While the primary aim of the COP27 summit in Sharm El Sheikh, Egypt is to ensure the full implementation of the Paris Agreement, for Africa, specific focus has also been placed on ensuring energy security and access, diversified economic growth and environmental sustainability.
Since the kick-off of COP27 on November 6, key takeaways have been Africa’s willingness and commitment to maximizing renewable penetration; that long-term energy security requires a significant increase in oil and gas-focused investments; that more developed countries must accelerate climate financing towards developing economies; and that Africa needs to maximize its use of local financial resources in order to attain energy security, foster industrialization and ensure climate sustainability.
In addition, COP27 has demonstrated the extent to which global oil and gas industry stakeholders are prioritizing the sustainability of their operations, with this year’s summit hitting a record level of attendance from companies and individuals operating in the hydrocarbon sector. According to a study conducted by Global Witness, some 600 delegates at COP27 are from the hydrocarbon sector, marking a 25% increase from last year’s summit.
Channeling More Money into Developing Economies
One of the top takeaways from the conference has been the need to increase climate-related financing and investment into developing economies. While developed nations have not yet fully executed the delivery of the $100 billion in annual climate financing to Africa as agreed upon at the 2009 COP, at this year’s Summit, UN Secretary General, Antonio Guterres, has called on richer countries to do more and to deliver on their promise to help African countries cope with the negative impacts of climate change.
Accordingly, Guterres has campaigned for the development of the “Climate Solidarity Pact,” a vehicle that G20 nations will use to double climate financing to Africa.
In alignment with this initiative, H.E Macky Sall, Senegal’s President and Chair of the African Union, stated that richer nations need to not only deliver on their financing pledges, but also double annual climate financing to Africa to $200 billion, while U.S. President Joe Biden pledged to quadruple his country’s annual aid to global climate action initiatives to $11 billion from 2024.
