Home Latest News ‘COP28 to help build the foundation for the climate finance system of the future’ – Times of India

‘COP28 to help build the foundation for the climate finance system of the future’ – Times of India

0
‘COP28 to help build the foundation for the climate finance system of the future’ – Times of India

[ad_1]

NEW DELHI: Ahead of the upcoming 28th session of the UN climate change conference (COP28) in Dubai, its president-designate, Sultan Ahmed Al Jaber, has written to 198 nations, including India, assuring that the UAE presidency for the annual meet would work for making it a “milestone” to help build the foundation for the climate finance system of the future.
In his letter, he also reminded the rich nations of their unfulfilled promises on delivering climate finance for supporting developing countries, and urged them to scale up finance saying the current level of replenishment is “neither ambitious nor adequate” to meet the world’s challenge.
“Developed nations must honour their commitments and provide maximal assurances to channel $100 billion annually towards developing countries through to 2025, as well as show progress on at least doubling adaptation finance by 2025,” said Al Jaber who is also the UAE special envoy for climate change.
He said, “As I laid out before, COP28 should be a milestone to help build the foundation for the finance system of the future…We intend to build on this collective progress and ensure that COP28 becomes a defining milestone for Parties (countries) to accelerate action and deliver real results.”
The agenda of COP28, which is to be held during November 30 – December 12, will focus on fast-tracking just, equitable and orderly energy transition and slashing emissions before 2030; transforming climate finance by delivering on old promises and setting the framework for a new deal on finance; putting nature, people, lives and livelihoods at the heart of climate action; and mobilising for an inclusive COP.
Sharing the broad agenda, Al Jaber invited all countries to join COP28’s pledge endorsing the tripling of global renewables capacity (reaching 11 TW by 2030) and doubling of the annual average global rate of energy efficiency improvements between now and 2030 (reaching 4%), and to come to COP with tangible commitments to realise this goal.
The upcoming COP would also be significant as the countries would conclude the first ever global stocktake of their climate action spelling out the gaps in actions, and finalise the mechanism for ‘loss and damage’ finance and its donor base.
The president-designate also emphasised on the need to ensure the new fund for addressing ‘loss and damage’ at the earliest. “We cannot delay this by having a multi-year process to agree on governance,” said Al Jaber.



[ad_2]

LEAVE A REPLY

Please enter your comment!
Please enter your name here