Climate Finance and Strategic Leverage
a lackWhile there is a widespread call for operationalising climate finance for affected countries in international platforms, it often fails or doesn’t meet the required expectations due to major roadblocks. This could be a lack of a targeted framework or ambiguity regarding funding sources and nature. Least Developed Countries face the primary consequences of climate change. This places them at a disadvantaged position. The DRC ranks among the least prepared for climate change but is a major source for hydrocarbon fuels. Home to around 60% of the Congo Basin, DRC is a major carbon sequester owing to its vast rainforests. However, as a politically volatile country combined with widespread corruption, the DRC is often viewed as a cheap source for the oil and gas industry, creating a threat for its ecosystem.
Even though this was the case, prior to COP27, there was a radical change among LDCs in accessing loss and damage funds. Developed countries failed to mobilise the mentioned fund in a stipulated period of time, increasing the impact of climate change. The economic loss and non-economic loss faced by the affected countries were far beyond what the fund could cover. It was at this point that DRC gained leverage in international climate negotiations using its two major trump cards: DRC supports one of the fragile yet major rainforest ecosystems. DRC also holds huge oil resources. This places DRC in a strategic position, as they can demand funds to cover the loss and damages caused by the destruction of rainforests due to oil exploration. It also allowed them to garner attention to their potential costs of climate vulnerabilities. Multilateral talks with Brazil and Indonesia and coordination with REDD+ highlighted the fact that DRC is not just a victim of oil and gas exploration but also a solution to climate change. This shifted the narrative from poor countries being victims to wealthier nations having a responsibility to fund the poor nations as they hold the solution. This means that major GHG emitters will face the repercussions in the long run if actions are not taken on time.