Tag: COP28

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Commonwealth Raises $320M in Climate Finance

UnniKrishnan Divakaran Nair, Head of Climate Change at the Commonwealth Secretariat.

Commonwealth has raised more than US$320 million in climate finance for small countries, in addition to another US$500 million that is in the pipeline.

UnniKrishnan Divakaran Nair, Head of Climate Change at the Commonwealth Secretariat, said that climate finance is essential to boost investments in low-carbon development and the ability of at-risk countries to mitigate the repercussions of climate change.

He pointed out that the Commonwealth has raised more than US$320 million in climate finance for small countries, in addition to another US$500 million that is in the pipeline.

The Commonwealth official told the Emirates News Agency (WAM) on the sidelines of the 28th United Nations Conference of the Parties (COP28) in Dubai that this current edition of COP was able to provide an opportunity for multilateral work and a platform for communication between stakeholders to advance global climate action.

He mentioned the establishment of the Commonwealth Climate Finance Access Hub (CCFAH), which is a mandate for the Commonwealth Secretariat to unlock financial support to developing countries, and a confirmation of the commitment of the 56 Commonwealth member states to move forward in addressing climate change.

The Commonwealth official pointed to the initiative to provide the necessary training to build the capacities of nearly 2,500 officials from the organisation’s member states, and to provide the necessary research and statistics to gain a deeper understanding of the issue of climate change, in addition to implementing the Commonwealth Charter, which is in line with the United Nations’ commitments to address climate change, desertification, and biodiversity,

He called for the exchange of solutions between Commonwealth member states and to promote new and renewable energy projects.

ALSO READ: ‘Efforts to Solution’: Sadhguru Hails COP28 UAE

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Yousaf slams Cameron as ‘petty’ over Erdogan COP28 threat

Cameron, a former prime minister, also threatened to close Scottish offices in UK embassies and withdraw foreign office support for Scottish officials while overseas if there were “further breaches” of protocol…reports Asian Lite News

Scotland’s First Minister Humza Yousaf branded British Foreign Secretary David Cameron “petty” and “misguided” over his threat to withdraw foreign office support for Scottish ministers on overseas trips.

Cameron wrote a letter to Angus Robertson, the Scottish parliament’s constitution secretary, on Sunday in which he said Yousaf had breached protocol by meeting with Turkish President Recep Tayyip Erdogan at the recent UN COP28 climate conference in Dubai without a UK official present.

He accused Yousaf of failing to provide “sufficient advance notice” of the meeting to the Foreign, Commonwealth and Development Office.

Cameron, a former prime minister, also threatened to close Scottish offices in UK embassies and withdraw foreign office support for Scottish officials while overseas if there were “further breaches” of protocol.

James Cleverly made a similar threat during his time as UK foreign secretary after Yousaf met the prime minister of Iceland in August with no British officials present.

Yousaf, who is the first Muslim leader of Scotland and head of the governing Scottish National Party, dismissed the criticism on Monday, describing Cameron as an “unelected lord.”

He also said that any withdrawal of FCDO support would have a negative impact on Scotland’s economy. Yousaf said the meeting was arranged at short notice by a Turkish delegation, but that he would have had “no problem” with a British government official attending.

According to Yousaf, an FCDO official “chose not to stay with the Scottish delegation the whole day, and because of that they ended up missing the meeting.”

He added that a UK government representative had been present during a “vast majority” of meetings held during COP28. “Nothing was discussed that hadn’t been discussed at other meetings, such as the climate crisis, and in this particular meeting the issue of the Israel-Gaza conflict,” Yousaf said.

“For Lord Cameron to say he’s basically going to stop Scotland’s international engagement because of one meeting, where one FCDO official wasn’t able to attend — because, of course, at events like COP, diaries can change quite last minute — is really petty, really misguided.

“I suggest to Lord Cameron that next time, if he has an issue like that, he should just pick up the phone. I’m sure it can be resolved.”  A UK government spokesperson said: “Foreign affairs is reserved under the Scotland Act and, in such turbulent times, the need for the UK to speak on the world stage with one consistent voice is more important than ever.”

