26.2 C
Saturday, June 3, 2023

Lekan Fadina: Africa’s finance negotiation options in Lima

Prince Lekan Fadina, Executive Director at Centre for Investment, Sustainable Development, Management and Environment (CISME), is a negotiator and member of Nigeria’s official delegation to COP 20 in Lima, Peru


Prince Lekan Fadina
Prince Lekan Fadina

COP 20 in Lima, Peru is an important event that its outcome will have a great impact on the global climate and development agenda. It is coming with the background of the UN Secretary-General Summit of the World Heads of States in September 2014, the IPCC Report and the recent meeting of the G20.

The COP 20 outcome is expected to be a major Agenda for COP 21 in Paris, France in 2015. It is expected that it will provide the platform for global legally binding agreement towards a low carbon world.

Nigeria is a member of the Africa Group and her views are aligned to that of the Africa Group.

The position of the Africa Group on some of the issues are:


Green Climate Fund

This is one of the key issues at COP 20 especially with the mobilisation and sourcing of the GCF. The response has been slow. However, with the outcomes of the UN Summit in New York last September, the Summit of G20 in Australia and involvement of the private sector, it is hoped more contributions will come into the Fund. The commitment of $3 million by the United States President gave some hope. It is certain that it will have effect on the COP 20 negotiations. We need to take our minds back to the last three COPs and the way they ended.

It is expected that, by 2015, the indicative level of resources should reach the level of $44 billion.


The AGN’s Approach

The GCF should develop allocation criteria that allows for fair share of access to the means of implementation between developing countries. This should include needs and geographic balance.

We expect the completion of the operational policies of the Board as soon as possible including on country ownership and access modalities.

The GCF, as a cornerstone of the finance landscape, needs to reduce transaction costs and duplication across the finance landscape.

The GCF should be able to have entry and access points to global financial architecture, while ensuring that the Fund operates on ‘learning by doing basis’ particularly when it comes to the direct access modalities.


Standing Committee on Finance Report to the COP

While exploring outcomes of the work of the Standing Committee on Finance, the committee will consider the summary and recommendations by the SCF on the 2014 biennial assessment and overview of climate finance out flow.

Similarly, it will deliberate on the executive summary of the technical paper on the fifth review of the financial mechanism of the Convention, as well as:

  • Executive Summary of the Report on the SCF Forum or mobilising adaptation Finance.
  • Suggestion for elements of draft guidance to the global facility submitted by members of SCF.
  • Work plan of the SCF for 2015.
  • Consider inputs from Adaptation Committee and Technology Committee with regard to draft guidance to the operating entitles.
  • List and timeliness of on-going activities related to measurement, reporting and verification of support under the Convention.


Long Term Fund

  • Refocusing of the LTF to $100 billion per year by 2020.
  • Ensure that refocusing is consistent with the need for progress on delivering the commitment to provide resources to developing countries.
  • Refocusing is not about numbers but about how enhanced results can be achieved for both mitigation and adaptation from increased resources.
  • In order for developed countries to be on track to meet the 2020 finance goal.

Latest news

- Advertisement -
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: