Home Business Dubai pact for fund to help countries with global warming | Arabian Weekly

Dubai pact for fund to help countries with global warming | Arabian Weekly

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Dubai pact for fund to help countries with global warming | Arabian Weekly

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Arabian Weekly Staff

In a historic decision at the beginning of the 2023 United Nations Climate Change Conference in the United Arab Emirates, nearly 200 nations reached an agreement to establish a fund to assist countries grappling with the effects of global warming.

The climate talks in Dubai come at a critical juncture as global emissions continue to surge. The UN announced on Thursday that 2023 is on track to be the hottest year in recorded history, highlighting the urgency for immediate action. The establishment of a “loss and damage” fund, long advocated for by climate-vulnerable nations, marked an early victory at COP28.

The UAE and the European Union (EU) made initial commitments of $100 million and $246 million respectively to the loss and damage fund, but they fall short of the $100 billion needed by developing nations to cope with the devastating effects of climate change.

COP28, set to become the biggest climate conference in history, will host over 140 heads of state and government, double the attendance from last year’s COP27. These high-level leaders will deliver speeches throughout Friday and Saturday, with Britain’s King Charles III officially opening the event with a ceremonial address.

The UAE hopes to spearhead an agreement to triple renewable energy capacity and double the annual pace of energy efficiency improvements by 2030. During the crucial negotiations from November 30 to December 12, experts have warned that forging trust could prove to be a formidable obstacle.

As the conference commenced, delegates observed a minute’s silence to pay their respects to the innocent lives lost in Gaza. On the sidelines of the summit, Israeli President Isaac Herzog met with his UAE counterpart, Sheikh Mohammed bin Zayed Al Nahyan. Palestinian President Mahmud Abbas was supposed to attend the COP28 but his office said the Palestinian foreign minister would attend instead.

Despite holding the distinction of being the world’s two largest polluters, the United States and China’s leaders are not attending the COP28. However, in a rare display of unity, both nations have issued a joint climate declaration ahead of the conference.

 

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