COP28: Event promises billions in climate funding – 12/01/2023 – Environment

COP28: Event promises billions in climate funding – 12/01/2023 – Environment

[ad_1]

Governments, development banks and companies announced, this Friday (1st), initiatives to mobilize billions in climate resources at COP28, the UN conference on climate change, in Dubai. The UAE has made financing a central point in its leadership in UN negotiations.

So far, countries have barely begun to provide the large amounts of money needed to help pay for the energy transition to move us away from fossil fuels and deal with the impact of climate change.

An estimate by the organization Climate Policy Initiative points out that developing countries will need around US$2.4 trillion in climate finance per year by 2030.

To try to end years of stalemate on the issue of financing, the United Arab Emirates, hosts of COP28, said it would put US$30 billion into a new climate investment initiative.

This is Altérra, which will aim to mobilize US$250 billion in investments by the end of the decade, in what the president of COP28, Sultan Ahmed Al-Jaber, described as a “decisive moment” for climate finance.

Calling it “the world’s largest private investment vehicle for climate action,” Jaber said the mechanism would include $5 billion to go to poorer countries.

Despite this, it is always worth highlighting Al-Jaber’s direct connection with the fossil fuel industry. In addition to being president of COP28, Al-Jaber is president of Adnoc, the United Arab Emirates’ state-owned oil giant, and Masdar, a state-owned renewable energy company.

Furthermore, a BBC report showed that the host country wanted to use COP28 to make agreements related to fossil fuels with 15 nations, including Brazil.

The World Bank has committed to increasing the amount it spends annually on climate-related projects to 45% of its financing from 2024 to 2025, compared to the current 35%, as part of a policy reform to better respond to climate change.

UN Secretary-General António Guterres also supported the broader effort to reform the world’s multilateral development bank system to “leverage much more private financing at reasonable costs.”

Average annual climate financing reached nearly $1.3 trillion in 2021-22, but only about $30 billion — just 2% — went to developing countries, a November report from the Climate Policy Initiative found.

Another report released on Friday by the Independent High-Level Expert Group on Climate Finance also stated that investment was insufficient and that much of it “is still being misdirected.”

Developing countries and emerging markets were being “left behind in clean energy”, the report said.

To help channel support to financial institutions in emerging markets, the World Bank and other multilateral lenders, including the International Monetary Fund, launched the Global Capacity Development Coalition on Friday.

Also to try to ensure that climate finance is not wasted on fake projects, the World Bank on Friday announced a plan to expand the growth of “high-integrity global carbon markets”, helping five countries in 2024 to develop offset credits. robust materials that can be sold on the market.

Promises from the richest in the world

To help support small-scale farmers in Africa and South Africa facing serious consequences from global warming, the Gates Foundation, the charitable foundation of Microsoft founder Bill Gates, and the United Arab Emirates have jointly committed $200 million.

In a first-of-its-kind blended financing experience bringing together public and private lenders, leading climate-focused donors including the Bezos Earth Fund have joined forces to launch the Allied Climate Partners investment platform. The objective is to generate US$11 billion in investments in developing countries.

Loss and damage fund could start soon

According to an executive director of the World Bank to Bloomberg, the entity could have a fund to compensate vulnerable countries hit by extreme climate events in operation in just three months.

The institution could be ready to distribute money early next year, said Axel van Trotsenburg, senior executive director at the World Bank. He noted that’s the same amount of time it took to create the Pandemic Fund, which has a similar structure to what will be used for the climate loss and damage fund.

“I don’t see any reason why we shouldn’t continue with the same kind of determination,” van Trotsenburg said on Bloomberg Green’s Zero podcast during COP28.

On Thursday (30), almost 200 countries agreed on basic rules on how the loss and damage fund should be administered, a crucial step after deciding to create it at COP27, in Egypt, in 2022. Over the last year , climate diplomats discussed issues such as who would contribute to the fund, who could withdraw from it, and under what conditions. They also approved the World Bank as interim manager.

The final details of exactly how the fund will operate will be defined by the World Bank and the UNFCCC, the United Nations climate body.

The pandemic fund mentioned by the executive has received almost US$2 billion from rich countries so far. According to van Trotsenburg, it has distributed US$600 million since its launch in November 2022.

Environmental groups and some developing countries have resisted handing over the loss and damage fund to the World Bank, which is majority owned by rich countries. They also worried that the World Bank, which typically lends money to developing countries, would not be able to quickly move money into grants needed to deal with immediate reconstruction after climate damage.

“The World Bank will not be the problem,” said van Trotsenburg. “We will work with [a UNFCCC] day and night to make it happen.”

[ad_2]

Source link

tiavia tubster.net tamilporan i already know hentai hentaibee.net moral degradation hentai boku wa tomodachi hentai hentai-freak.com fino bloodstone hentai pornvid pornolike.mobi salma hayek hot scene lagaan movie mp3 indianpornmms.net monali thakur hot hindi xvideo erovoyeurism.net xxx sex sunny leone loadmp4 indianteenxxx.net indian sex video free download unbirth henti hentaitale.net luluco hentai bf lokal video afiporn.net salam sex video www.xvideos.com telugu orgymovs.net mariyasex نيك عربية lesexcitant.com كس للبيع افلام رومانسية جنسية arabpornheaven.com افلام سكس عربي ساخن choda chodi image porncorntube.com gujarati full sexy video سكس شيميل جماعى arabicpornmovies.com سكس مصري بنات مع بعض قصص نيك مصرى okunitani.com تحسيس على الطيز