ALSO READ-Erdogan says ‘killing children does not exist in the Torah’

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COP28 Urged to Prioritize Ending Fossil Fuels

The study highlights the amount of damage caused to their GDP by climate change, compared to a scenario where climate change didn’t take place…reports Asian Lite News

Nations represented at the United Nations Climate Change Conference (COP28) that is taking place in Dubai must prioritise ending the age of fossil fuels, says a new report that lays out with stark details the economic impact of rising temperatures on one of the hottest regions of the world.

The analysis presented in the report, titled Mercury Rising: The Economic Impact of Climate Change on the Arabian Peninsula, was steered by Marina Andrijevic, an economist at the International Institute for Applied Systems Analysis in Vienna.

Estimates based on a peer-reviewed methodology show that if the global temperature rise reaches 3 degrees C by the end of this century, Gulf countries could expect to suffer an average GDP hit of 69 per cent by 2100. COP28 hosts UAE and Saudi Arabia both face the likelihood of a 72 per cent GDP growth reduction.

If countries keep global temperature rise to 1.5 degrees as set out in the Paris Agreement, these countries face an average GDP growth reduction of minus 8.2 per cent by 2050 and minus 36 per cent by 2100.

This highlights the threat posed to the region from the expansion of fossil fuels which make up 75 per cent of greenhouse gases.

The findings have sparked calls from climate scientists and campaigners in the region for a fossil fuel phase out date to be agreed at COP28 this week.

By 2050 and 2100 the economies of these countries are still expected to be higher than they are today.

The study highlights the amount of damage caused to their GDP by climate change, compared to a scenario where climate change didn’t take place.

The report also shows that countries in the region have some of the highest per capita emissions on the planet, even before factoring in the large amounts of fossil fuels created in these countries.

The average resident of the COP28 host nation UAE is responsible for 25.8 tons of CO2 per year. That is 645 times more than the average person in Congo, whose per capita CO2 emission is 0.04 tons.

Shady Khalil, Campaigns Lead at Greenpeace Middle East and North Africa, said: “As one of the region’s most acutely threatened by climate change, the Middle East and North Africa face a future where rising temperatures could render vast areas uninhabitable, exacerbating the vulnerabilities of countless communities and leading to displacement, wars, and premature deaths.”

“At COP28, we must commit to a just and equitable phase out of fossil fuels. This commitment isn’t just for the sake of our region; it’s a clarion call to the world to acknowledge and act upon the urgent need to transition to renewable energy sources. Our actions today will determine the liveability in this region and around the world for generations to come, he added.”

Lead researcher on the report, Marina Andrijevic said: “The analysis shows the grave economic harm that will be posed to life in the Arabian Peninsula if temperatures continue to climb in an already baking hot region.”

“It’s a tragic irony that much of this global heating will be caused by oil and gas burned from this very part of the world. Agreeing to phase out all fossil fuels is the single most significant thing that COP28 could achieve in reducing emissions and turning the tide on climate change. It’s not just the Arab world which faces big economic headwinds if emissions grow, other vulnerable countries will also be affected with some of the poorest people bearing the greatest cost.”

Joab Okanda, Senior Climate Advisor, Christian Aid, believes this year is set to be the hottest on record and fossil fuels are directly to blame.

“They make up 75 per cent of greenhouse gas emissions which are fuelling the climate crisis. For people living in places already facing extreme heat, like the Arabian Peninsula, continued growth of the fossil fuel industry is a threat to life. Vulnerable people around the world have been calling for a phase out of fossil fuels for many years and until now the issue has been brushed under the carpet at COP summits.

“That needs to end here in the UAE. What better place to usher in the dawn of a new age than in one of the biggest oil producing countries on earth.”

ALSO READ-Climate Action Rooted in Equity, Justice: India at COP28

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Climate Action Rooted in Equity, Justice: India at COP28

At COP28 climate conference, India’s Minister for Environment, Forest and Climate Change, Bhupender Yadav says equity, justice must be the basis for global climate action, reports by Vishal Gulati

Stating that India has achieved 40 per cent of electric installed capacity through non-fossil fuel sources, nine years ahead of the 2030 target, Union Minister for Environment, Forest and Climate Change, Bhupender Yadav, said on Saturday that “equity and climate justice must be the basis for global climate action and the developed countries should take the lead”.

