COP 28 prioritizes finance and investments for accelerated climate change initiatives
The 28th Conference of the Parties (COP 28) in Dubai, a crucial gathering for addressing climate change, is placing a spotlight on financing and investments to propel global climate initiatives forward
Reuters reports that ongoing discussions at the summit encompass trade policies, carbon emissions, and innovative financing strategies crucial for supporting environmental projects.
Developing countries, faced with the urgent need to adapt to global warming, are seeking substantial financial assistance, with estimates indicating the requirement of hundreds of billions of dollars annually.
Additionally, substantial investments are imperative for transitioning to clean energy.
Countries particularly vulnerable to climate change are urging significant funding allocations to combat costly disasters like floods and storms.
Barbados Prime Minister Mia Mottley emphasized the need for immediate decisions on fund allocation to realize the ambitious expectations set by the conference.
Mottley proposed exploring taxation as a viable means to generate climate change funding, suggesting a 1.0% tax on global financial services could yield $420 billion.
She further outlined the potential of a 5% tax on global oil and gas sales, projecting an additional $200 billion for climate change investments.
Mottley's proposals align with calls for innovative financial mechanisms to address climate challenges.
During COP 28, the United States pledged three billion dollars to the "Green Climate Fund" to combat climate change effects.
Simultaneously, proposals to end fossil fuel subsidies gained traction, with activists and leaders, including UN Secretary-General Antonio Guterres, advocating for their termination. Fossil fuel subsidies currently reach an unprecedented $3 trillion annually.
Suhail Al Mazrouei, the UAE's Minister of Energy, emphasized the necessity of investing in hydrocarbons to prevent price hikes during the transition to clean energy.
The UAE further signaled its commitment to exploring advanced nuclear reactor development by partnering with Terra Power LLC, founded by Bill Gates.
While negotiations among participating countries continue, the UAE authorities allowed a limited protest rally, marking an unprecedented move in the context of the COP 28 summit.
The rally was permitted under stringent conditions, reflecting a delicate balance between advocacy and security concerns.
