President Sheikh Mohamed has extended a warm welcome to global leaders attending Cop28, affirming a commitment to establish a $30B fund for climate financing.
“I am delighted to announce the inception of a $30B fund for worldwide climate solutions,” Sheikh Mohamed conveyed to an audience comprising prime ministers, presidents, and heads of state.
This fund, named Alterra, is characterised as a catalytic climate initiative aimed at fortifying climate financing.
Sheikh Mohamed Emphasizes Financial Hurdles in Clean Energy Transition
Sheikh Mohamed highlighted that obtaining affordable finance for investing in clean energy sources has long been a hurdle in the transition to clean energy.
The climate discussions coincide with a period of numerous global challenges, as stated by the President. “When we took on the responsibility of hosting Cop28, we pledged to bring the world together for unity, construction, and delivery.”
The Emirates, he noted, boasts a substantial history of climate efforts, including commitments to achieve net zero by 2050, reduce carbon emissions by 40 per cent by 2030, and invest billions in clean energy. Brazil’s President expressed concern that world leaders are relegating climate commitments to a minor role, spending only a fraction on climate initiatives compared to weaponry.
“The planet is weary of unfulfilled climate agreements,” Luiz Inácio Lula da Silva declared during the second-day opening session of Cop28. He questioned the number of emissions released by cruise missiles over the world’s poorest civilians, emphasizing that the $2T spent on weapons last year could have been directed towards alleviating hunger and addressing climate change.
Global Calls for Climate Action: Lula’s Appeal for COP30 and King Charles III’s Plea for Consensus at COP28
Lula urged decision-makers to adhere to climate action commitments and to exhibit greater ambition when Brazil hosts Cop30 in the heart of the Amazon forest in two years. King Charles III implored world leaders in his COP28 opening address to strive towards the consensus achieved in Paris eight years ago.
“Eight years ago, I felt deeply honoured to be invited to speak at the commencement of Cop21 in Paris, a moment that ultimately led to the Paris Agreement,” stated the British monarch.
“With all my heart, I hope that Cop28 will represent another crucial turning point towards genuine transformative action, especially now as climate scientists have long warned us about reaching alarming tipping points. It greatly concerns me that we are currently so woefully off course. Records are being broken so frequently that we may be growing immune to their true significance.”
Global Leaders Convene in Dubai for World Leaders’ Summit Welcome
World leaders, including presidents, prime ministers, and heads of state, have initiated their presence at Expo City Dubai for the inauguration of the World Leaders’ Summit. President Sheikh Mohamed, alongside UN Secretary-General Antonio Guterres, extended a welcome to the leaders.
Negotiators at Cop28 have commenced addressing a pivotal task – the Global Stocktake, a five-yearly evaluation of progress in combatting climate change. The initial draft text, released on Friday and anticipated to undergo numerous revisions, highlights that countries are collectively failing to slow global warming to 1.5°C. The text leaves room for debate on the contentious issue of energy, presenting options like “phasedown/out fossil fuels” and “phasedown/out/no new coal.”
Tom Evans from the think tank E3G praised the text as a “useful building block for negotiations,” acknowledging the substantial work ahead for negotiators to unpack the extensive text and resolve political debates.
Leaders at COP28: Perspectives on Loss and Damage Fund, Climate Equity, and Green Initiatives
Former Pakistani foreign minister Bilawal Bhutto Zardari welcomed an early agreement on loss and damage at COP28 but cautioned that significant challenges lie ahead. As the initiator of the Loss and Damage Fund during his tenure as Chair of G77 & China at COP27, he expressed satisfaction with its operational launch at COP28. He commended the UAE for leading a formidable beginning and catalyzing pivotal strides towards climate equity and remediation. Bhutto Zardari emphasized that while initial pledges mark progress, they are stepping stones towards the substantial support needed by the climate-vulnerable Global South. He called for rapid growth in the Fund’s scale and efficacy for full financing, envisioning COP28 as the dawn of an era where promises translate into tangible support for those affected by climate-induced disasters.
UK Prime Minister Rishi Sunak advocates for an “era of action” at the COP28 climate conference, highlighting the country’s pragmatic approach towards achieving net-zero goals. He plans to showcase his green credentials by announcing financial support for projects combating deforestation and promoting renewable energy during his attendance at the summit. Foreign Secretary Lord Cameron and King Charles will also be present, with King Charles delivering the opening address for the fortnight of talks in the Middle Eastern city. British opposition leader Keir Starmer emphasizes that Britain, under a Labour government, would be receptive to green investment.
UN Secretary-General Antonio Guterres calls on global leaders to support the loss and damage fund following its operation’s agreement on the opening day of COP28, according to The National News.