Developing countries preferred
Emirates want to support climate projects with 30 billion
December 1, 2023, 12:23 p.m
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Just one day after Germany and the Emirates announced money for an aid fund to combat climate damage, the latter are stepping up. They want to provide $30 billion for climate projects. This is intended to stimulate developments, particularly in developing countries.
At the World Climate Conference in Dubai (COP28), the host, the United Arab Emirates, announced a new investment fund worth 30 billion US dollars (27.5 billion euros) to channel more capital into climate protection projects. The focus is on markets in developing countries, said the COP28 presidency. Together with private donors, a total of up to 250 billion dollars is to be mobilized by 2030.
According to the announcement, the focus of the planned investments is on the climate-friendly energy transition, the corresponding conversion of industrial processes and new climate protection technologies. The chairman of the supervisory board of the fund called Alterra will be COP President Sultan al-Jaber; He is already head of the state-owned oil and gas company Adnoc. The exact criteria used to select the projects initially remained unclear.
A big topic at the two-week climate conference is how global financial flows can be quickly redirected – especially away from oil, coal and gas and towards renewable energies and more energy efficiency.
Lula is fighting for Brazil’s rainforest
Brazil’s President Luiz Inácio Lula da Silva had previously stated that his country wanted to lead the way in climate protection. “We don’t have two planet Earths,” he said at the World Climate Conference. It is urgent to make faster progress and protect the “unique species of humanity”. Brazil has already significantly reduced deforestation in the Amazon and, according to the president, it should fall to zero by 2030. Among comparable countries, they have one of the most ambitious climate protection plans.
Brazil will host the World Climate Conference in 2025 and is therefore already pushing for more ambition in Dubai, also because it is itself suffering from extreme droughts. At the last world climate conference in Egypt, Lula da Silva was celebrated by climate activists shortly after his election and before taking office. The largest rainforest in the world – home to ten percent of all species in the world – has been threatened for decades: by drought, river pollution, fires and deforestation. Despite the decline, Brazil is still a long way from achieving its stated goal of “zero deforestation.”