Delivering India’s national statement at the United Nations Climate Change Conference (COP28) here, Yadav said, “As we gather here, India looks forward to the global stocktake’s outcomes and hope they will provide meaningful and relevant inputs for deciding on enhanced climate action.

“The resource mobilisation under the new collective quantified goal must be guided by the needs and requirements of the developing countries.

“India firmly believes that equity and climate justice must be the basis for global climate action. This can be ensured only when the developed countries take the lead in ambitious climate action.”

Stating that it is of paramount importance to repose the trust and confidence in the principles and processes of the convention and its Paris Agreement, the minister said, “Let us all reaffirm our commitment to work together for the common objective for greener, cleaner and healthier planet as we have one earth, we are one family and share one future.

Expressing gratitude to the UAE government for hosting the climate talks, Yadav said India also congratulates the COP28 Presidency for steering this COP (conference of parties) as the “COP for action”, which became evident on the very first day with the successful operationalisation of the ‘Loss and Damage Fund’.

India has been at the forefront of supporting action-oriented steps at the global level in response to climate change.

“We have always held the view that people and planet are inseparable and human wellbeing and nature are intrinsically linked,” he stressed.

“The call given to the global community by Prime Minister Narendra Modi to join Mission LiFE — Lifestyle for Environment — bears testimony to India’s action-oriented approach.

“Furthering the ideals of Mission LiFE, India launched the Green Credit Initiative at COP28 on December 1 to create a participatory global platform for exchange of innovative environmental programmes and instruments.

“Earlier this year, we saw the historic adoption of the Green Development Pact by the G20 nations as part of the New Delhi Declaration,” Yadav said.

The Union minister also said that India has now finalised its third national communication based on GHG (greenhouse gas) inventory of 2019 along with initial adaptation communication.

“It underscores our consistent contribution towards climate action while also prioritising the development and well-being of our people,” he said.

To decouple economic growth from greenhouse gas emissions, he said, India has successfully reduced the emission intensity vis-a-vis its GDP by 33 per cent between 2005 and 2019, thus achieving the initial NDC target for 2030, 11 years ahead of the scheduled time.

“India has also achieved 40 per cent of electric installed capacity through non-fossil fuel sources, nine years ahead of the 2030 target. Between 2017 and 2023, India has added around 100 GW of installed electric capacity, of which around 80 per cent is attributed to non-fossil fuel-based resources.

“We have, therefore, revised our NDCs (nationally determined contributions) upwards, indicating our deep commitment towards enhanced climate action,” Yadav said.

In addition to its domestic initiatives, India’s contribution to climate action has been significant through its international efforts such as International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), creation of LeadIT, Infrastructure for Resilient Island States (IRIS) and the Big Cat Alliance.

“The Global Biofuel Alliance, launched when the G20 leaders met in Delhi earlier this year, seeks to serve as a catalytic platform fostering global collaboration for advancement and widespread adoption of biofuels,” he added.

ALSO READ: Stop Fighting, Focus on Climate Justice, Children’s Plea to COP28

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COP28 Launches Waste to Zero Initiative

The announcement took place amidst the esteemed COP28 proceedings…reports Asian Lite News

Marking a historic moment at COP28, the Ministry of Climate Change and Environment (MOCCAE) and Tadweer (Abu Dhabi Waste Management Company) have officially launched the ‘Waste to Zero’ initiative.

This global endeavour, unveiled during COP28, aims to champion efforts in decarbonising waste management and establishing a circular economy platform, further solidifying the UAE’s commitment to sustainability.

The announcement took place amidst the esteemed COP28 proceedings, symbolising the UAE’s dedication to fostering global collaboration and showcasing innovative solutions to combat climate change.

Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, took the stage at COP28 to declare the official launch of the ‘Waste to Zero’ initiative, assuming the chairmanship to drive its ambitious goals forward.

