The recent announcement that developed countries have committed to providing $100 billion in climate finance to developing countries is a critical first step in supporting the Global South. This commitment was made during the United Nations Climate Change Conference (COP26) held in Glasgow, Scotland, in November 2021. This pledge has been long-awaited by developing countries, who have been pushing for developed countries to fulfill their financial commitments to support the fight against climate change.
Climate finance remains inaccessible, unaffordable, and unavailable for the countries that have done the least to cause climate change. This lack of access to funding has hindered the ability of developing countries to take the necessary actions to mitigate and adapt to the impacts of climate change. Clean energy investment in low-income countries is significantly lower than the global investment in the sector. This disparity must be addressed to ensure a fair and just transition to a sustainable future.
The upcoming COP28 conference, to be held in the United Arab Emirates (UAE), presents a significant opportunity to make progress in the fight against climate change. The conference will bring together over 70,000 participants, including heads of state, government officials, industry leaders, experts, and non-state actors. The UAE, as the host country, is committed to leading a pragmatic global energy transition and inclusive climate action.
One of the key outcomes of COP28 will be the first-ever Global Stocktake, which will evaluate progress against climate goals. This Stocktake will provide an opportunity to assess the effectiveness of climate actions taken to date and identify areas where more action is needed. It will also help to ensure that global climate goals are on track to be met.
Protecting lives and livelihoods must be at the center of our global climate response. The impacts of climate change are already being experienced worldwide, and addressing climate change requires global cooperation and collaboration. A shift towards clean energy and sustainable practices is essential for a better future. COP28 will bring together governments, businesses, NGOs, and the financial community to make a positive difference.
The $100 billion commitment to climate finance by developed countries is a critical first step in supporting the Global South. The upcoming COP28 conference presents a significant opportunity to make progress in the fight against climate change. It is time for the world to come together and take decisive action to protect our planet and future generations.
