Dear Editor,
If there are three fundamental factors that COP 26 has demonstrated up to this point, they are as follows;
1. Globalization continues to be a formidable, living reality for small developing economies, with numerous negative socio-economic consequences. COP 26 has demonstrated that globalization by its very nature, can also bring about certain positive outcomes.
2. New modalities of partnerships between North and the South countries at COP26 based on mutual respect, common interests and solidarity is a sine qua non for solutions to global problems;
3. It was demonstrated International Cooperation can play a powerful role to address mankind’s pressing problems, for example, the fight to harness the COVID 19 global pandemic and an effective international vaccination exercise.
Just as COP 26 brought about a commitment on cutting methane emissions by 30% and their journey to net zero, ending deforestation by 2030, and to speed-up affordable and clean technology worldwide by 2030, it is reasonable to be optimistic that the ‘walls’ policies, particularly in Europe, to keep out refugees and migrants are bound to crumble. And though the prospects to end global poverty and hunger by conventional means have proven elusive thus far, it is only a matter of time when the world will come together just as it did at COP26 to find a way to end, if not reduce these global maladies. The so-called ‘Glasgow Breakthroughs’ on power, steel, road transport, hydrogen, agriculture at COP26 are instructive, however the ‘breakthroughs’ have, thus far, fallen short of expectations from mainly small economies, low-lying coastal states and small island developing states. However, looked at from a global perspective the ‘Breakthroughs’ appear to be steps in the right direction.
At COP26 Energy Day, Energy Ministers from around the world will be discussing ways to lower greenhouse gas emissions by making engines that drive industries cleaner. Clashes of national interests are expected because industrialized countries are calling on developing countries to reduce their dependency on oil, gas and other fossil fuels to reduce adding more greenhouse gas emissions to the atmosphere. Of interest is the fact that thus far, 23 of the 190 plus participating countries have committed to phasing out coal while only 25 have committed to ending the use of fossil fuel. And notwithstanding the undertaking by the UK government to ‘rewire the global financial system’ to unlock the Paris agreed US$130 trillion to fund green transition at a global level, skepticism on the part of developing countries is based on their historical experiences of financial commitments made six years ago in Paris by industrialized countries to assist developing countries with their adaptation and mitigation efforts was not realized. Thus, the trillion dollar question is whether similar commitments at COP26 will be realized and at what pace.
An important COP26 meeting of the ‘Coalition of Finance Ministers For Climate Action’ with the World Bank (WB) and International Monetary Fund (IMF) was convened to address this burning issue. According to a ‘Chairs Joint COP26’ Statement: ‘The Finance Ministers recognized that their ministries need to step-up action to accelerate the de-carbonization of their economies and to ensure a just and orderly transition that is positive for jobs, growth and competitiveness.’ The statement went on to add, ‘the Ministers shared perspectives on policy options developed in different contexts and regions, and how they can use the levers at their disposal to implement a systemic shift in their policies.’ From all indications, access to financial resources remains the big question not only on the basis of another set of pledges, as was Paris but fundamentally, by a firm commitment by international financial institutions to support developing countries achieve their Green Transition to reach their net zero targets. Previous commitments at international gatherings such the UN International Conference for Financing for Development; the UN Agenda for Development, and the World Social Summit failed to reach financial commitments to national government of developing countries.
The COP26 undertakings thus far, taken separately, closely resemble three of the several elements contained in the late President Jagan’s call for a New Global Human Order. This is precisely where the complementary roles of the international financial institutions within the COP26 undertaking comes in. The United Nations has placed itself at the center for human development utilizing the pathway of environment for development. In this regard, the UN Secretary General and staff must be congratulated. Though implementation and access to resources will be a major challenge for many developing countries, those who in the near future will have the financial resources at their disposal, and on the basis of their respective low carbon development strategies will face the monumental task, following public consultations, to ‘ensure a just and orderly transition that is positive for jobs, growth and competitiveness.’
Sincerely,
Clement J. Rohee