“At COP28, we are reaching out to all stakeholders to collaborate and activate concrete scalable solutions to decarbonise the waste management value chain. This directly relates to one of the key implementation pillars of COP28 – lives and livelihoods,” Almheiri said.

She added, “Waste to Zero is a voluntary coalition that strives for sector emission reduction in line with the Paris Agreement and supports circular economy implementation. Through this, we aim to address all possible solutions from waste minimisation to waste-to-energy infrastructure, and to pivot to a circular economy model.”

Ali Al Dhaheri, CEO of Tadweer, “This collaboration marks a significant step in consolidating our efforts to address climate change. ‘Waste to Zero’ is more than an initiative; it is a platform for dialogue, awareness, and actionable solutions to reduce greenhouse gas emissions from the waste sector. Tadweer is committed to driving change alongside our partners, MOCCAE and Roland Berger. Together, we look forward to inspiring transformative solutions, creating a more sustainable and prosperous future for all.”

Hani Tohme, Managing Partner at Roland Berger Middle East, “‘Waste to Zero’ represents a crucial milestone in our commitment to finding sustainable solutions for the decarbonisation of the waste management sector. Through this initiative, we aim to turn the global waste crisis into an opportunity for growth, renewal, and resilience. COP28 serves as a fitting platform to highlight the importance of finding innovative solutions, and together with MOCCAE and Tadweer, we are enthusiastic about contributing to a greener, more sustainable world.”

Under the leadership of MOCCAE and Tadweer, the ‘Waste to Zero’ initiative will host discussions, workshops, and awareness programmes globally. These activities will focus on circular economy objectives, sustainable resource management, and the latest innovations in waste management and carbon emission reduction.

The initiative addresses challenges faced by the waste management sector, aligning with UN Sustainable Development Goals and climate change objectives. ‘Waste to Zero’ will promote solutions for global decarbonisation by attracting investments in infrastructure projects, creating employment, reducing dependence on natural resources, and strengthening regulatory frameworks.

This collaboration aims to underscore the pivotal role of the waste management sector in addressing climate change, inviting the entire ecosystem to raise ambition and work towards tangible results. ‘Waste to Zero’ aligns with the goals of the Paris Agreement, demonstrating concrete action to mitigate climate change and usher in a sustainable future.

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COP28 Boosts Urban Sustainability with New Partnerships

The announcements span sectors including buildings, waste and resource management systems, urban water resilience, and urban nature restoration…reports Asian Lite News

Over 40 ministers met today in Dubai in support of subnational climate action, joining the COP28 Presidency to announce a series of partnerships to accelerate the net-zero transition and climate resilience in cities.

The announcements span sectors including buildings, waste and resource management systems, urban water resilience, and urban nature restoration. They build on the 1st December launch of the Coalition for High Ambition Multilevel Partnerships for Climate Action (CHAMP) to include cities and regions in the design of federal climate commitments and strategies.

“Meeting the aims of the Paris Agreement and keeping 1.5°C within reach depends on the leadership and support of the world’s mayors and governors,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President. “That is why at COP28 we have empowered leaders and communities by launching CHAMP and working with organisations like UN-Habitat and Bloomberg Philanthropies to recognise and support the important roles cities and their leaders can play in addressing climate change.”

Multilevel Action, Urbanisation, Built Environment and Transport Day hosted the second Urban Climate Ministerial, co-organised with United Nations Human Settlements Programme (UN-Habitat), and the UN Climate Change High-Level Champion for COP28,and concludes a week of unprecedented mayoral and gubernatorial participation in the COP process. Brazil’s Minister of Cities, Jader Barbalho Filho, closed the meeting by announcing Brazil’s plans to widen participation and mobilisation for the Ministerial at COP30.

The COP28 Presidency and Bloomberg Philanthropies partnered to deliver the Local Climate Action Summit (LCAS) (1-2 December), which saw over 500 subnational leaders join the summit portion of a COP for the first time. Nearly US$500 million of new city-focused climate investment was also announced.

