COP28 climate summit underway in Dubai

COP28 climate summit underway in Dubai

Dubai (Web Desk): The 28th United Nations (UN) Conference of the Parties (COP28) has opened in Dubai, United Arab Emirates (UAE).

Addressing the summit, UN Secretary General Antonio Guterres was appreciative of the landmark operationalisation of loss and damage fund.

He urged the developed countries to lead efforts for drastic emissions cut. For 1.5 degree world, he said we need to demonstrate leadership, cooperation and political will. The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels.

The UN chief urged governments to help industry make the right choice by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits.

He stressed for bringing to use renewable energy saying it is good for our planet and economies.

Alluding to the disastrous impacts of climate change on developing countries, Guterres said that climate justice is long overdue.

"The global stock take must commit to surging finance including for adaptation and loss and damage," the UN chief said, adding that it must support reforms of multilateral banks to leverage far more private finance at reasonable costs for developing countries.

Addressing the COP28 Summit, Britain's King Charles said the global economy would be in peril unless the environment is rapidly repaired.

"The dangers of climate change are no longer a distant risk," he said, urging the world leaders to take more action.

King Charles cited the impact of climate change globally, including unprecedented floods in India, Bangladesh and Pakistan and severe wildfires in the United State (US), Canada and Greece.

"Unless we rapidly repair and restore nature's unique economy, based on harmony and balance, our own economy and survivability will be imperiled," the British King said, adding that change will come by working together and making it easier to embrace decisions that will sustain our world.

Meanwhile, UAE President Sheikh Mohammed Bin Zayed announced the establishment of a $30 billion fund for global climate solutions.

He said that this fund is specifically designed to bridge the climate finance gap, ensuring availability and accessibility as well as affordability.

"Its objective is to stimulate an investment of $250 billion by 2030," the UAE president asserted.