The 27th UN Climate Change Conference took place in Sharm el-Sheikh, Egypt in November. Some members of the Fairventures family also attended. This was their experience:
The conference brought together representatives from member countries of the United Nations Framework Convention on Climate Change (UNFCCC). Heads of state and ministries as negotiators, as well as observers from the private sector, NGOs, institutions, civil society organizations, youth, indigenous communities took part in the conference. Over 35,000 participants from across the globe attended, with more than 100 leaders of state and government among them.
Our Highlight
Together with our colleagues from Fairventures Digital (TREEO), our colleague Samantha Natumanya, a forester from Uganda, gave a presentation at one of Sharm El Sheikh’s Climate Action Hubs. The talk was about “democratizing climate funding with a single-tree monitoring approach”.
What makes the situation of smallholder farmers in Uganda and Indonesia difficult, is that they currently have no option to access formalized incentives, markets, finance technology, and other services. The central questions discussed in this respect were: “How can these farmers reap from the value their activities generate through supporting various ecosystem functions and services, such as carbon sequestration,
The presentation highlighted the ability of emerging technology to harness the potential of forests in combating climate change and promoting sustainable development. The following discussion focused on the functionality and business model of the TREEO App, as well as, how to integrate smallholder farmers into voluntary carbon markets.
The central questions were, “How can these farmers reap from the value their activities generate through supporting various ecosystem functions and services, such as carbon sequestration?” How can their efforts be mainstreamed, recognized, and fairly rewarded through voluntary carbon markets? How can we set up innovations to allow for these, while also highlighting farmers’ efforts?
Smallholder farmers are directly affected by climate change disasters such as floods, severe droughts, water scarcity, and fires, among others, resulting in displacements and food insecurity. The TREEO App enables farmers to obtain accurate CO2 information about each and every tree they have. Growers can now participate in the international carbon market to receive a fair carbon price for their work. The app works through scientifically validated measurement formulas and tree models to provide exact estimates of tree growth and carbon storage.
Experiences at the TREEO booth
The TREEO booth was set up in the Innovation Zone, where we offered visitors a live experience with demonstrations of the organization’s unique approach to single tree monitoring. Significant networks were formed, as well as future collaborations for us and Fairventures Digital (TREEO).
The team had an interesting booth experience from holding in-depth conversations and App demonstrations with various COP 27 participants coming from governments, NGOs, academia or private sector companies. We connected with multiple actors in the carbon market as well as potential investors in climate change mitigation and adaptation and heard about restoration projects all over the world seeking to scale out and monitor their approaches.
A lot of knowledge was shared regarding reforestation, voluntary carbon markets access limitations and carbon standards. This confirmed the potential carbon markets have in climate change mitigation and adaptation through harnessing climate finance. The FVW restoration model of smallholder farmer agroforestry was explained and sparked a lot of interest, especially on how to organize and include these farmers in carbon voluntary markets using technology.
Outcomes of the Conference
Most discussions during the event focused on solutions related to the themes of food security, vulnerable communities, and climate justice.
It was also discussed how to provide the necessary funding, resources, and tools to successfully implement large-scale climate action, create alliances and coalitions, exchange ideas, and find solutions together. Indigenous people, local communities, cities and civil society, including youth and children, presented the efforts they took to combat climate change and discussed how it affects their daily lives.
One of the major achievements of COP27 was the inclusion of the loss and damage funds after a long push of negotiations (see report at https://bit.ly/3EyHFmR). The COP27 also inaugurated the Africa Carbon Markets Initiative with ambitions of 300 million credits annually, 6 billion $ revenues and supporting 30 million jobs by 2030. This is an opportunity for most African countries like Uganda to grow further into climate finance access, carbon trading and job opportunities. The involvement of us and Fairventures Digital (TREEO) at COP 27 marks a milestone in the organization’s representation as a provider of a sustainable climate change mitigation solution.