Connect with us

News

African countries shouldn’t have to borrow money to fix climate damage they never caused – economist

As COP29 approaches, African nations urgently seek increased public finance for climate adaptation. The reliance on loans exacerbates their debt, impeding progress. Systemic biases and bureaucratic barriers hinder access to essential climate funding, demanding coordinated efforts.

Published

on

African people protesting on streets
Photo by Tope A. Asokere on Pexels.com

Carlos Lopes, University of Cape Town

As we approach the global annual climate change conference, COP29, the need for increased public finance from the global north to address climate adaptation in Africa has become more urgent than ever.

However, framing the finance debate solely around this need risks deepening mistrust and downplaying the scale of the challenge. The financial burden of addressing climate change, coupled with limited fiscal space, creates a precarious situation for many African countries. African countries bear no historical responsibility for causing the climate crisis. However, they rely heavily on external financing to solve climate change problems.

Unfortunately, much external climate finance comes from loans rather than grants. This only worsens Africa’s debt burden. There is also not nearly enough money being channelled to Africa to pay for climate change adaptation.

At COP29, African negotiators will undoubtedly focus on reducing dependence on debt, and improving access to finance. I’m an economist who specialises in climate change and governance, with a long background at the United Nations and the African Union. Without robust commitments from public financial institutions, Africa will continue to face the dual crises of climate vulnerability and debt.

African countries must use COP29 to tackle systemic biases that inflate risk perceptions, minimise African achievements and inflate its problems. These biases drive up borrowing costs, and worsen commodity dependence.

The climate finance gap

The African Development Bank has estimated that Africa needs between US$1.3 trillion and US$1.6 trillion in total climate financing every year between 2020 and 2030. This will enable African countries to meet their commitments to reduce greenhouse gas emissions, known as nationally determined contributions.

The Global Center for Adaptation estimates that Africa requires at least US$52.7 billion annually for adaptation every year until 2035. However, this figure could rise to US$106 billion. This is because data gaps allow for double counting of financial contributions. There is also very little transparency about the real amounts of climate finance being disbursed. Because nationally determined contributions are focused on mitigation, carbon depletion tends to be measured without accurate calculations of the amount of emissions that are captured, or carbon that is conserved.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

The United Nations Development Programme says that Africa’s nationally determined contributions mean the continent needs about US$2.8 trillion by 2030 for climate mitigation. However, Africa contributes only 4% of all greenhouse gas emissions currently. It needs funds for adaptation to adjust to climate change that is already changing the lives of many, rather than for mitigation.

But only about half of the climate finance received by Africa in 2022 was for adaptation (US$4.6 billion). The rest of the climate finance addressed mitigation or a mix of both, in line with the global north’s agenda.

Worse still, 64.5% of adaptation financing came from loans, which need to be repaid. This will increase the financial strain on African nations.

Loans versus grants for climate change adaptation

Multilateral financial institutions such as the International Monetary Fund (IMF) and the World Bank, and the Organisation for Economic Co-operation and Development through their Development Assistance Committee, handed out US$8.33 billion to Africa in 2022 for climate action. But most of this – US$5.4 billion – was loans. Only US$2.9 billion was grants, with a small fraction in equity investments.

These loans come with lower-than-market rates or extended repayment terms. But they still add to Africa’s external debt, which reached US$1.12 trillion in 2022. African countries’ debt repayments are twice what they get as climate finance.

The United Nations Framework Convention on Climate Change says developed countries are responsible for financing climate adaptation in vulnerable regions. But loans that create a huge debt burden only enrich global financial institutions at the expense of African countries.

The effects of climate change are causing unprecedented floods, drought and other disasters across Africa. Yet it is becoming more difficult for African countries to access the climate finance they need to adapt to a warming world.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

Why is the situation worsening?

First, access to climate finance remains a bureaucratic nightmare with complex application processes. There also needs to be more transparency in fund allocation. The recently established Loss and Damage Fund could assist. It is meant to channel money to countries worst affected by climate change to pay for the damage caused.

Second, the focus on reforming Bretton Woods institutions and development finance institutions is shifting attention away from the obligations developed countries have signed up for. This distracts developing nations from making reforms in trade, taxation and financial regulations that could drive more meaningful results.

