Climate Vulnerable Forum wants dedicated funding for climate change loss, damage

The Climate Vulnerable Forum (CVF) is requesting for a dedicated international funding commitment to address climate change loss and damage.

It also called for the establishment of a dedicated UNFCCC funding mechanisms to address loss and damage, adding that everyone should heed the findings of our Climate Vulnerability Monitor which has shone a light on the grave extent of climate change loss and damage today and in the future.

“We mustn’t forget the crucial COP26 agreed adaptation finance doubling by developed countries by 2025, thus we ask for a stand-alone Implementation Plan on this pledge in order to enhance transparency, predictability, and accountability. This COP must also mandate the enhancement of NDCs in 2023 by responsible major-mitting countries to urgently close any gaps in the 1.5°C goal,” the Chair of the Climate Vulnerable Forum (CVF), Nana Addo Dankwa Akufo-Addo, said at the World Leaders’ Summit, 27th Conference of Parties (COP27), hosted by the UNFCCC and the Arab Republic of Egypt.

The CVF and and V20 are promoting the interests of the 58 nations and some 1.5 billion people most threatened by the climate crisis.
President Akufo-Addo said the launching of the the G7-V20 Global Shield Against Climate and Disaster Risks which would also underpin the Climate Prosperity Plans which are the transformational investment strategies of vulnerable nations.

Ghana and other members, he said were presenting a number of these Climate Prosperity Plans at the COP, and “we count on all our development partners to fully support their financing. The Global Shield will help that by building financial protection markets where they do not exist and pathbreak on loss and damage financing as one component of the solutions needed to finance loss and damage”

On matter related to Adaptation Finance, he said Ghana agreed to the recent UNEP Adaptation Gap report, adding that adaptation cost continued to increase more than 10 times the current international public finance flows, and this continues to widen the gap.

“It is, therefore, important that adaptation finance flows are mobilized and scaled-up to meet the current and future collective goals and to ensure that vulnerable countries can meet their adaptation needs and reduce vulnerability.

“Concerning Energy Transition, Africa’s development is largely underpinned using fossil fuels. The high dependence on fossil fuels amongst others drives Africa’s economy. Ghana’s NDCs under the Paris Agreement outlines two main goals related to energy transition. Ghana intends to scale up renewable energy penetration by 10% by 2030 and replace light crude oil for electricity generation in thermal plants with natural gas. These targets indicate a high step change in how Ghana intends to manage its petroleum and energy sectors,” he emphasised.

President Akufo-Addo noted that Ghana would like to have a carefully planned energy transition and move at her own pace to achieve a sustainable energy transition pathways as it monitored its climate commitments.

“Africa is faced with the challenges of high food cost, high cost of living, sever floods and faming. Therefore, with our current weak economies, if no action is taken against climate change, Africa will continue to be vulnerable,” he said and that “there is the need to have a global concerted effort that aligns with sustainable development agenda of our individual countries. As we have gathered here once again to deliberate on climate change, we call on all of us to work hard and collaborate effectively to ensure that we leave here with concrete steps on climate change that will ensure resilience building and inclusion of everyone”

He reminded the developed partners once again of the pledges to mobilize and make available $100 billion for developing countries to pay for the cost of tackling climate change has still not been realized.

“It is Ghana’s hope that this COP 27 provides us with an opportunity not only to exchange views and share our experiences, to leave here with bold and concrete decisions that will accelerate and help us achieve our climate goals”.

The CVF expects that loss and damage agenda would be adopted and its financial arrangements agreed through negotiations backed by its submissions and payment Overdue Campaign for more developed countries to pledge and release funds for actions of climate change impact on vulnerable nations.

The CVF expects that loss and damage agenda would be adopted and its financial arrangements agreed through negotiations backed by its submissions and payment Overdue Campaign for more developed countries to pledge and release funds for actions of climate change impact on vulnerable nations.