Fundamental factors demonstrated by COP26

Nov 05, 2021 Letters

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Dear Editor,

Kaieteur News – If there are three fundamental factors that COP26 has demonstrated up to this point, they are as follows:
1. Globalisation continues to be a formidable, living reality. While for small developing economies, there are numerous negative socio-economic consequences associated with globalisation, COP26 has demonstrated that globalisation by its very nature, can bring about certain positive outcomes;
2. Global Governance based on new modalities of partnerships between countries of the North and the South has proven at COP26 that partnerships based on mutual respect, common interests and solidarity is a sine qua non for solutions to global problems;
3. International Cooperation can play a powerful role to address mankind’s pressing problems as was demonstrated in the case of the fight to harness the COVID-19 global pandemic and to push an effective international vaccination exercise.
Just as COP26 has brought about a commitment to remove ‘walls’ around national jurisdictions on questions such as cutting methane emissions by 30 percent 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 equally optimistic that the ‘walls’ created by xenophobic and nationalistic regimes, particularly in Europe, to keep out refugees and migrants are bound to crumble like those of Jericho.
And though the prospects to end global poverty and hunger by conventional means have proven to be 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 utilising the road to climate change as one of the routes to achieve these goals.
While the so-called ‘Glasgow Breakthroughs’ on power, steel, road transport, hydrogen, agriculture at COP26 are instructive, the ‘breakthroughs’ have, thus far, fell short of the expectations of mainly the small economies, low- lying costal 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 lowering greenhouse gas emissions by making engines that drive industries cleaner.
Clashes of national interests are expected because the industrialised countries that caused the problem are now calling on developing countries to reduce their dependency on oil, gas and other fossil fuels in order to reduce adding more greenhouse gas emissions to the atmosphere. In other words, to cut off one foot and run.
Of interest is the fact that thus far, of the 190 plus participating countries only 23 have committed to phasing out coal power while
only 25 have committed to ending the unabated 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 the green transition at a global level, the evolving skepticism on the part of developing countries, is based on their historical experiences whereby the financial commitment made six years ago in Paris by the industrialised countries to assist developing countries with their adaptation and mitigation efforts was not realized.
Thus, the trillion-dollar question is whether similar commitments made at COP26 will be realized and at what pace.
To address this burning issue, 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.
According to a ‘Chairs Joint COP26’ Statement:
‘The Finance Ministers recognised that their ministries need to step-up action to accelerate the de-carbonisation 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 that: ‘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, the big question remains to be access to financial resources not only on the basis of another set of pledges as was done in Paris but fundamentally, by a firm commitment by international financial institutions to support developing countries achieve their Green Transition and help them 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 agreed financial commitments to national government of developing countries.
The COP26 undertakings thus far, taken holistically or separately, closely resemble three of the several elements contained in the late President Jagan’s call for a New Global Human Order made some 27 years ago.
Take for example his call for social and ecological justice. President Jagan made the point that “… There will be no solution to environmental questions, for instance, if the boundaries of poverty continue to expand.”
This is precisely where the complementary roles of the international financial institutions within the meaning of the COP26 undertaking come in.
Once again, the United Nations has placed itself at the centre for human development utilising the pathway of environment for development. In this regard, the UN Secretary General and his 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.’

Yours faithfully,
Clement J. Rohee

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