THE first two days of the ongoing Climate Change Conference (COP28) resulted in billions of dollars-worth of pledges and landmark initiatives to support climate action.
On day one of COP28, more nations volunteered to contribute to the loss and damage fund, with at least $420-M pledges secured within an hour after it was announced.
The fund will help countries that are most vulnerable to the adverse impacts of global warming.
On its second day, the UAE pledged $200-M to help climate resilience in vulnerable countries announced by COP28 President Sultan Al Jaber.
“And I am very pleased to announce that the United Arab Emirates…climate resilience for low-income countries,” according to Sultan Al Jaber, COP28 President.
Al Jaber also emphasized the importance of climate investments and urged governments to see it as an economic opportunity instead of a burden.
“Ladies and gentlemen, the fact is that energy transition…it can be both,” Sultan Al Jaber, added.
The latest contribution follows up from a previous pledge of $200-M made in Morocco in October to support development in low-income countries.
Other commitments made during the second day include a $30-B climate investment vehicle from UAE; the World Bank increasing its climate finance targets to $40-B by 2025; and a $2.5-B fund to support the food-climate agenda.
The second day of the summit started with leaders showing sharp differences regarding the future use of fossil fuels.
United Nation Secretary-General Antonio Guterres called for its elimination while Al Jaber proposed a reduction of its use.
