengthen the partnership between Nigeria and England in addressing environmental challenges.
He said: “I had a productive meeting with His Majesty, King Charles III of England who is also the Head of the Commonwealth, and a passionate climate advocate.
“The meeting was a significant step in strengthening the partnership between Nigeria and the United Kingdom, and I am optimistic about the positive impact our joint efforts will have on our planet’s future as we look forward to setting an equitable global standard for environmental stewardship at #COP28.”
The President had earlier stated that Nigeria aims to secure substantial funding commitments that will bolster Nigeria’s energy transition.
The President stated this during his 2024 Appropriation bill presentation before the National Assembly on Wednesday before jetting out to attend the conference.
He said the N27.5trillion Appropriation bill, tagged, “Budget of Renewed Hope”, seeks to achieve job-rich economic growth,
macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
The president underscored the need for Nigeria to seize the opportunity presented at the COP28 to attract investments that aligns with the country’s national goals as it strives for energy transition.
“As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.
“It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship,” he stated.
The “global stocktake,” the first evaluation of the world’s progress toward implementing the 2015 Paris Agreement, concludes with this year’s COP.
The results are startling: by the end of this century, the world will not have managed to keep global warming to 1.5°C.
Although it acknowledges that nations are creating plans for a net-zero future and that the switch to renewable energy is accelerating, it is very evident that these developments will not stop warming within the present goals.
According to a recent UN Climate Change report, national climate action plans, or “NDCs,” would collectively reduce greenhouse gas emissions to levels 2% below 2019 by 2030, even though it is
scientifically evident that a 43% reduction is required.
As countries are ready to submit updated national climate action plans by 2025, the global stocktake needs to serve as a spur for increased ambition in achieving the objectives of the Paris Agreement.
It outlines steps for quickening the reduction of emissions, bolstering resilience to climate impacts, and supplying the funding and support required for the shift.
“More than 160 world leaders are traveling to Dubai because only international cooperation will allow mankind to return to the race. But COP28 is more than a picture opportunity. The message is clear: leaders must deliver,” according to UN Climate Change Executive Secretary Simon Stiell.
“And after the inaugural summit, leaders
should send an equally clear message to their negotiators: don’t return home without a deal that will actually change things.”
At the center of this change is climate financing. Restoring the Green Climate Fund, tripling the amount of money allocated to adaptation, and putting the loss and damage fund into operation are essential to limiting global warming to 1.5°C without abandoning anyone.
The truth is that a renewable energy revolution will remain a mirage in the desert unless significantly more funding is provided to developing nations. It needs to be made a reality by COP28, Stiell continued.
Building confidence in other negotiating areas and laying the foundation for an even more ambitious “New Collective Quantified Goal” for climate finance, which has to be in place next year, will depend on the success of climate finance at COP28.
Additionally, it will pave the way for a fair and equitable switch from fossil fuels to renewable energy sources and their eventual phase-out.
Stiell emphasized the necessity for cooperative efforts to address climate change, an area in which nations can work together effectively to assure a sustainable future for people and the earth in the face of escalating conflicts and tensions around the world.
“There isn’t any time to waste. In order to cut emissions, we must act quickly. With the goal of maintaining 1.5°C within reach, every nation and business would be held accountable at COP28, according to COP28
President Dr. Sultan Al Jaber.
Al Jaber continued, “Everyone involved should be ready to present a high-achievement decision in response to the global stocktake that reduces emissions while protecting people, lives, and livelihoods.”
“It is of crucial importance to continue building on previous achievements, but more importantly to implement what we already agreed upon,” stated Sameh Shoukry, the president of COP27 and the minister of foreign affairs for Egypt. Without everyone’s support—especially the Global South—we cannot accomplish our shared objectives.
“We must begin implementing climate justice and give the necessary resources for funding loss and damage, including the creation of a fund, as we already decided in Sharm el-Sheikh. For the fund to be fully operationalized and funded, one of the main outcomes of COP28 is required.
Meanwhile, hosts of the COP28, United Arab Emirates (UAE) has announced that it will be committing $100 million to the new Loss and Damage fund for climate vulnerable countries.
The UAE made this known at the opening plenary of the 28th United Nations Conference of the Parties (COP28) in Dubai, yesterday.
The establishment of a Loss and Damage Fund was one of the major decisions reached by parties at COP27 in Egypt last year.
“This is an important milestone in delivering for vulnerable communities and building resilience for people suffering the devastating impacts of climate change.
“We encourage leaders to raise ambition and unlock the crucial funding required to ensure a transformational COP28,” the UAE said.
According to the UN remarks, ‘Loss and damage’ is referred to as the consequences of climate impacts that are separate from adaptation and mitigation measures.
‘Loss’ refers to things that cannot be retrieved, including lives, damage to biodiversity, disrupted education or forced displacement from ancestral homes.
On the other hand, ‘Damage’ denotes items that can be recovered or repaired, such as infrastructure, housing, agricultural land, crops and livestock.
The Loss and Damage and Nationally Determined Contributions (NDCs), topped discussions among world leaders at various meetings preparatory to the Conference as to who should fund it, a situation analysts fear may mar the outcome of the much anticipated Conference. But with the UAE’s commitment, it is expected that discussions will be fruitful.