GRAY MAGUIRE: Big bucks from rich nations still fall short of climate needs
Unsurprisingly, it’s been a topsy-turvy first week for the negotiators at COP26. The SA delegation has been pretty ebullient after last Tuesday’s announcement by President Cyril Ramaphosa of the R131bn partnership between key developed nations and SA to speed up the just energy transition. Shortly thereafter India, Indonesia and the Philippines announced they will join SA as the inaugural recipients of a multibillion-dollar pilot programme aimed at accelerating their clean energy transitions.
This is good news indeed, not just for developing economies but also for global climate ambitions. However, much remains to be seen in the fine print. It is also easy to be seduced by these large financial commitments and forget about the real scale of the problem. The Needs Determination Report adopted by the UN Framework Convention on Climate Change’s standing committee in October was presented last week and is the first UN assessment to quantify the financial needs of the Global Sout...
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