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The road from Paris to Dubai for climate finance

  • Published
    1st Jul, 2023
Context

In a two-day summit in Paris involved 40 world leaders where a plan to overhaul the world’s financial system to tackle climate change and poverty and left work for negotiations schedule leading up to the UN COP28 summit in Dubai.

Highlights of the Paris summit:

  • The Paris summit ended recently and failed to address the underlying problems and preventing developing countries from investing in development and climate measures.
  • Developing nations called for a “transformation” of the world’s financial system where the French President called for a New Global Financing Pact.
  • The International Monetary Fund mentioned that it reached a target of making 100 billion dollars in special drawing rights (SDRs), a reserve currency, available to climate-vulnerable countries.
  • Also the World Bank said developing nations hit by climate disasters would be able to suspend debt repayments.
  • Rich countries announced a 5 billion Euros clean energy agreement with Senegal and Zambia struck a deal to restructure 6.3 billion dollars of its debt.

Upcoming Dubai Summit (UN COP28):

  • The 28th Conference of the Parties on Climate Change (COP 28) will take place in Dubai from November 30 to December 23, 2023.
  • This international conference will bring together the signatory countries of the United Nations Framework Convention on Climate Change as well as climate actors.
  • Hosted by: United Arab Emirates, will host 28th Conference of Parties (COP28).
  • The UAE will take over the UN climate talks presidency from Egypt at the end of November when it will host the summit on the site of the Dubai Expo.
  • The UAE, the first country in the region to ratify the 2015 Paris Agreement, has committed to reach net zero emissions by 2050.
  • Objectives:
    • Calls for Action and Investment in Climate Resilient Health Systems:
    • The anticipated Health Day at COP28 is expected to stimulate an impartial increase in climate action and guarantee the establishment of a future where people can prosper.
    • Direct damage costs to health are estimated to be between 2-4 billion dollars per year by 2030, according to the World Health Organization (WHO).
    • The WHO has also highlighted the dangerous climate and health nexus, emphasizing that the effects of global warming will accelerate unless there is action to tackle the root cause of climate change.
    • These factors make it critical to adopt strategies to mitigate the impact of climate change, such as investing in climate resilient health systems and having a well-trained and decentrally paid health workforce.

Green Initiatives by UAE:

  • In its announcement about al-Jaber, more than $50bn in renewable energy projects across 70 countries, with plans to invest a minimum of 50bn dollars over the next decade.
  • Al-Jaber also led green initiatives including a $22bn “carbon-neutral” city on Abu Dhabi’s outskirts. The project was halted after the global financial crisis that struck the Emirates hard beginning in 2008.

 

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