Minister Hassan attends several COP 26 side events
November 04, 2021
The Minister for Finance, Economic Planning and Trade, Naadir Hassan, has attended several COP 26 side events, on Finance Day, Wednesday 3rd November. COP 26 is being held in Glasgow, Scotland.
Africa Nationally Determined Contributions (NDC) Hub
Minister Hassan attended an event hosted by the Africa Nationally Determined Contributions Hub, under the theme Assessing the status of NDC implementations in Africa: Devising critical actions for Paris aligned development pathways.
The event was meant to provide participants with the status of the NDC implementation in Africa. It also provided an opportune time for the launch of the Hub’s flagship report highlighting the ambitions committed by the African continent, inclusive of the critical actions identified for delivery in line with the Paris Agreement.
As the keynote speaker at the event, Minister Hassan focused on the importance of partnerships to combat climate change, which he has described as a ‘global impending crisis.’
“We call for development partners to join in to work collaboratively and effectively in their provision of support to the countries to ensure that the funds available are used effectively and provides real impact on the ground.”
The Africa NCD Hub was launched in 2017, as a ‘collaborative platform to support African countries to effectively deliver on their commitments made in the Paris Agreement.’
Seychelles has updated and submitted its NDC in July 2021, therein containing ambitious targets in ensuring that climate change considerations are integrated into key sectors by 2030.
Unlocking Clean, Affordable and Reliable Electricity
Minister Hassan was honored and privileged to have also been invited to provide the keynote address at the Launch of Toolkit for Developing Investment Grade Business Cases for Clean Energy Investments in Small Island Developing States (SIDS). This event was co-hosted by the Commonwealth Secretariat and Sustainable Energy for ALL.
As with many other SIDS, Seychelles’ dependence on imported fossil fuels remains prominent. Nevertheless, significant strides have been made over the years as the country strives to reduce its carbon footprint, as noted by the Minister during his keynote address.
“On our part, Seychelles have made significant advances in the renewable energy, in particular wind energy and Solar Photovoltaic (PV). Today, through the wind farm in the harbor we are saving over SCR10 million on expenditure on fuel per year. We have more than 5MW distributed PV generation capacity spread across both residential and commercial sector. We have 6MW utility-scaled PV system on Ile Romainville and I am pleased to say that we have an ongoing 5MW floating PV plant on marine environment which is on track to being the first-utility scaled PV plant on marine environment in Africa.”
The launch of the toolkit during the event saw Seychelles’ experience being used as a business case, whereby the toolkit is being trialed as the country paves the way with its renewable energy transition.
Debt swap for Climate and Nature
On the same day, Minister Hassan also attended an event on Debt Swap for Climate and Nature, hosted by the International Institute for Environment and Development.
Addressing the event, Minister Hassan pointed out that Seychelles is already leading the way when it comes to the debt swap initiative and is increasingly gaining attention in that regard on the international scene.
He noted the world’s first debt for nature swap for ocean conservation, in 2016, in which Seychelles successfully negotiated a UD$21.6 million debt buy back.
“Another debt-swap is something my team and I have been discussing. It would provide us with the much-needed investment to support our renewable energy and marine conservation goals.”
Minister Hassan further noted that Seychelles is committed to share its knowledge and experience in this area, as more countries, like Belize, venture into this space.
COP26 Finance Day Presidency Event: “Financing a More Resilient World”
Minister Hassan was a panelist in one of the sessions during this event which focused on Financing a More Resilient World. The event probed into innovate financing approaches and how financing can be accessed by countries in building climate change resilience.
The Seychelles’ innovative debt for nature swap for ocean conversation of 2016, was an initiative which Minister Hassan used to illustrate how countries can access finance from partners, in order for Small Island Developing States to build resilience against climate change.
He said the funds have been used to develop and implement climate risk reduction and social resilience plans.
This event was chaired by Mr Alok Sharma, the President of COP26.