Third, there is a lack of liquidity (access to fresh money) needed to propel investment or allow countries to bridge their budget deficits. African countries are forced to juggle paying for healthcare, education and infrastructure development with paying back debt. Some spend more on debt repayments than healthcare.

Increased tax efficiency and domestic savings, such as the savings maintained by pension funds, could be used. This should be the priority while the fight for better international conditions continues.

Fourth, the distinction between development finance and climate finance is becoming an impediment to progress. The conversation should move away from getting African countries to prioritise greenhouse gas emission reductions at the expense of other development priorities. Climate action is under-implemented and underfunded. The focus must be on excessive dependency on aid and rather promote market incentives to encourage the private sector to invest in climate adaptation in Africa.

Fifth, African negotiators must address the structural barriers that limit access to finance. For example, biased risk perceptions by credit rating agencies prevent African countries from securing finance. Restrictive prudential rules from the Bank for International Settlements intended to preserve international financial system integrity have proven unfavourable to the transformation of the African economies.

Sixth, Africa should make use of regional climate finance platforms and set up cross-border climate change adaptation projects that benefit more than one country.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

This will allow Africa to pool resources, coordinate demands and make it easier to negotiate better terms for climate finance. Just energy transition partnerships create an opportunity for countries to secure renewable energy funding for the transition from fossil fuel. Success will depend on effective coordination and regional solidarity in international climate negotiations.

Seventh, African countries have strong potential to use carbon markets to finance climate initiatives, provided they have control over them. Nature-based solutions can go hand in hand with reforestation, sustainable land management or conservation, while generating carbon credits. These are additional funding opportunities for climate adaptation efforts in Africa.

This moment demands bold leadership and a united front to rewrite the rules. African countries must secure the commitments and resources at COP29 that are needed to build a sustainable future.

Carlos Lopes, Professor at the Nelson Mandela School of Public Governance, University of Cape Town

This article is republished from The Conversation under a Creative Commons license. Read the original article.

https://stmdailynews.com/stories-this-moment

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

Author

Want more stories 👋
“Your morning jolt of Inspiring & Interesting Stories!”

Sign up to receive awesome articles directly to your inbox.

We don’t spam! Read our privacy policy for more info.

STM Coffee Newsletter 1

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading
Advertisement
Click to comment

Tell us what did you think about this article?

News

California High-Speed Rail: Progress Amid Challenges in the Central Valley

Published

on

California high-speed rail

The California high-speed rail project, a bold vision aimed at transforming transportation across the state, is making strides in the Central Valley, despite facing a rocky road filled with challenges and delays. On January 6, 2025, California Governor Gavin Newsom joined California High-Speed Rail Authority CEO Ian Choudri to celebrate a significant milestone in the construction of the railhead—a staging area for laying down tracks for the future bullet-train route that will connect cities from Merced to Bakersfield.

What’s Happening at the Railhead?

Located between Wasco and Shafter in Kern County, the new railhead site marks the beginning of laying down steel rails for high-speed trains. This pivotal area will serve as the operational hub for transporting materials necessary for track installation, indicating a promising step towards making the high-speed rail a reality.

“Finally, we’re at the point where we’re going to start laying down this track in the next couple of years,” remarked Newsom, emphasizing the significance of this development. The railhead is not just another construction site; it symbolizes the persistent efforts to change the face of transportation in California.

A Journey Full of Hurdles

The high-speed rail project has been no stranger to controversy and challenges. First conceived to provide swift travel across California, the project’s history tells a tale of fluctuating timelines and ballooning costs. Originally initiated in 2013, the construction has continuously faced delays, with the anticipated completion date pushed from 2018 to 2026 for the first segments alone.

In a significant contrast to initial expectations, the financial requirements have surged, with costs for construction packages skyrocketing from a combined estimate of well under $2 billion to an updated total that now exceeds $8 billion across various contracts. This upward shift in expenditure has raised eyebrows and concerns, prompting scrutiny from both political figures and members of the public.

For instance, the first construction package, stretching from north of Madera to Fresno, originally bid at under $1 billion, now faces an anticipated completion at a staggering value of over $3.7 billion. Such changes have led to questions surrounding the project’s management and efficiency.

