Page 39 - Msingi Afrika Magazine Issue 18

Economy

genuousness … taking on the role Carbon offset markets have long
of ‘white saviour’” while exploiting over-promised, but under-delivered.
the African rain forest. As they typically exaggerate GHG
Meanwhile, far too many loopholes emission reduction claims, offset-
open to abuse remain, undermining ting is a poor substitute for actually
efforts to reduce emissions. Further, cutting fossil fuel use. Meanwhile,
no commitment to end fossil fuel disagreements over offset rules have
Jomo Kwame Sundaram was Assistant Secretary-Gen- subsidies globally – at US$11 mil- long stalled international climate
eral for Economic Development in the UN Department lion every minute, i.e., around US$6 change negotiations.
of Economic and Social Affairs (DESA), (Honorary) trillion annually – was forthcoming.
Research Coordinator for the G24 Intergovernmental Buying offsets allows GHG emit-
Group on International Monetary Affairs and Develop- No new oil and gas fields should ters “to keep polluting”, albeit for a
ment and Assistant Director-General and Coordinator be developed for the world to have fee. Highly GHG emitting activities
for Economic and Social Development at the FAO.
a chance of getting to net-zero by by wealthier individuals, companies
2050. Nevertheless, governments and nations can thus continue, after
by 2050 – are now recognized as are still approving such projects, “transferring the burden of action
inadequate. typically involving transnational and sacrifice to others” – typically
corporate giants. to those in poorer nations – via the
The Glasgow UN Framework Con- Various measures – e.g., ‘carbon market.
vention on Climate Change 26th capture and storage’ and ‘offsetting’ For Tariq Fancy – who managed
Conference of Parties (COP26) was – have been touted as solutions. But ‘sustainable investing’ at BlackRock,
touted as the world’s ‘last best hope’ carbon capture and storage technol- the world’s largest fund manager –
to save the planet. Many speeches ogies remain controversial, unprov- the market for offsets is a “deadly
cited disturbing trends, but national en at scale, expensive and rarely distraction”, “leading the world into
leaders most responsible for green- cost-competitive. a dangerous mirage, … burning
house gas (GHG) emissions offered The Glasgow outcome did not valuable time”.
little. include any commitment to fully
phase out oil and gas. Meanwhile, Meanwhile, most established offset
Thus, developing countries were the language on coal has been di- programmes – e.g., the United
betrayed yet again. Despite con- luted to become virtually toothless: Nations’ REDD+ programme or
tributing less to accelerating global coal-powered plants will now be the Kyoto Protocol’s Clean Devel-
warming, they are suffering its ‘phased down’, instead of ‘phased opment Mechanism – have clearly
worst consequences. They have out’. failed to meaningfully reduce GHG
been left to pay most bills for ‘loss- emissions.
es and damages’, adaptation and Offsets off track
mitigation. Offset market advocates claim to More than 130 countries have com-
reduce emissions or remove GHGs mitted to achieve net-zero by 2050.
Glasgow setbacks from the atmosphere by some to But net-zero targeting has actually
Glasgow’s two biggest hopes were ‘off-set’ emissions by others. Thus, allowed the world to continue kick-
not realized: renewing targets for offsetting often means paying some- ing the can down the road, instead
2030 aligned with limiting warm- one poor to cut GHG emissions of acting decisively and urgently to
ing to 1.5℃, and a clear strategy or forcing them to pay someone verifiably cut GHG emissions.
to mobilize the grossly inadequate else to do so. With more means, big
US$100bn yearly – promised by rich business can more easily afford to Hence, it is seen as a cynical
country leaders before the Copen- ‘greenwash’.
hagen COP in 2009 – to help fi-
nance developing countries’ efforts.

An exasperated African legislator
dismissed the Glasgow Leaders’
Declaration on Forests and Land
Use as an “empty pledge”, as “yet
another example of Western disin-

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