6 December outcomes include:

-Buildings Breakthrough
The Buildings Breakthrough, launched with the support of 27 countries, is led by France and Morocco. The partnership aims to make ‘near-zero and resilient buildings’ the new normal by 2030, addressing the fact that the building sector alone accounts for nearly 40 percent of global energy-related CO2 emissions, 50 percent of extracted materials, and one-third of global waste.

-Cement Breakthrough
The Cement and Concrete Breakthrough was launched by Canada and the UAE, along with an inaugural cohort of endorsing countries that include the United Kingdom, Ireland, Japan and Germany. The initiative strives to make clean cement the preferred choice in global markets, with near-zero emission cement production established and growing in every region of the world by 2030.

– Waste to Zero initiative
Waste to Zero is a voluntary coalition made up of governments of all levels, NGOs, and the private sector to decarbonise the waste management sector and transform waste into resources . Waste to Zero is an official initiative under the UAE’s ‘Year of Sustainability’ and spearheaded by the UAE Ministry of Climate Change and Environment (MOCCAE), Abu Dhabi Waste Management Company (Tadweer), and Roland Berger.

-Waste MAP
The Waste MAP is the first-ever global platform to use satellite monitoring to track and measure methane emissions from waste, developed by the Global Methane Hub , Google Foundation, Rocky Mountain Institute, Clean Air Taskforce (CATF), the Netherlands Institute for Space Research (SRON)/GHGSat, and Carbon Mapper. Local governments and NGOs can use the platform to identify and mitigate methane emissions before they become hazardous. The platform is set to go live in 20 global megacities that are collectively home to over 100 million people.

Two new programmes to accelerate the adoption of 15-minute city (15MC)/proximity planning policies and measure their impact.

C40, a network of nearly 100 mayors of the world’s leading cities, is increasing actions to accelerate the adoption of the 15-minute City (15MC) – highly liveable, walkable, and people-oriented cities. The Green and Thriving Neighborhoods programme created in collaboration with Urban Partners provides deep support to more than 40 cities to help them turn the 15MC into reality through the implementation of concrete pilot projects. C40 also launched a tool to measure the impacts of 15MC with Novo Nordisk. The Healthy Neighborhoods Explorer, created with Novo Nordisk’s Cities will enable policymakers to measure how 15MCs significantly reduce emissions and offer residents better health.

-Generation Restoration project
Guided by the Paris Agreement and the Global Biodiversity Framework, the Generation Restoration project (2023-2025) is currently supporting pilot projects to catalyze urban ecosystem restoration and emissions mitigation in eight world cities . These cities include Douala (Cameroon); Dakar-Plateau Thies (Senegal); Quezon City (the Philippines); Kochi (India); Sirajganj (Bangladesh); Samborondon (Ecuador); Mexico City (Mexico); and Manaus (Brazil).

World transport systems are vital for people’s lives and livelihoods, with transport representing around 22 percent of global carbon emissions.

ALSO READ: UAE Puts Trade at Centre of Climate Debate

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Over 100 Climate Tech Startups Showcase at COP28

The participation of these startups demonstrates the wide range of solutions being explored and positions COP28 as a key platform for advancing sustainable technologies….reports Asian Lite News

More than 100 climate tech startups are showcasing their work at COP28 UAE’s Start Up Village in the Green Zone.

Operating in diverse sectors such as sustainable transport and agriculture, solar energy, and several others, these startups are offering innovative solutions that can contribute to a low-carbon future.

The participation of these startups demonstrates the wide range of solutions being explored and positions COP28 as a key platform for advancing sustainable technologies.

The COP28 Presidency emphasises the important role that the private sector and technology can play in delivering climate action on the required scale.

Climate technologies could at least double their contribution to global growth, while removing up to 25 billion tonnes of carbon emissions annually.

Recognising the importance for breakthrough technologies to achieve deeper decarbonisation, the COP28 Presidency has been highlighting that research and development is urgently required to bring down costs for existing and emerging technologies.

To further the involvement of the private sector startups, COP28 is hosting a dedicated Technology and Innovation Hub. This platform provides the private sector with an invaluable opportunity to share best practices and showcase their contributions in addressing the climate crisis.

Following are some startups with their products to tackle climate change, which will be on display at their kiosks at the Startup Village.

