COP28 – High-Level Session: Shifting of the Tropical Belt: Unpacking the Opportunities for Carbon Financing and Biodiversity Protection

CVF-V20 events at COP28  

Sunday, 3 December 2023

High-Level Session:
Shifting of the Tropical Belt: Unpacking the Opportunities for Carbon Financing and Biodiversity Protection

Theme: Biodiversity and Carbon Finance

Venue: Sri Lanka Pavilion, Blue Zone B2, Bldg 21

Time: 11:00 am – 12:30 pm

Co-hosted by the Government of Sri Lanka and CVF and V20 Finance Ministers

Draft Version: 02.12.2023

Overview 

Climate change will cause the Earth’s tropical rain belt – also known as the Intertropical Convergence Zone – to unevenly shift in areas that cover almost two-thirds of the world, potentially threatening biodiversity and food security for billions of people. For example, a shift in the tropical rain belt will impact eastern Africa and the Indian Ocean with increased drought stress over Madagascar and intensified flooding over southern India. Failure to keep to the 1.5 Centigrade safety limit of the Paris Agreement means accelerating impacts in certain areas including Asia. For example, glacial melting in the Himalayas can cause the atmosphere to heat up faster in other regions. The impacts are far reaching from more intense and frequent natural disasters, loss and damage of infrastructure and ecosystems from dangerous flooding.

Sri Lanka is one of the 6 countries in the South Asia region with a tropical climate with distinct wet and dry seasons and it is cognizant of the impacts of the movements in the tropical belt. For this reason, Nationally Determined Contributions and Climate Prosperity Plans highlight a number of interventions including but not limited to climate-smart agriculture to accelerate the adaptation of the agricultural sector to strengthen and climate-proof national food systems, enhance food security and reduce dependence on food imports, safeguard jobs and build resilience to heat and climate-sensitive diseases. The response to climate change is climate justice and social justice in action.

This high-level event is an opportunity to explore in depth the issue of how the uneven shifting of the tropical belt will affect countries in the tropical belt, especially through biodiversity and food security pathways. Understanding the investment opportunities around the Tropical Belt in order to ensure countries like Sri Lanka are well poised to address the challenges from tropical belt movements.

Event objectives 

The event aims to:

• Draw the attention of stakeholders to the looming problem of this uneven shift
• Understand and convey the short and long-term consequences of this uneven shift
• Discuss potential solutions to address problems arising from movements in the intertropical convergence zone and how these solutions can be funded as Climate Prosperity Plan interventions

Key Outcomes

The following outcomes are envisaged from the event:

• A deepened understanding of the short and longer term consequences of the uneven shifting of the tropical belt especially on environmental safety and food security in tropical Asia
• Understand potential, context specific solutions for managing the impacts of the tropical belt shifting
• Understand investment needs for managing the impacts and how these investments can be realized through V20-led Climate Prosperity Plans

Format & Participation

On the record, a panel event of 60 minutes chaired by the V20 Secretariat or Sri Lanka or an expert in the field of water resource management or climate science.

Participation in the meeting is open to the public, particularly to the following delegations and representatives:

1. Representatives from Sri Lanka and other V20 member states from the tropical belt.
2. International experts/organizations dealing with the science of tropical belt shifts.
3. Representative from the Government of India (to share insights and opportunities for South-South cooperation on addressing impacts
4. Donors, G7 and G20 representatives.
5. Representatives from Development Finance Institutions

Detailed program

Moderated by: Mr. Nilesh Prakash, Advisor, CVF-V20 Secretariat

Key contacts

V20 Secretariat

Email: [email protected]