COP28 Conference UAE: The 28th Conference of the Parties has opened in Dubai today (Friday, December 1) and UN Secretary-General Antonio Guterres was appreciative of the landmark operationalization of loss and damage fund.
Addressing the COP28 Conference UAE, the Secretary-General of the United Nations Antonio Guterres urged the developed countries to lead efforts for drastic emissions cuts. For a 1.5-degree world, he said we need to demonstrate leadership, cooperation, and political will. The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels.
The UN Secretary-General urged countries to assist the industry in making the best decision possible by regulating, legislating, putting a fair price on carbon, removing fossil fuel subsidies, and instituting a windfall tax on profits. He emphasized the need to use renewable energy, claiming it is healthy for our world and economies.
Antonio Guterres said climate justice is long overdue, referring to the terrible effects of climate change on developing countries. He stated that the global stocktake must commit to increased funding, including for adaptation, loss, and damage. It must promote multilateral bank reforms to leverage substantially more private finance at affordable costs for poor countries.
Britain’s King Charles warned the COP28 Summit that unless the environment is quickly healed, the global economy would be jeopardized. He stated that the consequences of climate change are no longer a distant threat and encouraged world leaders to take stronger measures.
Climate change, according to King Charles, has caused enormous floods in India, Bangladesh, and Pakistan, as well as severe wildfires in the United States, Canada, and Greece. He stated that our economy and survival will be jeopardized unless we quickly repair and restore nature’s unique economy, which is based on harmony and balance. He stated that change will occur through collaboration and making it simpler to accept decisions that will preserve our world.
Sheikh Mohammed Bin Zayed, President of the United Arab Emirates, proposed the formation of a $30 billion fund for global climate solutions. This fund, he explained, was created particularly to bridge the climate financing gap, ensuring availability, accessibility, and affordability. He stated that the goal is to promote $250 billion in investment by 2030.