COP28 marks beginning of critical international effort to address climate change

(MENAFN) The United Nations Climate Conference (COP28) commenced in Dubai on November 30, marking the beginning of a critical international effort to address climate change. The conference opened with a historic resolution on climate damage, setting the stage for crucial discussions and announcements related to finance and energy.

A significant development on the inaugural day was the decision to activate the "Loss and Damage" Fund, a dedicated initiative aimed at assisting vulnerable countries in coping with the costly and devastating consequences of climate disasters. Subsequent to this decision, participating countries swiftly pledged their initial financial contributions to the fund. By Saturday, the cumulative contributions had surpassed the USD650 million threshold, reflecting a strong commitment to supporting nations disproportionately affected by climate-related challenges.

Several nations, including the UAE, Germany, Italy, and France, took the lead by individually pledging up to one hundred million dollars or euros towards the fund. The tangible financial commitments underscored the urgency and shared responsibility in addressing the adverse impacts of climate change.

In a joint statement on Saturday, over twenty countries, including the UAE, the United States, and France, issued a call to triple the world's nuclear energy sources by 2050 compared to 2020. This statement signals a collective effort to leverage nuclear energy as a strategic component in the transition to cleaner and more sustainable energy solutions.

Moreover, in a significant move towards renewable energy, 118 countries signed a pledge on Saturday, committing to tripling the world's renewable energy capabilities by 2030. This commitment aligns with the overarching goals of COP28 to accelerate the global transition to cleaner energy sources and mitigate the impact of climate change.

European Commission President Ursula von der Leyen expressed the significance of these commitments, noting that they send a "very strong message" to markets and investors. The proactive and collaborative initiatives undertaken during the initial days of COP28 signal a collective determination to address the pressing climate crisis and pave the way for a more sustainable future.


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