Wednesday 9 November 2022, 11:30—13:00 EET
Venue: Room No 20, in Area E
For joining live stream on YouTube, use this link
Recognizing that adaptation is a globally relevant issue, the Global Goal on Adaptation needs to encompass adequate finance and fair share of mitigation action from the developed world. The side event brings together a panel of experts to unpack and clarify the asks for COP27 – defining and operationalising it for the people.
The event includes 10-minute presentations, each followed by a discussion, from
1. Dr. Abid Suleri, Executive Director, The Sustainable Development Policy Institute (SDPI) Pakistan
2. Ms. Romina Khurshid Alam, Minister, Task Force on SDG, Dr. Govt of Pakistan
3. Dr. Sindra Sharma-Khushal, Global Policy Lead, CAN International
4. Ranga Pallawala, Commonwealth Climate Finance Advisor, Sri Lanka
4. Dr. Md. Golam Rabbani, Head, Climate Bridge Fund, Secretariat, BRAC, Bangladesh
5. Prabin Man Singh, Programme Director, Prakriti Resources Centre, Nepal
6. Mohammad Shahjahan. Deputy Director, Young Power in Social Action (YSPA), Bangladesh
Moderator: Dr. Sindra Sharma-Khushal, CAN International.
Key Takeaways from (9th Nov)
While the Presidency has itself identified that a successful outcome of this COP should be implementation. This will require an ambitious, credible and transparent climate finance package, to accelerate the transitions needed everywhere for a 1.5°C compatible future, Yesterday was the Day of Finance at COP, Slow progress of various aspects of committing of Finance under various mechanisms has mostly been aimed to take attentions away from making strong commitments to phase out Fossil fuels and wedge a divide b/w Developing world.
1. Loss and Damage Finance Facility ( LDFF) The magnitude of public finance needed for climate transitions is $1 trillion per year in external finance will be needed by 2030 for emerging markets and developing countries ( excluding China) he estimated costs of addressing climate impacts (annual adaptation needs are estimated to reach $160-340 billion by 2030 and $315- 565 billion by 2050, while costs to address loss & damage are estimated at $1tn by 2050).With the 1st Week almost near conclusion the political conversations on a new and additional finance facility for Loss and Damage. Seems to be going nowhere. The pledges such as by Canada’s pledge of $24m Ireland (10m EUR to Global Shield), Austria (20m EUR to loss and damage), New Zealand ($20m to loss and damage), Scotland (£5m to loss and damage over 3 years), the UK (£13m to adaptation and loss and damage including funding the Santiago Network, and trebling adaptation finance by 2025 to £1.5bn); and Switzerland ($144m USD for adaptation finance) are not only highly insufficient but want needs to be taken with a pinch of salt and must be tracked while final attributions are made.
2. Adaptation front; the informal conversation b/w parties have started on how to operationalize the global goal on adoption. G 77 highlights the need of an inclusive GGA framework: dimensions and focus areas; sectors; cross-cutting approaches; source of information; indicators, metrics and/or targets as appropriate.
3. Mitigation work Program ( MWG) after three informal consultations a 9-page first draft text was published yesterday for review reflecting diverse views from parties and requiring more deliberations before any final decision text can be agreed (more insights after experts’ reactions on this by today afternoon).
4. New Collective Quantified Goal on Finance (Ministerial) : While Developing countries called for the new goal to be multidimensional (including qualitative and quantitative aspects), and for it to be adopted based on developing country needs, not on what developed countries think they will be able to mobilise or provide. Several interventions from developed countries made references to Article 2.1c and some overly focused on the potential of the private sector to contribute to the new goal including conflicting points like broadening the donor base. In short, the Ministerial on this issue failed to provide the concrete guidance for agenda and work to build up on in 2023.
5. The 2nd Periodic Review of Long-Term Goal: 2nd draft decision is out – 1.5 as long-term goal and all the IPCC messages except the issue of fossil fuels. A number of Developing countries Including India, China, Brazil is going to object to text around 1.5
6. GST (Global StockTake) has started and is even more open than in Bonn – you can be in all meetings even if you don’t have a badge. Recommendations on decarbonisation for highly emitting sectors, and the willingness of many countries to enter into details of what implementation really means, have been encouraging signals.
For more information on our demands and key actions to follow up today, please find attached the copy of CAN International ECO newsletter for your reference,
Daily Program: Please find the UNFCCC daily programme here.
Live CCTV Schedule: follow this link