b'America, which is on track to earn moreinvestmentsinfossilfuelprojectsmoreland earmarked for drilling, that extend[s] than $1 billion this year from oil exports.lucrativeforenergycompaniesandforinto critical tropical peatlands.The peat-For many, its a worrythe country ispoorer countries that sit on these resources. lands, essentially a type of wetland, are a alreadyhighlyvulnerabletoclimateFor wealthier nations, the war has sparkedkind of natural carbon capture and storage change, with a long Atlantic coastline. Buta hunt for new sources of energy.The pic- device.They absorb vast amounts of car-for others, the profits from the countrys oilture was very different last year.At thebon, keeping it out of the atmosphere, and boom are critical for developing what is2021 COP meeting, the U.S., Canada, andthushelpinginthefightagainstclimate alsooneofthepoorestnationsintheeighteen other countries committed to stopchange.One 2016 estimate suggested that region.all public financing of fossil fuel projectsthe Congo Basin was a storehouse for as Debates such as the one playingabroad.Theywerejoinedbyfivemajormuch as 30 billion tons of carbon - or sev-out in Guyana will be in the spotlight at thedevelopmentbanks,includingtheeral years worth of global emissions.The next big international climate summit; theEuropean Investment Bank -whose presi- DRCmovedtoauctionitsresourcesfor COP27 meeting in November takes placedentsaidlastmonththattheinstitutiondrillingdespiteapledgelastyearbyits in Egypt, a middle-income nation that iswould stick to the pledge despite pressurepresident, Flix Tshisekedi, to protect its heavilydependentonfossilfuelsandisfrom African nations.We as a Europeanrainforest, which is part of the basin.The seeking to increase its oil and natural gaspublicinstitutionshouldnotinvestinmove prompted outrage by climate groups, production.Severalenvironmentalistsassetsthatonedaywillbeseenas[a]and ultimately, pressure from the U.S. to acknowledge the paradox and accept thestrandedasset,themultilaterallendersabandon some of the oil blocks earmarked fact that these poorer countries should notpresident, Werner Hoyer, told the Financialfor sale.Kerry visited Kinshasa, the DRC bebarredfromextractingtheirunder- Times. Amongthosewhocriticizedthecapital, in early October and said the U.S. ground wealth.As Seon Hamer, a climateglobalpledgewasSenegalspresident,had clearly described our interest in pro-expertattheUniversityofGuyana,toldMacky Sall, who said that the drive to cuttectingtheforests.Wehaveaskedfor Grid, as important as it is to tackle climateoff financing was coming just as severalsome blocks to be removed from the auc-change, the need for development in coun- African countries are preparing to exploittion.For the DRC, the economic potential tries such as his cant be ignored.I cannottheir significant gas resources.The move,isimmense. Thepreciseprofitswillbe be an out-and-out tree-hugger, he said.Ihe warned, would deal a fatal blow to ourknown only once the fossil fuel blocks are have to be practical.This is something weeconomies as they seek to emerge.explored.But the country estimates that it need.The hope is that with the develop- The war in Ukraine has come ascould eventually produce as much as one ment of the oil and gas industry, we canan unexpected boost for the likes of Sall. millionbarrelsofoiladay. Atcurrent invest more in renewables.Hamers argu- Europe is now in a race to find alternativesprices, that could net the country tens of ment is echoed by several policymakers intoRussianenergysupplies. Theresult?billions of dollars a year.And the GDP of lower-incomebutresource-richcountriesPrivateplayersarelookingtofeedanthe Democratic Republic of Congo?Just around the world, that the choices arent, asincreasinglydesperatedemandfromtheshy of $50 billion, as of 2020. he puts it, mutually exclusive.The realityWest, and they are looking to Africa.So whats the way out for these of a warming planet and what it means forInternational energy firms are now consid- countriesandfortheworld?InSouth countriessuchasGuyanaisundeniable,ering investments of around $100 billion inAmerica, Ecuador came up with a novel but so is the need for investment to bothnewenergyprojectsinAfrica,fromidea back in 2007.The country had dis-spur growth, and ultimately, to drive a shiftNamibiaandSouth AfricatoUgandatocoveredlucrativeoilreservesundera torenewabletechnologies.AspeopleTanzania, according to figures compiled bysprawlingnationalparkandofferedto devise policies for the future, they shouldReuters.So much, you might say, for cli- leave these in the ground if the rest of the try to avoid the kind of extremes of seeingmategoals.Theironywasnotlostonworld contributed to a trust fund as a way everythingasblackandwhite,JackIbrahim.Now, because of the war, (theof offsetting lost oil revenues.The funds Goldstone, a professor of public policy atdeveloped countries) are running to Africatarget?$3.6 billion by 2024.It hardly got George Mason University, told Grid.Noand saying Oh, can we have more gas?off the ground.By 2013, it had reportedly fossil fuel anywhere is unfair to countriesIbrahimsaidataclimateconferenceinraised a grand total of around $13 million - that have resources they could commercial- LondoninearlyOctober.Wearenotless than 1/100th of 1% of the goal.The ize.Everycountryisdifferent.Someallowed to use our gas.But half our gas isproposalwasabandoned. Theotherbig countries may have access to hydropower,sent to Europe.This kind of stupidity can- idea in this space is to make use of so-like Ethiopia.Some might be better suitednot continue.called climate mitigation funds; typically, to solar.Its important to develop policiesFor cash-strapped governments,moneydonatedbyrelativelyrich,large-that are both flexible and nuanced.meanwhile,higherglobalenergypricesscaleemittersofCO2topoorernations ThefalloutfromtheUkrainehave made new fossil fuel projects appearwho emit less, but suffer more of the con-War is playing into this debate as well.Theever more attractive.And here the eco- sequences of climate change.More than a conflict has driven richer countries to cutnomic imperatives run directly into envi- decadeago,therichestcountriesinthe their dependence on Russian energy sup- ronmentalones.Caseinpoint,Theworld promised to provide $100 billion a plies.As Grid reported, it has also drivenDemocraticRepublicofCongo(DRC),year by 2020 to help poorer counterparts up energy prices - sending many Europeanwhich over the summer began to auctionadapt to climate change.That fund, too, countriesbacktooilandcoal,makingoil and gas blocks.In other words, areas ofwww.moparcollectorsguide.com57'