the summit launches ambitious agreements for the climate fight

Several multi-million dollar promises, grandiloquent speeches from the main world leaders and, in general, a clear and resounding message that it is urgent to add more efforts to fight the climate crisis, leave fossil fuels behind and protect the most vulnerable from meteorological extremes. These are the three elements that have marked the second official day from the Dubai climate summit (COP28), where they have deployed a real rain of millions against climate chaos. “We need to take a giant leap into the future and design pragmatic solutions to address the problems that the climate crisis is creating in the world,” said Sultan Al Jaber, president of the event.

During the day this Friday, they announced several multi-million dollar deals. Arab Emirates has promised 30 billion dollars to drive “climate solutions” around the world. This initiative, in turn, hopes to mobilize 250 billion private capital for adaptation programs against climate change. The host country of this summit has also presented a 200 million dollar program together with the Gates Foundation, owned by the Microsoft magnate, for research programs focused on strengthening innovation in agricultural systems most vulnerable to climate extremes.

Pedro Sánchez has advocated for “international taxation that is governed by the principle that the polluter pays”

The United Arab Emirates will invest 30 billion to promote “climate solutions” and the World Bank will invest 40 billion more for adaptation and mitigation projects

There have also been many announcements related to the fund to help victims of climate chaos announced at the start of the Dubai summit. As announced by the President of the Spanish Government, Pedro Sánchez, Spain will contribute 20 million to this initiative. Macron has stated that France will contribute 100 million more. Meloni has assured that Italy will add another additional 100 million. And Canada, for its part, has promised to add 16 million. These figures have sparked joy and skepticism among the countries of the global south since, for the moment, beyond the promises still it is unclear how (and when) they will be delivered.

Alliance with banks and private sector

The World Bank has committed to increasing its climate finance target until reaching 40 billion dollars by 2025. As announced this Friday by the president of this entity, Ajay Banga, half of these funds will be allocated to mitigation projects and the other half to adaptation initiatives. In total, the entity estimates that dwill spend up to 45% of your annual financing to projects related to the fight against climate change.

More than 1,000 businessmen and philanthropists mobilize $5 billion to “promote the climate transition”

The summit has also seen the blossoming of a new climate forum featuring businesses and philanthropists. Several organizations meet in Dubai They have committed to mobilize 5,000 million dollars to “drive the climate transition in emerging economies.” Along these lines, the United Kingdom has announced a investment of 2 billion dollars to the so-called ‘green climate fund’. This United Nations initiative is also designed to help developing countries implement adaptation and mitigation plans against climate change.

Against fossil fuels

On the second day of the Dubai summit, hundreds of world leaders traveled to the Emirati city to participate in this high-level diplomatic meeting. The Secretary of the United Nations, António Guterres, took advantage of his appearance this Friday to launch another allegation against the oil, gas and coal industry. “We cannot save a burning planet with a hose of fossil fuels,” he declared before the assembly of world leaders. “We must accelerate a fair and equitable transition towards renewable energies. Not reduce, not diminish but abandon,” he added.

“We cannot save a burning planet with a hose of fossil fuels”

Antonio Guterres

UN Secretary General

Sánchez has focused his speech in the “opportunity” that the Dubai summit represents to create a “just and equitable climate agenda”. In this sense, beyond the 20 million allocated to the fund for climate victims, the Spanish president has announced the contribution of five additional million to the Santiago network and two million to stop deforestation in the Amazon. Regarding future challenges, Sánchez has highlighted the need to reduce emissions, triple the installation of renewable energies, double energy efficiency and end the use of fossil fuels. “This summit represents a great opportunity,” he said. “We have to work on new international taxationwhich is governed by the principle that the polluter pays and creates conducive environments to promote investments, innovation and climate cooperation,” added the Spanish president, who has also announced that Barcelona will host the meeting of the International Alliance in September 2024. for Drought Resilience (IDRA), an initiative launched a year ago by Senegal and Spain to which some 60 countries have joined.

“Lead by example”

He president of brazil, Lula da Silva, has called to “face the debate on the slowness of decarbonization.” In this sense, she has called for transforming the economy to leave fossil fuels behind. “We must do it quickly but fairly. I can’t imagine fighting climate change without fighting inequality,” she added. In this sense, Lula has stated that Brazil is willing to “lead by example” and, precisely for this reason, measures have already been implemented such as strengthening its roadmap to cut emissions, reducing deforestation in the Amazon (to reach a zero rate by 2030) and formulating an ambitious ecological transformation plan to “promote green industrialization, low-carbon agriculture and the bioeconomy.

Related news

He King Charles III of England He has also taken the floor in Dubai to demand the adoption of “real and transformative actions” against the climate crisis. In his speech, the monarch emphasized the need to “restore harmony with nature” and, above all, to remember that “the earth does not belong to us, we belong to the earth.” “I pray with all my heart that the COP28 be another critical turning point as the Paris agreement was in its day,” the president stated in his appearance this Friday.

“All your political messages must be translated into real and tangible actions”

Simon Stiell

United Nations

Throughout this day, there have been almost a hundred political leaders who have taken the floor to pronounce their climate promises before the Dubai summit. Simon Stiell, executive secretary of the United Nations Department of Climate Change, has applauded these speeches full of good intentions but, at the same time, has sent a warning message. “All your political messages must be translated into real and tangible actions. And this should be reflected in the agreement that will be delivered on December 12,” added the president, recalling that, beyond this Friday’s gestures, promises are useless if they do not put black on white in the final Dubai agreement.