Mazi Mobility: Pioneering Sustainable Transport

Mazi Mobility, a Kenyan-based mobility company, is dedicated to promoting sustainable transport as a tool to advance the goals of the Paris Climate Agreement. With a focus on showcasing the transformative potential of e-mobility solutions, the company aims to reduce emissions and foster sustainable living.

In a significant partnership, Mazi Mobility and the Zayed Sustainability Prize have joined forces to launch an electric bike journey from Nairobi to Dubai. Spanning an impressive distance of 7,500 km, this journey will cover two continents and five countries, symbolising a commitment to sustainable practices on a global scale.

SolarSpace: Transforming Solar Energy

Arizona-based startup, SolarSpace, is showcasing its advanced solar energy technology at COP28, featuring the M8 solar tracker. Weighing 1,500 kg and measuring 660 cm x 335 cm x 460 cm, this stationary exhibit minimises solar reflections.

Large mirrors focus sunlight onto a small focal point reaching 1,000°C in less than 8 seconds. This heat is converted into sound waves, and sound waves into electric power or cooling.

The system is based on freeze dry (sublimation) methods. Sublimation is when a solid (ice) changes directly to a vapor, skipping liquid (water) phase. The system freezes the water, puts it under vacuum and introduces heat. At about -5°C ice is fully evaporated without reaching a boiling point and condensed, while all solids are left dry in a powder form.

The system is solar-powered, modular, grid-independent, deployable system that can be deployed at any remote location and can be used for brackish groundwater or seawater. The technology has no filters to replace or chemicals to add, making its operation simple, durable and cost-effective, reducing cost.

RedSea: Sustainable Agriculture for Global Food Security

RedSea products and technology significantly reduce fresh-water and energy usage, enabling profitable agriculture in arid conditions and high-temperature environments. This innovation extends the growing season in regions that traditionally experienced only seasonal farming, ultimately increasing yield.

The mission of RedSea is clear: to Feed the World Sustainably. This commitment is fulfilled by substantially reducing crop inputs in commercial farming, making it feasible to cultivate previously unsustainable regions like the UAE, Saudi Arabia, and the GCC. The technology is already delivering benefits to farming communities in these areas.

RedSea’s impact goes beyond agriculture—it contributes to saving water, addressing food security, reducing emissions, and enhancing the profitability of mid to low-tech farming operations.

FlyNow Aviation GmbH: Revolutionizing Urban Mobility

FlyNow Aviation GmbH focuses on social, economic, and ecological sustainability through its lightweight and efficient electric vertical take-off and landing aircraft (eVTOL).

An eVTOL aircraft utilises electrical power for vertical hovering, take-off, and landing. These vehicles are optimised for electrical propulsion with battery-powered systems, offering a greener, safer, faster, quieter, and more efficient alternative to helicopters or traditional automobile taxis.

Designed for urban mobility, the personal air vehicle provides eco-friendly transport for both cargo and passengers over short distances. Visitors can immerse themselves in virtual flights at the event, showcasing the company’s dedication to innovation and sustainability.

PLATFARM: Transforming Agritech in the MENA Region

PLATFARM, a UAE-based agritech company, is improving agribusiness in the MENA region with its data platform. Leveraging AI and satellite imagery, PLATFARM facilitates daily data-driven decisions, optimising irrigation, and reducing the reliance on fertilisers and pesticides. Committed to sustainability, the platform provides real-time insights, improving crop management and resource conservation for a more sustainable agricultural future.

GARBALISER: Improving Agriculture and Clean Energy in the UAE and Lebanon

GARBALISER employs innovative technology to transform biowaste into liquid natural fertiliser and renewable water. This advancement helps sustainable practices, addresses environmental challenges, and contributes to eco-friendly agriculture and water resource management.

ECOLOO: Pioneering Sustainable Sanitation Technology

At COP28, ECOLOO showcases its cutting-edge biological sanitation tech. Their enclosed, waterless system prevents pollution and contamination while converting waste into odor-free liquid fertiliser for organic farming. It uses special formulated bacterial culture to treat and vanish human waste and transform urine into natural liquid fertiliser that is odor free, pathogen free and full of nutrients.

