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The Role of Multilateralism in Advancing Long-term Sustainability Frameworks

SpeakerS:

The Hon. Dickon Mitchell, Prime Minister, Grenada
Linda Mabhena-Olagunju, Founder & Chief Executive Officer, DLO Energy Resources Group (Pty) Ltd
Mukhtar Babayev, Minister, COP29 President-Designate, Government of Republic of Azerbaijan

“If you want developing countries to transition, and if you don't want them to follow your example, then it means you are going to have to help fund that transition.” Prime Minister Deon Mitchell
“It is one of the very strong requests coming from especially SIDS and other countries of the developing world: how to simplify access for the money, how to simplify the procedures, how to make the consideration period shorter than now.” His Excellency Mukhtar Babayev
“One of the key challenges leveled against that is the fact that sometimes that funding has such a stringent set of criteria that it makes it inefficient for governments to even access that.” Linda Mavena Olu

Key takeaways:

  • Challenges in accessing climate funding: Developing countries, especially small island developing states (SIDS), face significant hurdles in accessing climate funding due to stringent criteria and complex processes.
  • Need for simplifying funding processes: Simplifying and expediting funding procedures is crucial to enable governments in developing nations to meet climate targets efficiently.
  • Disparity in climate crisis contributions and impacts: Despite contributing minimally to global emissions, developing countries are disproportionately affected by climate change. It is unjust to expect these nations to transition at the same rate as developed countries without adequate support.
  • Importance of skills training and public buy-in: Transitioning to renewable energy necessitates upskilling workers from the hydrocarbon sector to participate in new economies. Addressing concerns about job security is essential to gain public support for the energy transition.
  • Role of the private sector in renewable energy: Governments are focusing on infrastructure development while incentivizing the private sector to lead in renewable energy generation. Encouraging both small-scale and large-scale renewable energy projects can accelerate the transition
  • .Responsibility of developed nations: Developed countries, having contributed more to global emissions and possessing greater resources, should transition faster and support the efforts of developing nations.
  • Transparency and Nationally Determined Contributions (NDCs): Emphasizing the importance of transparency reports and urging all countries to prepare NDCs aligned with the 1.5-degree global temperature target.

Action items:

  • Simplify access to climate funding: Streamline climate funding processes to reduce bureaucratic barriers and make funds more accessible to developing nations.
  • Implement skills training programs: Develop initiatives to upskill and retrain workers from traditional energy sectors for participation in renewable energy industries.
  • Increase financial support from developed nations: Encourage developed countries to fulfill funding commitments and provide additional resources to aid the energy transition in developing countries.
  • Incentivize private sector investment: Create policies and incentives that encourage private sector investment in renewable energy generation.
  • Enhance public engagement and communication: Launch campaigns to inform the public about the benefits of the energy transition and address concerns related to job security and livelihoods.
  • Promote transparency and collaboration on NDCs: Advocate for all nations to prepare and submit transparent NDCs aligned with the goal of limiting global warming to 1.5 degrees Celsius.

 

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