The four horsemen of the climate apocalypse – conflicts, chronic food shortages, extreme weather events and vector-borne diseases – are galloping at an ever-increasing pace. In the Sahel, on the Indian Ocean coast and in the Horn of Africa, they are already hitting hard. That’s why young activists are taking to the streets to demand strong action: a new Green Deal and the funding needed to implement it.
The demonstrators are also uniting to demand a fundamental change in the multilateral system. This ranges from the restructuring of the United Nations Security Council to the reform of its specialized agencies, but also of the International Monetary Fund (IMF) and the Banque world.
Climate: COP27, the summit of rupture?
So many facts that make even more confusing the lack of seriousness observed in the preparation of COP27, the second UN climate summit organized on African soil, after that of Marrakech in 2016. Indeed, the preparatory discussions during the United Nations General Assembly attracted only a derisory number of high-level decision-makers. Therefore, the chances of reaching a historic agreement in Egypt are far from tangible.
It is the interdependence of the threats resulting from climate change – exacerbated inequalities, food and energy crises or risks of new pandemics – which justifies the calls for a radical change.
For a “new internationalism”
At the head of this movement during the General Assembly, Mia Mottley, Prime Minister of Barbados, who advocates a “new internationalism”. His proposals also include the IMF issuing an additional $650 billion in special drawing rights (SDRs) to help fund clean energy generation projects in developing economies. Mia Mottley also calls for them to reallocate at least $100 billion of the SDRs issued last year by the IMF, but also to develop special concessional financing channels for projects that build resilience to climate change. As such, the IMF could create its own “environmental special drawing rights” mechanism.
Climate: the anger of Macky Sall, Félix Tshisekedi and Nana Akufo-Addo against Westerners
Such proposals are gaining popularity. In Last September, Denmark thus became the first country to offer “loss and damage” compensation for the benefit of the States hardest hit by climate change. For his part, the UN Secretary-General, António Guterres, is trying to get countries to apply a windfall tax on companies in the oil and gas sector that make mega-profits in a marked context by an energy crisis.
” It’s only justice “
According to Kristalina Georgieva, Managing Director of the IMF, calling on industrialized nations to help developing countries offset exogenous shocks such as climate-induced loss and damage “is only fair”. The essential question remains: how to create financial capacity?
For Mia Mottley, as for many leaders in Africa, Asia and Latin America, these questions highlight the need for fundamental reform of the international system. Already, some people are proposing to include on the agenda of the next UN conference on financing for development the creation of a UN tax agency, a UN debt relief mechanism and a global tax on financial transactions.
COP27 – Green hydrogen in Africa: opportunities and risks
One thing seems clear: if the summit in Egypt fails to make progress on funding – both to support new projects and to compensate for past losses – the clamor for systemic transformation will redouble. of vigor.