The Political Landscape

Adding complexity to the situation is the shifting political terrain as federal support has been uncertain. With President-elect Donald Trump slated to take office soon, there is apprehension regarding the potential withdrawal of federal funding that has supported California’s ambitious plans. Historical context reigns as the Federal Railroad Administration canceled nearly $1 billion in previously awarded grants during Trump’s first administration. However, the recent Bipartisan Infrastructure Law, passed in 2021, has provided a glimmer of hope by funneling additional funds towards the project.

State leaders, including Governor Newsom, maintain an optimistic outlook despite the political uncertainties. “We are in a very different place at this sacred moment,” he stated, reminding stakeholders of the project’s momentum.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!
@stmblog

California high-speed rail is making strides in the Central Valley, bringing faster travel options and boosting the economy. 💼✨ ♬ original sound – STMDailyNews

Looking Ahead

The road ahead remains both exciting and uncertain. The California High-Speed Rail Authority is on the cusp of awarding contracts for track installation, alongside contracts for the purchase of trainsets set for testing operations. The goal is to have the Merced-Bakersfield line operational between 2030 and 2033, a target that promises to reshape commuting experiences in California.

As we move closer to achieving this transformative project, it’s essential to keep in mind that progress in such a complex endeavor requires not only engineering feats but also perseverance amid bureaucratic and fiscal challenges. The upcoming years will undoubtedly be pivotal in determining whether this bold vision of high-speed travel will reach its destination, but for now, California is laying the tracks for a new transit future—one spike at a time.

Stay tuned for more updates as we follow the California high-speed rail project through its journey from ambitious dream to infrastructural reality!

California High-speed Rail Related Links:

California high-speed rail California High-Speed Rail Update ( Fresno Bee) https://www.fresnobee.com/news/local/high-speed-rail/article298078633.html

HSR official website: https://hsr.ca.gov/

STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world. https://stmdailynews.com/

Author

  • Rod Washington

    Rod: A creative force, blending words, images, and flavors. Blogger, writer, filmmaker, and photographer. Cooking enthusiast with a sci-fi vision. Passionate about his upcoming series and dedicated to TNC Network. Partnered with Rebecca Washington for a shared journey of love and art. View all posts

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

News

Rolling Into the Holidays: Altadena Man’s Enchanting Train Wonderland

Rob Caves’ impressive model train display in Altadena becomes a holiday destination, evoking nostalgia and joy for families and enthusiasts, fostering community connections through shared experiences.

Published

on

model trains, Altadena
Retro railaway station replica. Models of miniature trains. Adobe Stock

As the holiday season unfolds, there’s one place in Altadena that’s transforming into a magical winter wonderland, drawing visitors from near and far. Nestled along Christmas Tree Lane, Rob Caves’ home has become a beloved destination for model train enthusiasts and families alike. With an expansive model train set that captures the essence of California and beyond, Rob Caves is bringing joy, nostalgia, and a touch of magic to the heart of the season.

The Journey Begins

Rob’s journey into the realm of model trains started back in 2010 when he was living in sunny San Diego. What began as a modest hobby has blossomed into a spectacular display that now stretches an impressive 60 feet by 90 feet. This remarkable train set transports visitors from San Diego to Seattle, all within the cozy confines of his home. As families peer into the miniature world he has created, they’re greeted with iconic landmarks, such as the San Clemente Pier, the remnants of Fry’s Electronics in Burbank, and even the historic Union Station in downtown LA.

“I think the track represents places we’ve all been,” Rob shares, reflecting on the memories that each twist and turn evokes. The Christmas Tree Lane Model Railroad Society, a passionate club of 50 members, assists Rob in maintaining and operating the stunning display. Each contributor brings their unique flair and enthusiasm, collectively creating a lively atmosphere that resonates with every visitor.

Bringing the Past to Life

For many, model trains are synonymous with cherished childhood memories—be it waving at the engineer when riding the train to the beach or the excitement of camping adventures. Young Logan Montori, just seven-and-a-half years old, is one of the club’s budding enthusiasts. He exclaims, “Running trains is basically my favorite thing!” His infectious energy and joy remind us that the magic of model trains knows no age.

