COP28 Finance Highlights: Over US$62 Billion Committed for Climate Initiatives
During this year's U.N. climate summit, hosted by the United Arab Emirates, more than US$62 billion has been pledged for various global initiatives. The UAE leads with a US$30 billion commitment to a new climate-friendly project fund, including US$5 billion for the Global South.
Notable contributions include the World Bank's US$9 billion annual increase in climate funding, the Asian Development Bank's US$10 billion for Philippine climate investments, and a combined US$200 million from the Bill & Melinda Gates Foundation and the UAE for smallholder farmers in sub-Saharan Africa and South Asia.
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COP 28 Explained by ChatGPT
COP 28, the UN's climate conference, unfolds as a grand but challenging global gathering, akin to a climate-friendly carnival. Held in Dubai from 30th November, discussions range from the switch to paper straws to choosing recycled or regular paper for agendas. Negotiations play out like a global poker game, each participant concealing a fossil fuel card.
This year's ambitious aim is a world peace initiative—simultaneous tree hugs. Crucially for the Global South, COP 28 offers a platform to advocate climate justice and sustainable development.
(Article by Shreya Adhikari, editorial associate at IDR, India)
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Chill Wisely: A Modest Temperature Shift to Transform the Global Cold Chain
Discoveries from collaborative research with the University of Birmingham, London South Bank University, and the IIFIIR reveal that adjusting frozen food storage temperatures by just three degrees can slash global carbon emissions by 17.7 million tonnes annually—equivalent to 3.8 million cars. DP World's initiative, "Join the Move to -15°C," strives to elevate the international cold chain standard, fostering sustainability, reducing waste, and ensuring reliable access to food in environmentally fragile regions. Read More…
(By Maha AlQattan, Group Chief Sustainability Officer, DP World)
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World Bank President Urges Unprecedented Funding Boost for International Development
There's an ongoing debate about the World Bank's capital increase, focusing on the International Bank for Reconstruction and Development. However, the crucial International Development Association (IDA), catering to the world's poorest nations, faces stagnating contributions despite escalating needs.
President Ajay Banga, advocating for the largest-ever IDA replenishment, stressed that creative financing won't suffice. Banga's notable presence at the IDA20 Mid-term Review signals a crucial call for substantial donor support, acknowledging the resource's limitations.
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Russia and Saudi Arabia Call for OPEC+ Output Cuts
In a joint statement following a meeting in Riyadh, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman urged all OPEC+ members to agree on output cuts for the global economy's benefit.
The leaders commended OPEC+'s efforts to stabilise oil markets. Additionally, Russia committed to providing more transparency on its fuel refining and exports in response to OPEC+ requests for increased disclosure.
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Creating a “Fund of Funds”
Paving the Path Beyond Loss and Damage Fund
CUTS International’s Side Event on December 10th, 15:00 - 16:00 GST
(ICC Partner Stage, BlueZone, B7, Building #88 - Thematic Arena 3)
The forthcoming event is set to deliberate on critical aspects of climate change and biodiversity loss, recognising the urgency to bridge financial gaps for sustainable solutions.
Click here to view background note- >>
Speakers
- Mr. Sajeev Nair, Regional Director and Board Member, CUTS International, Lusaka & Nairobi
- Ms. Martha Getachew Bekele, Africa Lead for Delivery Quality and Impact, Development Initiatives
- Mr. Brian Omenyi, National Coordinator, Sustainable Energy Access Forum (SEAF - Kenya)
- Ms. Lydia Chibambo, Program Officer - Energy Gender, Zambia Climate Change Network
- Mr. Rowen Jani, Program Officer, World Wide Fund for Nature, Zambia
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