NOMATEMBA TAMBO: COP28 a launching pad for Global South to accelerate the energy transition

With less than two months to go until the United Arab Emirates (UAE) hosts COP28, the EU’s Copernicus Climate Change Service (C3S) has issued a report confirming that the June-August season for 2023 was the warmest on record globally.

With numerous official reports indicating that global temperatures will continue increasing, urgent calls for action at COP28 must be heeded. Crucially, the Global South must be provided with the financing and tools it needs, and has long been promised, to accelerate the energy transition. 

Though COP28 president Sultan al-Jaber has received attention for his supposedly conflicting role as both president of COP28 and CEO of the UAE’s national oil company, Adnoc, he is proving to be one of the most vocal COP presidents we have seen in recent years and, more to the point, his words are being backed up by action. 

Moreover, he is also the chair of one of the world’s largest renewable energy companies, Masdar, which has invested incredible sums in clean energy projects across the planet. Jaber is undeniably a key figure in bringing the oil and gas industry to the negotiating table, repeatedly calling for fossil fuel producers to phase down fossil fuels while also enhancing carbon capture storage.

Speaking recently at the inaugural Africa Climate Summit in Nairobi, Jaber announced a $4.5bn pledge to finance African climate projects, with a particular focus on clean energy investments. It is hoped that this investment will catalyse a further $12.5bn of funding from multilateral, public and private sources, money that is clearly needed if the continent’s transition towards more sustainable energy solutions is to be realised. 

Positive developments such as this must be replicated by the wider international community as a priority, something highlighted repeatedly in leader addresses during September’s 78th UN General Assembly and the Group of 20 (G20) summit in New Delhi. 

The hosts of the COP28 summit have publicly called for a tripling of renewable energy capacity, increased energy efficiency and further hydrogen production to assist sustainable development and hit vital climate targets, in line with the Paris Agreement.

However, the question of financing remains a problematic talking point as many states have proved to be unwilling to part with large sums to help the Global South deal with issues primarily caused by the Global North. 

More than ever before, it is essential that developing nations are given a prominent seat at the table in climate deliberations. The fact that the Global South is known to be disproportionately exposed to the adverse effects of climate change should be enough on its own. It was, after all, international recognition of this fact that served as the basis of the original 2009 climate financing pledge.

Green financing for developing nations is likely to be a core feature of discussions at the COP28 summit being held in Dubai in November. The subject featured prominently during New York discussions a few weeks ago, especially as developed nations have yet to make good on their promise to provide $100bn a year in financing to help emerging nations. 

During September’s UN General Assembly, as with each annual gathering in New York, a majority of leader addresses mentioned the issue of climate change. However, this time there was a greater sense of urgency than in previous years, likely a result of recent geopolitical developments such as the expansion of the Brics bloc and a strong showing by developing nations at the G20 summit. 

We are witnessing developing nations now standing up together, not to call for change but to demand it in a unified manner to an extent not seen previously. By the pooling of rhetoric, resources and visions, other global leaders are now being forced to act.

After the Africa Climate Summit in Nairobi, African leaders pushed for fairer ways to finance the world’s response to climate change and rightly criticised wealthier nations for falling well short of their prior pledges.

It is no secret that time is running out for the world to meet its climate change obligations. Africa, the continent with the fastest population growth worldwide and by many metrics the continent home to the most rapidly developing economies, receives just 12% of the financing it needs to tackle a changing climate.

In addition, it continues to be hardest hit, including with drought and extreme weather events. The correlation between climate change and instability continues to be studied in detail, but it is apparent that clear linkages exist between the two. 

Frustratingly, Africa is home to about 60% of the world’s solar resources, yet only has 1% installed capacity. The International Renewable Energy Agency (Irena) has made clear the continent’s green energy potential and underinvestment to date. 

It should come as no surprise that many in the Global South have had enough of mere promises. Leaders are now rightfully demanding action at the highest levels and will have a major part to play at COP28 and other major global forums well into the future. 

What the Global South needs is more action and, crucially, more investment of the kind provided by countries such as the UAE. Greater green investment will create jobs, catalyse economic growth, help nations adapt to and mitigate climate change, and ultimately pave the way for the success of future generations.

It is a win-win that unlocks opportunities in source and host countries, benefiting economies and, more importantly, people. Such investment is no longer a choice. It is a necessary right that has long been ignored. 

As African states make preparations to push for the expansion of special drawing rights at the IMF, which could unlock $500bn worth of climate finance, the UAE appears to have got the ball rolling on the issue of releasing much-needed green financing. 

What the Global South can now hope for is more nations following suit both in the build-up to and during COP28, making good on prior promises and recognising the vast opportunities that exist in nations such as SA.

• Tambo is a former SA high commissioner to the UK.