#27: An update from COP 28 and renewable energy in the developing world

This week we traveled to Dubai to follow the discussions at COP 28, the U.N. climate summit, and to find out what the outcomes of the negotiations could mean for the global development sector.

The first day saw the creation of a loss and damage fund designed to compensate the lowest-income nations most heavily affected by the negative impact of climate change. While the move is a step in the right direction, activists hope that the wealthiest and most-polluting nations will follow through on their pledges.

For countries such as Somalia — which is trying to bring in climate funding as it continues to battle drought and food insecurity — the fund could be a much-needed lifeline. With the country experiencing heavy rains and flooding that has affected some 1.7 million people and displaced nearly 700,000 from their homes, Somalia is relying more than ever on external support to face the crisis.

We also dug into the climate and health nexus. Recognizing the negative health impacts of climate change, this is the first year that a day has been dedicated to health on the COP agenda. Around $2.7 billion was also pledged to health initiatives linked to climate change. However, questions remain on how much of this is actually new funding.

During the discussion, we also identified the summit as an opportunity to encourage renewable energy investment in low- and middle-income countries, leapfrogging fossil fuels when bringing power to communities in the global south for the first time.

What do we make of COP 28? For this week’s episode of the podcast, Devex President and Editor-in-Chief Raj Kumar sits down with Africa Climate Ventures Co-Founder and CEO James Mwangi, as well as Devex Senior Reporter Sara Jerving to discuss the conference and more.

Sign up to the Devex Newswire and our other newsletters:
https://www.devex.com/account/newslet...