ECOLOO says it not only saves gallons of water but also eliminates sewage costs. The company is set to unveil a new net-zero approach for commercial and residential buildings and factories during the event.

The Startup Village is located in the Green Zone and is open to the public from 3rd to 12th December. The Green Zone serves as the central hub for action and welcomes all attendees.

It is open to the public, private sectors, media, youth, NGOs, as well as delegates and guests of the UNFCCC-managed Blue Zone for two weeks. Entry to the Green Zone from 1st to 3rd December is by invitation only.

ALSO READ: UAE President, UN Chief Discuss COP28 Agenda

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‘COP28 Drives Capital Toward Emerging Markets for Climate Battle’X

Banga stated that the World Bank also made good announcements during COP28, including financing for climate projects…reports Asian Lite News

Ajay Banga, President of the World Bank, underscored the significance of the ongoing 28th session of the UN Climate Change Conference (COP28), emphasising that the event has already made substantial progress in advancing climate action initiatives.

Banga, speaking to the Emirates News Agency (WAM) on the sidelines of the conference at Expo City Dubai, added, “COP28 is a very important conference because what it’s doing is not just bringing people together, but it provides certainty about the deadline that everyone wanting to make any real commitment must adhere to.”

He highlighted that the presidency of COP28, represented by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, has made remarkable efforts in bringing everyone together at one table, pointing out that since its inception, the conference has seen the issuance of many important and positive announcements.

Banga explained that during the Conference of the Parties, the extremely ambitious ALTÉRRA fund was announced, which is the largest investment fund to stimulate global climate action, with an initial capital of $30 billion, marking a new global achievement in boosting climate action efforts.

He stated that the World Bank also made good announcements during COP28, including financing for climate projects, connecting 100 million people in Africa to solar energy, efforts to reduce methane gas in highly specific projects, as well as voluntary carbon markets.

Banga mentioned the launch of the Global Climate Finance Centre, which is a crucial effort to establish a centralised educational centre for climate finance, involving BlackRock, HSBC, and many other institutions.

Abu Dhabi announced today the hosting of the Global Climate Finance Centre as a leading institution that will accelerate the development of frameworks and skills in climate finance, supporting best practices in the UAE and globally, aiming to address major challenges associated with financial frameworks that hinder investment flows to help make climate finance accessible, affordable, and inclusive.

Ajay Banga said, “We need the resources and innovation of the private sector, and we need everyone involved in taking the lead, and this partnership embodied in the Global Climate Finance Centre at this level of collaboration helps expand the scope of smart, low-carbon investment solutions in the climate field.”

Many global institutions, in addition to the Abu Dhabi Global Market, participated in establishing the Global Climate Finance Centre, including ADQ, BlackRock, Children’s Investment Fund Foundation, the Glasgow Financial Alliance for Net Zero, HSBC, Masdar, Ninety One, and the World Bank Group.

Banga pointed out that the United Arab Emirates has provided the opportunity to host all these initiatives here, adding, “I believe this could become a hub for understanding how to mobilise capital towards emerging markets to combat climate change.”

ALSO READ: UAE President, UN Chief Discuss COP28 Agenda

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COP28 Raises Over $57 Billion in 4 Days

On energy, $2.5 billion was mobilised for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing….reports Asian Lite News

In a powerful demonstration of global solidarity, governments, businesses, investors and philanthropies have announced over $57 billion (AED200 billion) across the climate agenda in just the first four days of COP28.

After a historic agreement to operationalise a fund for climate impact response on day one, announcements have poured in across the entire climate agenda, including on finance, health, food, nature, and energy.

On climate finance, the UAE has launched a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South. The country has also announced $200 million for SDRs and $150 million for water security. In addition, the World Bank has announced an increase of $9 billion annually to finance climate-related projects. And, in the first 48 hours of COP28, after a historic response to loss and damage was operationalised, $725 million has already been pledged.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund, $2.7 billion has been pledged for health, $2.6 billion has been committed for food systems transformation, $2.6 billion has been pledged to protect nature, $467 million has been announced for urban climate action, and $1.2 billion has been committed for relief, recovery and peace.

