The future of tackling the climate crisis is currently being negotiated in the United Arab Emirates (UAE). In a country that symbolizes the fossil energy industry. However, the host shows commitment to the initial negotiations – and also provides surprises. On Friday, the Emirates announced a huge fund for climate projects.
The UAE has played a rather ambivalent role in the recent climate conferences. On the one hand, they have spoken out in favor of climate protection and have committed to concrete measures. On the other hand, they remained dependent on the use of fossil fuels.
Emirates goes one step further financially
On Thursday, the country and Germany pulled off a surprise by paving the way for aid to poor countries particularly affected by climate change. This has also led to positive reactions from various NGOs. On Friday, the Emirates made significant financial gains: a new investment fund worth 30 billion dollars (about 27.5 billion euros) aims to channel more capital into climate protection projects.
The focus is on markets in developing countries, the COP28 presidency announced on Friday. Together with private donors, a total of up to USD 250 billion should be mobilized by 2030.
The boss of an oil company takes over the chairmanship
According to the announcement, the focus of the planned investments is on the climate-friendly energy transition, the associated conversion of industrial processes and new climate protection technologies. The chairman of the fund’s supervisory board, called Alterra, will be COP President Sultan Ahmed Al Jaber; He is already head of the state oil and gas company Adnoc. It remains unclear exactly on the basis of which criteria the projects will be selected.
A key topic at the two-week climate conference is how to quickly redirect global financial flows – especially away from oil, coal and gas and towards renewables and greater energy efficiency.
Just greenwashing or an actual pivot?
How seriously the Emirates takes the fight against climate change and whether they are merely trying to greenwash through selective financial injections will only become clear in the future. In any case, there is currently (small) hope of achieving one or two milestones at the climate conference.
Above all, the Emirates must look at themselves: although the UAE has declared its aim to be climate neutral by 2050, it has only vague climate protection targets so far. For example, they have committed to reducing their greenhouse gas emissions by 23.5 percent by 2030 compared to 2005. This commitment is criticized by climate activists as too low.
Conference of superlatives
With a record number of 80,000 registered participants, COP28 is in any case the largest event of its kind to date. At last year’s COP27 in Sharm el-Sheikh, Egypt, only 49,000 participants were accredited.
According to official figures, 23,500 participants belong to national government delegations. There are also 27,208 political experts, scientists, representatives of professional associations and directors of large companies who have only limited access to the official negotiations. The accreditation list also includes more than 14,000 members of non-governmental organizations, from environmental groups to industry lobbyists, as well as 4,000 journalists.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
