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Water shortages and a decline in pollinators will affect agricultural production levels, trade, and food prices across Eastern and Western Africa, central Asia and parts of SouthAmerica, the study predicts. The study also estimates economic costs arising from the loss of specific ecosystem services.
Tripling the world’s renewable energy production to 11,000 GW by 2030, coupled with doubling energy efficiency, is the most impactful action to rapidly decarbonize this decade, as highlighted in the pre-COP report by the GRA, the COP28 Presidency and IRENA.
In January this year, I helped launch East Africa's first ‘green bond' on the Nairobi securities exchange, followed by its dual listing on the London Stock Exchange. And ahead of COP, we want to see investors take crucial actions, such as setting a target for net zero and publishing a clear transition plan on how to achieve this.
Blagojevic said the UK had a responsibility as COP president to push the international community to respond to the report's warnings. Hoesung Lee, chair of the IPCC, said the findings were a "dire warning" about the consequences of inaction on climate change.
As such, the UK government is said to be working on plans for a new multibillion-pound green development bank that could both directly fund low carbon infrastructure projects across Asia, Africa, and SouthAmerica, and underwrite private investment. The voice of vulnerable countries is really important at COPs," he explained.
Speculation is continuing to mount over whether the two high profile summits will be able to proceed as planned, given the worsening coronavirus waves currently afflicting parts of Europe, Asia, Africa, and SouthAmerica.
And increasingly, the focus of COP seems to be on finance, and negotiations that – it is hoped – will provide pathways for finance to flow to where it’s needed, via mechanisms such as ESG and carbon markets. We are very encouraged by Britain’s commitment to addressing the issue.”
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