Semida Silveira

Professor of Practice, Systems Engineering, Cornell Engineering

Semida Silveira is a professor of practice in systems engineering, focused on a global low-carbon circular economy and sustainable development. A former sustainability expert at the Swedish Energy Agency, Silveira has worked alongside multi-lateral organizations, governments and the private sector on energy transformations in Europe, Latin America, Asia and Africa.

Silveira says:

“Funding is an essential part of the climate action equation. We need to ramp up actions to mitigate and adapt to climate change. With that in mind, the initiative to create a fund and mobilize resources to support developing countries and improve their resilience to climate change is a positive initiative. 

“The proposal for the CFAF indicates an initial round of $1 billion per year by 10 countries or shareholders. That is far too modest a contribution by fossil fuel producing countries. To put it in perspective, the revenue of oil and gas companies is at the order of a few trillion per year. Saudi Arabia alone has an oil revenue over $300 billion per year. 

“Additionally, the operational details of the fund will be of interest, particularly when it comes to the types of projects and modalities of funding that will be prioritized. How do they complement other initiatives and contribute to low-carbon development and climate change resilience? 

“Most important, this action should not distract us from the fact that fossil fuel producers need to mitigate their impacts on climate change. A fast phase-out schedule for fossil fuels will have the most impact when it comes to addressing climate change.”