Coop 28 President Sultan Ahmed Al Jaber called it a defining moment for environmental financing
Dubai (Urdu Point News advertisement Latest - NNI. December 02, 2023) On the occasion of the opening of the COP28 two-day global climate action summit, the United Arab Emirates announced the establishment of a new fund of 30 billion dollars for climate investment. Many delegates attended the summit in Dubai, where governments, development banks and companies announced initiatives to raise billions of rupees for climate financing, according to the news agency.
The plan, called Ultra, aims to mobilize $250 billion in investment by the end of this decade, which COP28 president Sultan Ahmed Al-Jaber called a defining moment for environmental financing. Calling it a private investment, Sultan Al-Jaber said that it includes 5 billion dollars allocated for poor countries.
A number of financial commitments were also announced throughout the day, adding half a billion dollars in commitments to the Loss and Damage Fund. The World Bank has increased financing for climate change projects from 35 percent to 45 percent in 2025-2024. Canada pledged $16 million to the fund and France $100 million. In addition, the United Kingdom pledged $2 billion to the Green Climate Fund (GCF) while the World Bank pledged $2 billion to the 2025 Climate Change Fund. Announced plans to increase contribution to financing to $40 billion.
In another move, the host country has launched the IMF's Resilience and Sustainability Trust; In an effort to ensure that climate finance is not wasted on bogus projects, the World Bank also plans to boost the growth of high-integrity global carbon markets. announced, which in 2024 will help the five countries develop strong offset credits that they can sell in the market.
To help South Africa and other small African countries facing the serious consequences of global warming, the Gates Foundation, the charitable organization of Microsoft founder Bill Gates, and the United Arab Emirates have pledged to give 200 million dollars. Government and private lenders. Bringing together, for the first time, leading climate-focused donors, including Bezos' Earth Fund, joined Allied Climate Partners to launch the investment platform, aiming to invest $11 billion in developing countries. Is.
The shift to electric vehicles has also been encouraged, with Tata Motors saying it will work with affiliated banks under the Climate Finance Leadership Initiative India (CELI) to boost sales. As part of a broader alliance, CFLI plans to raise more than $6.5 billion in green hydrogen, e-mobility and renewables, among other areas.
UN chief Antonio Guterres also supported efforts to reform the world's multilateral development bank system to leverage more private finance at affordable prices. It was accompanied by a hologram of Sultan Al Nahyan, who addressed more than 130 world leaders.
Prominent attendees included Caretaker Prime Minister of Pakistan Anwar-ul-Haq Kakar, Bad Shah Charles Swaim, British Prime Minister Rishi Sonak, Turkish President Recep Tayyip Erdogan, French President Emmanuel Macron, German Chancellor Olaf Schulz, Bill Gates and Antonio Guterres. The White House announced last week that President Joe Biden would not attend, but Secretary of State Anthony Blanken, US Special Envoy on Climate Change John Kerry, along with Vice President Kamala Harris did.
Likewise, Chinese President Xi Jinping did not attend the summit. In his speech, King Charles issued a dramatic warning. We are all conducting a vast, terrifying experiment in climate change all at once and at this pace. , far beyond nature's ability to cope, what we are witnessing now is our choice, dark and open, in how dangerously prepared we are to prepare our world.
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