Adding to the wonder is the evolution of technology within the model trains. Tom Selinske, a college business professor and fellow club member, highlights the incorporation of advanced technologies. “There’s microchips in these little engines that actually can do sounds, create different effects, and it’s becoming more digital,” he reveals. The blend of traditional charm and cutting-edge technology keeps both the club members and visitors in awe, ensuring that there’s always something new to explore.

Inviting the Community In

Every holiday season, Rob opens his home to the public, sharing the joy and excitement that comes with seeing the model trains in action. “It just makes our day,” Rob expresses, his eyes twinkling with pride. “Whether we see the kids run up and see the train, and you know what? Everybody is a big kid when they come here.” This welcoming spirit creates an enchanting atmosphere where community ties are strengthened through the shared wonder of the holiday season.

For many families, visiting Rob Caves’ home has become an annual tradition, with the last opportunity to visit this season ending soon. On Saturday, December 16th, from 5 p.m. to 11 p.m., the doors of this fascinating holiday attraction will close until next year, making this weekend the perfect time to create lasting memories.

Rob Caves’ model train set is more than just a hobby; it’s a heartfelt labor of love that serves as a bridge to cherished memories, nostalgia, and the magic of the season. As visitors gather and share in the joy of the trains, they not only witness a remarkable spectacle but also partake in a community celebration of creativity, innovation, and togetherness. So, why not embark on this enchanting journey? Come experience the wonder of Rob Caves’ magical train world before it’s too late—your holiday season will be all the merrier for it!

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

See the story on KCBS Los Angeles:

https://www.cbsnews.com/losangeles/news/altadena-mans-massive-model-train-set-turns-his-home-into-popular-holiday-destination

STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world.

https://stmdailynews.com/

Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

News

Dorothy Allison was an authentic voice for the poor, capturing the beauty, humor and pain of working-class life in America

Published

on

file 20241113 17 sc5n4b
Dorothy Allison channeled her impoverished childhood into a richly crafted world that retained its gritty origins. Sophie Bassouls/Sygma via Getty Images

Lennard J. Davis, University of Illinois Chicago

Dorothy Allison, who died on Nov. 5, 2024, published her first novel, “Bastard Out of Carolina,” in 1992, when she was 42 years old.

She mined her own life to craft the semi-autobiographical work, which became a finalist for the National Book Award.

Growing up poor in Greenville, South Carolina, Allison endured abuse of all kinds before becoming the first in her family to finish high school and college. As a lesbian, she faced additional challenges and hurdles. Before she achieved literary fame with her first novel, Allison ran a feminist bookstore and a women’s center. She was broke when she finally sold “Bastard Out of Carolina.”

To me, Allison is a shining exception in a long line of authors who have attempted to write about poverty but fail to accurately capture it.

In my book “Poor Things: How Those with Money Depict Those without It,” I detail the genre of what I call “poornography” – stories written about poor people by people who don’t have firsthand experience being poor themselves.

Most readers are probably familiar with the standard tropes in these works: violence, sexual abuse, addiction, filth and degradation. Allison was decidedly not in that camp.

She broke that mold by finding beauty in her impoverished surroundings and focusing on love, humor and family bonds.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

Beauty in a hopeless place

Even though “Bastard out of Carolina” ultimately deals with physical and sexual abuse – which, of course, is not confined to poor people – this merely constitutes one element of a broader emotional and physical landscape.

Allison’s hometown of Greenville is also the setting of the novel – and it’s a place that the novel’s young narrator, Bone, describes as “the most beautiful place in the world.” She adds:

“Black walnut trees dropped their green-black fuzzy bulbs on Aunt Ruth’s matted lawn, past where their knotty roots rose up out of the ground like the elbows and knees of dirty children suntanned dark and covered with scars. Weeping willows marched across the yard, following every wandering stream and ditch, their long whiplike fronds making rents that sheltered sweet-smelling beds of clover.”

Extreme hunger, however, is unique to poverty, and something that poor writers often recall with a kind of vividness that can escape middle-class or wealthy writers.

“Hunger makes you restless,” Allison writes. “You dream about food, magical meals, famous and awe-inspiring, the one piece of meat, the exact taste of buttery corn, tomatoes so ripe they split and sweeten the air, beans so crisp they snap between the teeth, gravy like mother’s milk singing to your bloodstream.”