On energy, $2.5 billion was mobilised for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.

In total, over $57 billion has so far been announced in the first four days. In addition, new pledges and declarations made at COP28 have received historic support.

Eight new declarations have been announced that will help transform every major system of the global economy.

These include the first-ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonise heavy-emitting industries.

Three additional declarations will be announced in the coming days on hydrogen, cooling, and gender. The number of countries supporting these declarations and pledges is growing and demonstrates an unprecedented level of inclusivity at this COP.

ALSO READ: UAE President, UN Chief Discuss COP28 Agenda

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Pope, Grand Imam Urge Robust Climate Action at COP28

COP28’s unique pavilion, co-hosted by the UAE Ministry of Tolerance, the Holy See, UNEP, the Muslim Council of Elders, and faith partners, unites leaders to discuss faith communities’ role in addressing the climate crisis….reports Asian Lite News

His Holiness Pope Francis and the the Grand Imam of Al-Azhar, Ahmed Al-Tayeb have signed a declaration of support for urgent climate action, giving video addresses to the UN Climate Change Conference (COP28) at the inauguration of the Faith Pavilion with messages of urgency and hope for robust climate action.

“Today, the world needs alliances that are not against someone, but for the benefit of everyone. It is urgent that religions, without falling into the trap of syncretism, set a good example by working together; not for their own interests or those of a particular group, but for the interests of our world,” said the Pope.

“Among these, the most important right now are peace and climate. Let us, as religious representatives, set an example to show that change is possible, to demonstrate respectful and sustainable lifestyles, and let us fervently ask the leaders of nations to preserve our common home. “

This is particularly requested by the little ones and the poor, whose prayers reach the throne of the Most High. For their future and the future of all, let us safeguard creation and protect our common home; let us live in peace and promote peace,” added the pontiff, who was unable to attend the Dubai summit in person because of illness.

The Grand Imam of Al-Azhar, the 1,000-year-old seat of Sunni learning in Cairo, in his message said: “… meant to cooperate with the UN and the UAE towards making the voice of religious leaders heard in face of challenges, especially climate change.

“This is a precious opportunity to enhance the efforts of protecting our common environment from imminent destruction, which is looming larger year after year.

“This threat is embodied in natural disasters, including an unprecedented rise in temperature, sweeping floods, devastating wildfires, and severe drought, and extinction of numerous living species, and the spread of epidemics and diseases.

“Islam has a specific position on the environment and its elements, starting with the earth, through all the living species on land, to all sea and air species. This position is succinctly embodied in the Divine Command directed to every human being, believer and non-believer, to reform the earth and all that is on it, and in the prohibition and warning against causing corruption to it or to any of its elements.

“The Noble Quran abounds with verses that urge respect for the environment and its elements, drawing on two perspectives: First is that the environment and natural elements constitute the clearest evidence that guides the mind to knowing Allah Almighty and believing in Him, which is indeed the best blessing ever for humanity.

“The second perspective is that all kinds of beings share the believing man his servitude to Allah Almighty. Hence, in the Islamic logic, humans are responsible for the environment, just as they are responsible for themselves and for their fellow human beings. In Islam too, special legislations address this specific issue.

“Allah Almighty has warned humans that if they make mischief on earth, they will suffer diseases, calamities and disasters in intensity proportionate to the inflicted corruption.”

Held under the patronage of UAE President Sheikh Mohamed bin Zayed Al Nahyan, the inauguration of the Faith Pavilion was attended by UAE Minister of Tolerance and Coexistence Sheikh Nahyan bin Mubarak Al Nahyan; Vatican Secretary of State Cardinal Pietro Parolin, who was representing Pope Francis; and other global political figures and religious leaders.

The first-of-its-kind pavilion, co-hosted by COP28, the UAE Ministry of Tolerance and Coexistence, the Holy See, the UN Environment Programme (UNEP), the Muslim Council of Elders, and a coalition of faith partners, brings together religious leaders, officials, scientists and more to discuss the role of faith communities and religious institutions in addressing the climate crisis.

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