WHAT DINA THINKS: COP28 President Stresses Urgency for Climate Action

Hi expats! 

Let's get into the topic of climate action. 

COP28 president Sultan Al Jaber emphasized the need for "trillions" of dollars to accelerate the green transition. Speaking at an event in Paris organized by the International Energy Agency (IEA), he highlighted the progress made during last year's UN negotiations in Dubai.

The agreement reached in Dubai aimed to triple global renewables capacity and move away from fossil fuels, but key details, especially regarding funding, remained elusive. COP28 president Jaber, who is also the chief of the UAE's national oil company ADNOC, stressed that finance is the "key enabler of positive change at the speed and scale" required.

However, the failure of wealthy nations to meet their goal of providing $100 billion per year by 2020 has strained trust, with indications that the target was likely reached only in 2022. The UN-backed climate finance expert group estimates that emerging economies (excluding China) will need around $2.4 trillion annually by the end of the decade.

Jaber urged a shift in perspective, stating, "We need to start thinking trillions, not billions."

Recognizing the scale of support required, attention is now turning to diverse funding sources. Proposed measures include urging the World Bank and International Monetary Fund to align lending with Paris Agreement goals and exploring new taxation, especially on polluting industries. Redirecting fossil fuel subsidies into green development is also under consideration.

Jaber cautioned that without clear action, "political momentum can dissipate" between COP meetings. This year, with numerous elections worldwide and geopolitical challenges, adds an element of uncertainty to the climate talks in Baku for COP29.

Despite challenges, COP hosts UAE, Azerbaijan, and Brazil have initiated an alliance to sustain global focus on the 1.5°C goal. Analysts stress the importance of progress on finance this year, influencing countries' climate targets, with enhanced decarbonization plans expected in late 2025.

IEA chief Fatih Birol announced a new mechanism starting March 1 to measure the gap between countries' climate goals and the actions being taken, emphasizing the importance of concrete actions aligned with stated commitments. 

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