RCC Lomé December 2022's newsletter


Participation in COP 27

To better assist countries of its jurisdiction, RCC Lome team took part in the global mass on climate action from november 6th to november 18th in Sharm El Sheikh, Egypt. 

As part of its participation, two specific side events were organized:

Article 6 to achieve NDC targets ?

One in collaboration with RCC Kampala on the topic : « Formulating strategies for utilizing Article 6 in achieving NDCs » on November 16th 2022 at the UN Climate Change Pavilion. The aim of this event was to allow participants and colleagues to have a better understanding of Article 6 requirements and to learn from the experiences from some African countries who have been able to put in place policies regarding Article 6 implementation. During the side event, Ghana and Ethiopia shared information and experiences on how they are engaging with Article 6 and the identification of potential sectors such as agriculture, industry, forestry and energy.

Carbon finance as a lever of development?

Another one on the topic : « Carbon finance as a lever of development for WAEMU countries ». it was a great platform for the member states to understand how carbon credits can be an important tool of development.

180,000 £ for the West African Alliance

The West African Alliance on carbon markets and climate finance supported by RCC Lomé has been able to leverage 180,000 £ UK. The UK Government announced during a meeting with the Alliance that they will be willing to support in expanding the Alliance’s website into a strategic tool for carbon market engagement and capacity building.

Carbon market in the ECOWAS Region

RCC Lomé in coordination with colleagues from the Secretariat is currently working with ECOWAS team in order to determine the needs of the region when it comes to carbon finance and carbon markets. If the discussions held in Sharm El Sheikh lead to a concrete agenda, that would be a huge progress for the whole Africa region.

COP27 Reaches Breakthrough Agreement on New “Loss and Damage” Fund for Vulnerable Countries

Long sought by vulnerable countries suffering damage from more extreme weather conditions and rising seas due to climate change, an agreement was reached. The creation of a specific fund for loss and damage was a major breakthrough, with the issue being added to the official agenda and adopted for the first time at COP 27. Governments took the groundbreaking decision to establish new financing mechanisms, including a dedicated fund, to help developing countries deal with loss and damage. They also agreed to establish a « transitional committee » to make recommendations on how to operationalize the new financing mechanisms and the fund at COP 28 next year. The first meeting of the transitional committee should take place before the end of March 2023. The parties also agreed on institutional arrangements to operationalize the Santiago Network for Loss and Damage, to catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.

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