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This week, we take stock of the global climate conference. Also, a critical election in DRC and Big Pharma at it again. |
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Top newsStating the obvious (after 28 years): After nearly two weeks of heated negotiations that ran 36 hours past closing time, the 28th edition of the annual global climate conference (“COP28”) ended with an exhausted whimper. The final agreement contained the first-ever COP acknowledgement that the world must transition from fossil fuels. That’s good news. It would have been better news had it happened, oh say, 20 or even 10 years ago. But better late than never (assuming it isn’t too late). Meanwhile, fossil fuel investments are steeply increasing. Apropos of nothing, 2023 is expected to be the hottest year in recorded history, and next year will be hotter, with global temperatures likely surpassing 1.5°C for the first time. Words matter: The final COP28 agreement “calls” (more on that word choice below) on parties to take a range of actions critical for the future of our planet, in addition to transitioning away from fossil fuels. That includes:
All good things!But they should carry a disclaimer: In the list of UN definitions, “calls” is ranked as one of the weakest terms in the “invitations and requests” category. In other words, “calls” is an open door to inaction. If we were all simply “invited” to start work on time, pay our taxes, or submit our homework, we’re guessing it wouldn’t result in the same follow through as someone actually “demanding” action. ¯\_(ツ)_/¯ Helping hand: Cash-strapped low- and middle-income countries will need billions of dollars in financial support to transition away from fossil fuels. Sadly, COP28 was light on climate finance commitments (though there were new notable financial pledges related to agriculture and climate change). All too often, rich countries’ climate finance pledges have amounted to little more than hot air: Our analysis reveals that nearly two-thirds of climate finance commitments made between 2013 and 2021 (an eye-popping US$343 billion) were never delivered or had little to do with climate. That will need to urgently change if the world is to have any chance of meeting its climate goals.  Broken record: The Netherlands launched a new global coalition to phase out fossil fuel subsidies. The coalition, which comprises 13 countries, will prioritise publishing an overview of their subsidies by next year’s climate conference, identifying and addressing international barriers to phasing out subsidies, and taking action to reduce subsidies. All well and good. But we’ve heard this song before: at the 2021 climate conference in Glasgow, on the sidelines of the 2019 UN General Assembly, through the World Trade Organization, the G20, the G7... blah blah blah. And yet fossil fuel subsidies have continued to grow, to an estimated US$1.3 trillion in 2022. That’s equivalent to about two-thirds of sub-Saharan Africa’s GDP. Surely that kind of money could be used for public investments that don’t destroy our planet... Disarming debt: Another notable launch from the later stages of COP28 was a global expert commission on debt, climate, and nature, announced by Colombia, France, and Kenya. The commission is the latest milestone of an initiative to tackle the link between sovereign debt and climate inaction. It was first proposed at the Summit for a New Global Financial Pact in Paris earlier this year. The link between debt and climate is alarming. ONE’s research finds that 1 in 2 debt-distressed countries paid more in debt than they received in climate finance in 2021. Countries can only do as much as their resources will allow. The group of experts will work on recommendations to ensure that lower-income countries can make climate-positive investments without landing themselves in debt distress. We have some ideas on where to start: introduce reforms to increase the availability of affordable finance through multilateral development banks and provide relief and additional support to countries already facing debt distress.  All abuzz: Ghana is moving to the “elimination phase” in its fight against malaria, following a massive reduction in malaria cases and deaths. The country has benefitted from the use of the world’s two existing malaria vaccines. Ghana will move from the current “control phase,” which aims to reduce the number of cases, to a proactive effort to stop local transmission altogether. Malaria kills more than 600,000 people every year, mostly children in Africa. Showdown in Kinshasa: 2024 may be the biggest election year in history, but elections in the Democratic Republic of the Congo scheduled to start next week offer an important prelude. The incumbent, President Félix Tshisekedi, is hoping for a decisive victory to dispel lingering whispers about the illegitimacy of his 2019 win. And the man he defeated, Martin Fayulu, will be looking for redemption as one of several opposition candidates. There’s a lot at stake. The DRC needs decisive leadership capable of ending longstanding conflict in the country’s east and ensuring the economy improves the material conditions of its people. The elections are also pretty important for our planet: The DRC is a key source of minerals critical to the energy transition and the centre of the world’s second largest rainforest, which sequesters four years worth of carbon emissions. Epic fail: Two newly approved "groundbreaking" treatments for sickle cell disease are unlikely to reach those who need them most. Sub-Saharan Africa is home to 75% of the world’s sickle cell patients. But the companies behind the treatments are prioritising their rollout in a handful of wealthy countries, where just 2% of patients live. Maybe that’s “Big Pharma maths”...? The new treatments carry million-dollar price tags and require resource-intensive processes that are unlikely to reach people in a region where the majority of governments spend more on debt service than on healthcare. Yet again, profits > people. From the ONE Team
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Quote of the week
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What you should read, watch, and listen to:
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A LOOK AHEAD20 December: Scheduled start of general elections in the Democratic Republic of Congo. |
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The ONE Campaign’s data.one.org provides cutting edge data and analysis on the economic, political, and social changes impacting Africa. Check it out HERE. |
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