Friday, 11 Novemer

Dear <<First Name>>

A new report caused shockwaves this week after claiming developing countries would need USD2 trillion in climate funding annually by 2030 to switch away from fossil fuels and cope with extreme weather impacts. And this at a time when the world’s richest countries are already failing to honour their promises to provide a comparatively modest USD 100 billion a year in climate support. 

It is too early to predict the major outcomes of COP27, but tensions are running high here in Sharm el-Sheikh and the report – prepared at the request of the COP26 and COP27’s presidencies - will do little to improve relations between rich and poorer countries. When the climate negotiators reach the business end of this talks next week, the scale of the challenge they face will only be matched by the pressure on them to deliver. 

On Camco’s part, we’ve been rushed off feet at the conference, co-hosting two events around blended finance in the Blue Pacific and investing in climate resilient agriculture, and participating in several others. And today we were delighted to announce the signing of an MoU with UNIDO around the Resilient Investment in Southern Africa (RISA) programme we’ve co-designed. 

It’s another packed schedule for us tomorrow, and then next week we’re excited to be hosting an event in which we’ll be exploring the future of the Camco-managed REPP and another on how to collaborate for a climate-resilient future (details below). If you’re here at the conference, do join us for those or stop us to say hi. 

Please also remember you can keep up with our latest news and reflections on our LinkedIn page and on Twitter – plus we’ve teamed up with ESI Africa again this year to provide daily bulletins from the ground in Egypt, so do check out their website for those. 

Cheers 

Geoff Sinclair

Managing Director, Camco 

COP27 news

Barbados: PM confronts rich nations (The Guardian)
- Mia Mottley has criticised industrialised nations for failing the developing world on the climate crisis.

Climate: Global warming could cost Africa two thirds of economic growth (Bloomberg)
- A Christian Aid report indicates that current climate policies will likely see temperatures exceed the pre-industrial average by 2.7C, curbing growth rates 20% by 2050 and 64% by 2100.

Climate: 1.5C goal faces new challenge (BBC)
- A new report suggests that CO2 emissions are rising so quickly there is now a 50% chance the world will cross this crucial warming threshold in nine years. 

Climate finance: Developing countries will need USD2 trillion a year by 2030 (The Guardian)
- A report co-written by Nicholas Stern says the climate funding will be required to transition from fossil fuels and cope with extreme weather impacts.

Climate finance: UK to triple climate adaptation budget (edie)
- British Prime Minister Rishi Sunah has announced a new package of climate finance measures, including tripling an adaptation budget to GBP1.5 billion, investing GBP90 million into conservation projects, GBP65 million to support local forest communities and new funding for clean energy innovation. 

Natural gas: Producers using COP27 to rebrand gas as transitional fuel, experts warn (The Guardian)
- Climate experts have drawn attention to gas producers and their financial backers seeing COP27 as an opportunity to rebrand natural gas, a push coming from host Egypt and its gas-producing allies. 

Tuvalu: Country urges COP27 to adopt global fossil fuel treaty (RNZ)
- Speaking at the conference, Prime Minister Kausea Natano said "the warming seas are starting to swallow our lands - inch by inch. But the world's addiction to oil, gas and coal can't sink our dreams under the waves".

Other news

Africa: World Bank Group announces initiative to electrify continent with renewables (Mirage)
- The initiative will use solar off-grid, mini-grids and other means to promote universal access to electricity by 2030. 

DRC: Country in talks with Indonesia and Brazil to form 'Opec of rainforests' (The Guardian)
- The three nations, home to 52% of the world's remaining primary tropical forests, are in talks to form a strategic alliance to coordinate on their conversation.

France: Country adopts obligation to install photovoltaic panels on car parks (Public Senat)
-  French senators have adopted an article on the acceleration of renewable energy, which would require every shaded car park for 80 cars or more to be covered by solar panels.

South Africa: Why the country will struggle to wean itself off coal (BBC)
- Op-ed exploring why the country's path to a cleaner and more secure energy future is not straightforward and requires commitment and funding. 

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