Dubai: The Climate Summit COP28 commenced with a dedicated focus on addressing the escalating threat of climate change worldwide. UN Secretary-General Antonio Guterres, addressing the summit, lauded the landmark operationalization of the loss and damage fund and called upon developed nations to lead efforts in drastic emissions reduction for a 1.5-degree world.
Guterres emphasized the need for leadership, cooperation, and political will to achieve the 1.5-degree limit, asserting that it requires a complete halt to burning all fossil fuels.
He urged governments to guide industries towards sustainable choices through regulation, legislation, fair carbon pricing, ending fossil fuel subsidies, and implementing a windfall tax on profits.
Highlighting the benefits of renewable energy for both the planet and economies, the UN Secretary-General stressed the long-overdue concept of climate justice.
He called for a global stocktake committing to increased finance for adaptation and loss and damage, supporting reforms of multilateral banks to attract more private finance for developing countries at reasonable costs.
At the COP28 Summit, Britain’s King Charles emphasized the urgent need to repair the environment, stating that the global economy is at risk without swift action.
Citing climate change impacts globally, he urged world leaders to collaborate, make informed decisions, and restore nature’s unique economy based on harmony and balance to ensure our economic survival.
UAE President Sheikh Mohammed Bin Zayed announced a $30 billion fund for global climate solutions, designed to bridge the climate finance gap and stimulate a $250 billion investment by 2030, ensuring availability, accessibility, and affordability for sustainable initiatives.