In “Bastard out of Carolina,” Allison doesn’t celebrate hunger. But she is able to find humor in it and show how laughter can be used as a coping mechanism.

In the novel, when Bone complains about being hungry, her mother recounts her own childhood: Back then, there was “real hunger, hunger of days with no expectation that there would ever be biscuits again.” And during those times she and her siblings would concoct fantastical stories of strange dishes: “Your aunt Ruth always talked about frogs’ tongues with dew berries. … But Raylene won the prize with her recipe for sugar-glazed turtle meat with poison greens and hot piss dressing.”

Humor isn’t used to gloss over the seriousness of poverty. Yet Allison is keen to point out that both can exist: They are all wrapped up in a life lived.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!
Black and white photo of small house surrounded by hilly terrain.
Greenville, S.C., where Dorothy Allison spent the first 11 years of her life, was the setting for ‘Bastard out of Carolina.’ Library of Congress

American delusion

I can’t help but compare Allison’s work with that of an author like JD Vance. In his 2016 memoir, “Hillbilly Elegy,” Vance revels in his grandmother’s anger and violence as a sign of her vibrant hillbilly-ness.

On the other hand, in “Bastard out of Carolina,” Bone recalls her mother saying flatly, “Nothing to be proud of in shooting at people for looking at you wrong.”

So many other writers about poverty have characters who pine for the material comforts promised by the American Dream, whether it’s Clyde Griffiths in Theodore Dreiser’s “An American Tragedy” or George and Lennie in John Steinbeck’s “Of Mice and Men.”

Pink and white book cover featuring a black and white photo of a young girl leaning on a fence and an older woman in the background.
Dorothy Allison worked on ‘Bastard out of Carolina’ for nearly a decade before finding a publisher. Amazon

Allison’s characters, on the other hand, learn to see through this false promise. In one scene, Bone and her cousin break into the local Woolworth’s.

Previously, she had longingly eyed a brimming glass case of nuts. But once she shatters the display case, she realizes “that the case was a sham. There hadn’t been more than two inches of nuts pressed against the glass front, propped up with cardboard.” Her reaction: “Cheap sons of bitches.”

In a display of class consciousness, Bone eventually detects the false allure of cheap commodities. “I looked … at all the things on display. Junk everywhere: shoes that went to pieces in the rain, clothes that separated at the seams, stale candy, makeup that made your skin break out.”

In contrast, she thinks of the value of the home-canned goods made by her aunt. “That was worth something. All this stuff seemed tawdry and useless.”

‘Jealous of you for what you got’

At one point, Bone articulates the concept of poornography without using that term. She talks about “the mythology” that plagues poor people:

“People from families like mine – southern working poor with high rates of illegitimacy and all too many relatives who have spent time in jail – we are the people who are seen as the class that does not care for their children, for whom rape and abuse and violence are the norm. That such assumptions are false, that the rich are just as likely to abuse their children as the poor, and that southerners do not have a monopoly on either violence or illegitimacy are realities that are difficult to get people to recognize.”

In “Bastard out of Carolina,” Bone resents the rich rather than admiring them. In a conversation with one of her aunts, she says she “hates” them. Interestingly, her aunt provides the poor person’s counterpoint to hate.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

“Could be they’re looking at you sitting up here eating blackberries … could be they’re jealous of you for what you got, afraid of what you would do if they stepped in the yard.”

Allison shows readers how class resentment can go both ways, and how for all of the contempt directed at poor people from the rich and powerful, there may also be an element of envy and fear at play.

Lennard J. Davis, Distinguished Professor of English, Disability Studies and Medical Education, University of Illinois Chicago

This article is republished from The Conversation under a Creative Commons license. Read the original article.

STM Daily News is a vibrant news blog dedicated to sharing the brighter side of human experiences. Emphasizing positive, uplifting stories, the site focuses on delivering inspiring, informative, and well-researched content. With a commitment to accurate, fair, and responsible journalism, STM Daily News aims to foster a community of readers passionate about positive change and engaged in meaningful conversations. Join the movement and explore stories that celebrate the positive impacts shaping our world.

Advertisement
Big Dill Pickleball Co. Serving Up Fun!

https://stmdailynews.com/


Discover more from Daily News

Subscribe to get the latest posts sent to your email.

Continue Reading

Trending