94
N. Kidunduhu
status quo technologies, imbed the carbon lock-in further. Equally, the
exigency of climate mitigation efforts to avert climate change aggravates
the liability of even the small lock-in risks and consequently, the uptake
of clean energy systems.
3.3.9 Unactualized Financial Mechanism
The Convention established a Financial Mechanism to assist developing countries financially in meeting their commitments under the
Convention. At COP 17 Parties designated the Green Climate Fund
(GCF) as the operating entity of the mechanism, and it was commended
that developed countries should mobilize climate aid totalling USD100
billion a year by 2020. At COP 21, Parties pledged to continue
contributing to the fund and that prior to Cop 25, a new collective
quantified goal would be set.
The fund has faced numerous operationalization setbacks.
83 There
has been a reluctance by the developed countries to contribute to the
fund.
84 There have also been reservations of how the fund is run.
85
Developing countries have also raised concerns about facing difficulty
in having projects approved and receiving disbursements.
86
Once again, it is evident that any energy transition in Africa will be
more dependent on developed countries fulfilling their commitments
than on the efforts of African countries. Additionally, it appears the aid
will not even be enough. According to the 2018 IEA Energy Outlook,
it is projected that mitigation and adaptation costs may range between
USD140–USD 175 a year by 2030—well above the pledged/mobilized
funds.
Flowing from these, the next chapter will proffer strategies that African
countries can adopt to resolve the said competing interests.
83 Megan Bowman and Stephen Minas, ‘Resilience Through Interlinkage: The Green Climate
Fund and Climate Finance Governance’ (2018) Vol 19, Climate Policy.
84 Ibid.
85 Ibid. (n 17).
86 Sanjay Kumar, ‘Green Climate Fund Faces Slew of Criticism’ (2015) Vol 527, Nature.
N. Kidunduhu
status quo technologies, imbed the carbon lock-in further. Equally, the
exigency of climate mitigation efforts to avert climate change aggravates
the liability of even the small lock-in risks and consequently, the uptake
of clean energy systems.
3.3.9 Unactualized Financial Mechanism
The Convention established a Financial Mechanism to assist developing countries financially in meeting their commitments under the
Convention. At COP 17 Parties designated the Green Climate Fund
(GCF) as the operating entity of the mechanism, and it was commended
that developed countries should mobilize climate aid totalling USD100
billion a year by 2020. At COP 21, Parties pledged to continue
contributing to the fund and that prior to Cop 25, a new collective
quantified goal would be set.
The fund has faced numerous operationalization setbacks.
83 There
has been a reluctance by the developed countries to contribute to the
fund.
84 There have also been reservations of how the fund is run.
85
Developing countries have also raised concerns about facing difficulty
in having projects approved and receiving disbursements.
86
Once again, it is evident that any energy transition in Africa will be
more dependent on developed countries fulfilling their commitments
than on the efforts of African countries. Additionally, it appears the aid
will not even be enough. According to the 2018 IEA Energy Outlook,
it is projected that mitigation and adaptation costs may range between
USD140–USD 175 a year by 2030—well above the pledged/mobilized
funds.
Flowing from these, the next chapter will proffer strategies that African
countries can adopt to resolve the said competing interests.
83 Megan Bowman and Stephen Minas, ‘Resilience Through Interlinkage: The Green Climate
Fund and Climate Finance Governance’ (2018) Vol 19, Climate Policy.
84 Ibid.
85 Ibid. (n 17).
86 Sanjay Kumar, ‘Green Climate Fund Faces Slew of Criticism’ (2015) Vol 527, Nature.