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4 | ASNS NEWS Sep - Oct | 2018 Explore local funds options, Africa told Mr Robert Bakika was a member of the panel that discussed financing for climate during the 7th Climate Change and Development in Africa conference held in Nairobi Mr Robert Bakika was a member of the panel that discussed financing for climate during the 7th Climate Change and Development in Africa conference held in Nairobi. The Climate Focus Team met and had a chat with Mr Bakika. Here is the excerpts. CF: Africa says it has projects for funding. But the Multi development banks say the projects are not bankable. What is the way out for Africa in the context of the CCDA7? Bakika: In my presentations today I started by saying that what Africa wants does not communicate. While government representatives from Africa insist that its priority in climate financing debates is adaptation, but the financial needs they prioritise are for mitigation CF: Is it because the Africa does not understand the difference? Bakika: No they do. But what they say is their priorities is not what they are communicating as priority. CF: How should they communicate this? Bakika: Because, one is the different funding streams available is more towards mitigation than adaptation. Secondly, the continent is failing to tap into the existing domestic sources of financing that they could use to finance their adaptation needs. I gave an example of two Kenyan companies that annually report huge profits. For example, the Safaricom Ltd announced last year an equivalent of USD500 million profits. The question is, how do governments inform the investments of such companies to shift into green investment with projects that will reduce vulnerability in such areas in the arid and semi-arid areas which I hear makes 79% of Kenya? Why would the Kenyan government go for a loan which will take 8 years of negotiating for a concession before they are finalized? Instead, the government could negotiate with Safaricom to invest into such green projects and then pay the Safaricom after some agreed years. Second thing I highlighted is the tapping into commercial banks which have different mandates to explore different packages to meet customer needs. If you see commercial banks in Europe, most green projects are being undertaken by commercial banks through equity financing or green bonds. Thirdly, financing for adaptation can no longer be guaranteed anymore. Why? I gave an example that the combined financing by Multilateral Development banks (World Bank, European Investment Banks, African Development Banks etc) claim to have mobilized now USD35 billion. Of these they have deployed 79% of this money to mitigation projects mostly as loans (81% of what has been disbursed). Yet we in Africa are saying that financing for climate change should not be loans. These are facts. Fourthly, the existing financial mechanisms like the GCF, Adaptation Funds and GEF are no longer interesting to donors. In GCF, the contributing governments are no longer interested. Yesterday, Australia announced of its plans to pull out of GCF. It is only Japan left in it. If Japan pulled out of GCF, it will collapse because Japan is the greatest contributor. Adaptation Fund under LDCF, Kenya does not benefit under LDCF as this only benefits few LDC countries where Kenya does not qualify. It can only get from the Adaptation Funds, but it is also having challenges, donors are no longer meeting their pledges and the money that have been replenished under the Clean Development Mechanism is no longer available since the CDM markets collapsed. This gives the picture in the international financial market, that there is no new money. They are working but are slow and our governments should not be made to wait. There is also a commitment under the Addis Ababa Action Agenda to advance domestic resources. The question we are asking is can the governments begin to look inwards given the slowness of the international financial markets Climate finance: Tobiko lauds 5 States Kenya’s Environment and Forestry CS Keriako Tobiko has commended five counties in the country for successfully implementing the model of devolved climate finance that is crucial towards achieving low carbon emission regime. Noting that Devolved governance was playing a crucial role in assisting Kenyans develop ways to mitigate effects of climate change at community level, Mr.Tobiko, said County Climate Change Fund mechanism integrated climate risk and empowered poor and vulnerable communities in the face of climate change. He said the counties had put in place structures and processes enabling access and manage climate finance in transparent and accountable manner. In a speech during the country’s first PACJA convened National Conference on Climate Governance in Nairobi, Mr. Tobiko said the implementation of climate change actions was the responsibility of both government and non-state actors. The Cabinet Secretary lauded county governments for putting in place climate Tobuko change actions, demonstrating the critical role devolved governance play in the country’s transition towards a low carbon climate resilient development pathway. Kenya, like any other developing countries, he said was vulnerable to the adverse impacts of climate change due to the high dependence on climate-sensitive agricultural production but will leave no stone unturned in coming up with mitigation actions. The CS said increased frequency and intensity of extreme weather events like droughts and floods have hit many regions across Kenya and posing a challenge to the attainment of the 2030 sustainable development agenda. “The poor, women and children in the various areas are most affected due to their low adaptive capacity. These threats, however, present some opportunities towards innovative and green investments,” he said. Mr. Tobiko said Kenya’s Nationally Determined Contribution (NDC) outlined the country’s climate change commitment under the Paris Agreement.“Adaptation is a priority in Kenya and its contribution is envisaged through mainstreaming of adaptation actions into all sectors of the medium term plans to ensure strengthened resilience to climate change,” the Cabinet Secretary said. He said Kenya’s mitigation actions target abatement of the greenhouse gas emissions by 30 percent by 2030 relative to the business-as-usual scenario of 143 million tonnes of carbon dioxide equivalent. However, he noted that achievement of NDC contribution is subject to international support in the form of finance, investment, capacity building, and technology development and transfer. “Collaboration between the government and partners is therefore essential for implementation of the NDC”, said Tobiko.
Sep - Oct | 2018 ASNS NEWS | 5 Our November- December issue is in the process of production. Our focus in the issue will be on agriculture. Are you; i) a research institute? ii) Seed Company? iii) An NGO focused on agriculture? iv) in Agri-business? You fit. Send in a) Your content b) Your service c) Your Products Book an Advert and get one or two pages of unabridged content space. Speak to your world, and Frame of the issue of your interest Rates Full Page: USD 5000 Half Page: USD 3500 Quarter page : USD2800 Fill the form below and submit before December 5 Name: Organisation: Position/Title: _______________________________________ _______________________________________ _______________________________________ Booking for Full Page: Half Page: Quarter Page: _______________________________________ _______________________________________ _______________________________________ Any special instructions I would like my content and advert to be at the centre spread / back page / editorial and commentary page I am paying 50% on December 5. Will pay the remaining 50% on December 18 at the delivery of the magazine. Sign: ______________________________________ All Cheques must be written in favour of SSA (Services in Scientific Work in Africa) P. O. Box 2141, 00100, Nairobi Tel: +2540202051330
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