With a view to operationalizing the fund for losses and damage linked to climate change, the Confédération paysanne du Faso, in partnership with the NGO Oxfam, convened a national consultative conference in Ouagadougou on September 7th and 8th, 2023. The opening ceremony was held under the auspices of the Minister of the Environment, Water and Sanitation, represented by his Director of Cabinet Ousmane Bawar.
For climate justice, underdeveloped countries that pollute less than rich countries should receive compensation for the damage and losses they suffer. This is what organizations such as the Confédération Paysanne du Faso (CPF) and the NGO Oxfam are advocating. At the Conference of the Parties (COP 27) held from November 7th to 22nd, 2022 in Sharm el-Sheikh, Egypt, it was decided to set up a fund for losses and damage linked to climate change.
“This fund is intended to help all stakeholders gain access to the financing they need to fulfill their respective missions: farmers, so that they can provide the population with food in quantity and quality; political decision-makers, so that they can provide appropriate and efficient services; and civil society organizations, in their drive to provide ongoing, local support, so that they can make their own contribution”, said Marc Gansoré, Secretary General of the CPF.
Read more about the fund for climate damage and losses that will be set up in Burkina, and find the latest economic news for around the world with the Born2Invest mobile app.
The Fund shoud take account of grassroots concerns
But before the fund became operational, the Confédération paysanne du Faso, with the support of its long-standing partner Oxfam, called on stakeholders to engage in in-depth reflection at a national conference. “For there to be good cooperation, we need to take into account the concerns of those we want to support, in particular producers. With the support of our partners in civil society, we are in a position to clearly define what support we want, when and under what conditions,” said Marc Gansoré.
According to Omer Kaboré, Country Director of the NGO Oxfam, the consequences of climate change, such as poor yields, forced population displacement, and environmental degradation, are realities that “we can no longer ignore.”
According to him, the operationalization of the loss and damage fund is a crucial step in this shared quest for adaptation and resilience. “This fund represents a glimmer of hope for communities facing the devastating effects of climate change every day. It demonstrates global solidarity and the recognition of shared responsibilities in this global crisis,” said Omer Kaboré, for whom a collaborative and inclusive approach by all stakeholders is essential to the fund’s effectiveness.
“We must ensure that funds are allocated fairly, transparently and based on real needs, giving priority to the most vulnerable and marginalized populations. We must also invest in mitigation and adaptation measures to reduce the risk of future loss and damage. This involves building the resilience of local communities, promoting sustainable agricultural practices, developing climate-resilient infrastructure and facilitating the transition to clean, renewable energy”, argues the country director of the NGO Oxfam.
In a speech read by his chief of staff, Roger Baro, Minister of the Environment, Water, and Sanitation, welcomed the relevance of the national conference and stressed that the transitional committee on the operationalization of the fund will present the conclusions of its reflections at COP 28 in November 2023. He praised Oxfam’s commitment to the Confédération Paysanne du Faso and CSOs in their advocacy for climate policies and the promotion of climate justice.
He reassured the participants that the conclusions of these two events would be well received by the Burkinabe government, “which is already engaged in reforms and in the search for effectiveness and efficiency in dealing with climate-related disasters”.
During the national conference, participants will be treated to a presentation on the current state of negotiations within the transitional committee on the operationalization of the fund. Commission work is also planned, in particular, to enable participants to review structures, organizations, and experiences in managing or financing losses and damages. But also to identify best practices and successful experiences in terms of advocacy linking loss and damage negotiations to climate justice.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in le faso.net. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
How Institutional Investors Feel About Impact Investing
Investors continue to face greenwashing when implementing impact investing. Among their key concerns are misleading or exaggerated impact claims (60%),...
GoodNews Launches a Crowdfunding Campaign on Crowdcube
In addition to the physical points of sale, GoodNews sells coffee online and has also launched a B2B division, i.e....
Coinbase Now Holds as Much Bitcoin as Satoshi Nakamoto, Arkham Reveals
Coinbase specifically holds a total of 947,755 BTC, according to Arkham's recent disclosures, which represents nearly 5% of all Bitcoin...
PharmaMar Increases Investment in R&D for Oncology by 23%
The company has confirmed that, as a result of its commitment to R&D in oncology, it has achieved a success rate...
What Is the Role of Fintech Companies in the Payments Ecosystem
The CEO of BIT2ME referred to the future of fintech as "good". However, he stated, "We live in a society...
Impact Investing2 weeks ago
Why Sustainable Funds Are a Difficult Challenge
Crypto5 days ago
Stanford University Returns Millions from FTX
Business1 week ago
The Soft-Landing Narrative Is a Myth: The US Recession Is Not Canceled
Impact Investing7 days ago
The European Car Market Could Become Completely Sustainable by 2025, with the Adoption of Smaller EVs