Environment Fund Established at World Climate Summit:
Environment Fund established to help the countries most affected by the climate crisis, Germany and the United Arab Emirates announced $100 million each. On the first day of the Climate Summit, the announcement of the establishment of the Environmental Fund is being considered as an important development.
This is the first time that money has been announced in the “Loss and Damage Fund”. This was agreed upon at the World Environment Summit (COP 27) held in Egypt last year. This will help the smaller countries that are suffering from the climate crisis caused by the big carbon-emitting countries.
Small Financial Contributions
The United Kingdom, the United States, and Japan also pledged small financial contributions to the “loss and damage fund” at the UN’s global climate conference that began in Dubai on Thursday. “Now the real work begins,” said Sultan Ahmed Al Jaber of the oil-rich United Arab Emirates, who presides over the World Environment Summit, announcing financial support for the fund.
“I will go ahead and do it myself and try to address this challenge and deliver real and actionable results,” he said. He claimed that countries are witnessing a “positive and optimistic” sentiment after the announcement of the “Loss and Damage Fund”.
Climate change causes billions in losses to world economies
Sultan Jaber, who also heads the UAE’s national oil company NDNOC, said the role of fossil fuels should be included in UN environmental negotiations. Environmental activists, countries most affected by climate impacts, and UN chief Antonio Guterres have called for an end to fossil fuels, which are responsible for three-quarters of greenhouse gas emissions.
Germany Welcomes the Establishment of the Fund
After the United Arab Emirates and Germany announce that they would give financial aid. To compensate for the environmental damage cause to especially weak countries. German Development Minister Svenja Schulz appeal to China to contribute to this fund. “China and other emerging countries should also follow the UAE’s lead and contribute to the new fund,” the German minister said in a newspaper interview on Friday.
Traditionally Industrialized Countries
The UAE has become the first country to open its door to the UN Environment Fund. With the announcement of the fund’s contribution. “In this way, we are overcoming the old division between a small group of traditionally industrialize countries participating in financial aid and others,” said Schulz. Countries like this also have a responsibility. They also emit a lot of carbon dioxide and can afford to help poor countries deal with climate damage.”
COP 28 is the largest environmental conference in history
The United Nations World Climate Conference. Which began in Dubai on November 30 and lasted until December 12. Could be the largest environmental conference in history. More than 140 heads of state and government will participate in it. Which is twice the number of last year’s summit. The UAE hopes to lead the deal to triple renewable energy capacity by 2030. And double the annual pace of energy efficiency improvements. Experts, however, warn that a lack of trust can a major obstacle during key negotiations.
World’s Two Biggest Polluting Countries
The leaders of the world’s two biggest polluting countries. The United States and China are not participating in this global climate conference. However, in an unusual development, the two countries have issue a joint environmental declaration ahead of the conference.