World needs ‘trillions’ of dollars to fight climate change: COP28 president
The president of last year’s COP28 climate change talks said on Tuesday the world needs “trillions” of dollars to advance the green transition and combat global warming, and political momentum could weaken without clear action. I warned you that it’s sexual.
COP28 President Sultan Al Jaber welcomed progress made in UN negotiations in Dubai last year, calling for countries to triple the world’s renewable energy capacity over the next decade and reduce polluting fossil fuels. It was agreed that it would be phased out.
However, the agreement lacked important details, such as financing, and the burden was placed on this year’s COP29 conference to be held in Azerbaijan.
Experts say funding agreed this year will also play a key role in encouraging governments to step up decarbonization targets, as global heat records are surpassed and the effects worsen.
Mr Sultan Al Jaber said funding was “key to enabling positive change at the speed and scale required”.
But we need funding at all levels, not just the usual level of funding,” he said at an event in Paris hosted by the International Energy Agency (IEA). 4,444 countries will set new targets this year, meaning that from 2025 rich countries will provide poorer countries with support for energy transition and climate change adaptation every year.
But we need funding at all levels, not just the usual level of funding,” he said at an event in Paris hosted by the International Energy Agency (IEA). 4,444 countries will set new targets this year, meaning that from 2025 rich countries will provide poorer countries with support for energy transition and climate change adaptation every year.
The failure of wealthy nations to meet their previous goal of $100 billion per year by 2020 has soured trust, with indications the target was likely reached only in 2022.
Needs already far outstrip the money available. The UN-backed climate finance expert group has estimated that emerging economies except China will need to spend around $2.4 trillion a year by the end of the decade.The world must now raise the bar to address the challenge we face,” Sultan Al Jaber said.
“We need to start thinking trillions, not billions.”
Believe in numbers’
Recognition of the scale of support needed has put the focus on expanding sources of funding.
The World Bank and International Monetary Fund are under pressure to initiate sweeping reforms to align their lending with the Paris deal goal of capping global warming at 1.5 degrees Celsius above preindustrial levels.
Other initiatives under discussion include new taxation, especially on polluting industries, as well as redirecting fossil fuel subsidies into green development.
The United Arab Emirates, Azerbaijan and the 2025 COP host Brazil are launching an initiative to maintain global focus on keeping the 1.5C goal alive.
Sultan Al Jaber warned that there was a risk that “political momentum can dissipate and then fade away or disappear between COPs”.
IEA chief Fatih Birol said the energy agency, which has become a key player in promoting the energy transition, would offer countries help to beef up emissions-cutting targets, with enhanced decarbonisation plans expected this year and in 2025.
He also announced a new mechanism from March 1 to measure the gap between countries` goals and the actions being taken.
“We trust the governments that they will do what they said they will do, but at the IEA, we believe in numbers,” he said.
