{"id":17103,"date":"2023-09-06T12:20:53","date_gmt":"2023-09-06T12:20:53","guid":{"rendered":"https:\/\/newsreservoir.com\/?p=17103"},"modified":"2023-09-06T16:07:40","modified_gmt":"2023-09-06T16:07:40","slug":"cop28-world-losing-race-to-meet-climate-change-goals-says-president","status":"publish","type":"post","link":"https:\/\/newsreservoir.com\/?p=17103","title":{"rendered":"COP28: World losing race to meet climate change goals – says, president\u00a0"},"content":{"rendered":"
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COP28: World losing race to meet climate change goals – says, president<\/p>\n

The president-designate of the upcoming COP28 summit, Sultan Ahmed Al Jaber on Tuesday said, the world is losing the race to meet its climate change goals.<\/div>\n<\/div>\n

Al Jaber said this just as African leaders called for changes to what they say is an unfair international climate finance system.<\/p>\n

The grim assessment by Al Jaber, who will preside over the summit in the United Arab Emirates, UAE, in late November, came three days before the United Nations publishes its first \u201cglobal stocktake\u201d.<\/p>\n

The global stocktake is an assessment of how nations are doing in their efforts to tackle climate change.<\/p>\n

\u201cWe are not delivering the results that we need in the time that we need them,\u201d Mr Jaber, who also heads the Abu Dhabi National Oil Company, told delegates at the inaugural Africa Climate Summit in Kenya\u2019s capital, Nairobi.<\/p>\n

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The summit, which opened on Monday, is focused on mobilising financing for Africa\u2019s response to climate change.<\/p>\n

While Africa is suffering from some of the most severe impacts of climate change, the continent only receives about 12 per cent of the financing it needs to cope, according to researchers.<\/p>\n

Hundreds of millions of dollars of investments in sustainable development projects were announced on Monday.<\/p>\n

And on Tuesday Jaber announced the UAE was pledging $4.5 billion dollars to develop 15 GW of clean power in Africa by 2030.<\/p>\n

Africa currently has about 60 GW of installed renewables capacity.<\/p>\n

African officials say the investments are welcome but that meeting the continent\u2019s financing needs will require a transformation of the global climate financing architecture, particularly given governments\u2019 high debt loads.<\/p>\n

Specifically, African states plan to push at the COP28 for the expansion of special drawing rights at the International Monetary Fund that could unlock $500 billion worth of climate finance, which could be leveraged up to five times.<\/p>\n

Kenyan President William Ruto said that special drawing rights should be made available to the countries that need them most, which he said has not previously been the case.<\/p>\n

Complaining that African countries pay five times as much in interest as other borrowers, he called on multilateral finance institutions to increase concessional lending and for a \u201cconversation\u201d about a carbon tax to finance development.<\/p>\n

\u201cA fair international financial architecture is not an unfair proposition to make,\u201d Ruto said.<\/p>\n

The president of the African Development Bank, Akinwumi Adesina, called for the continent\u2019s natural wealth, notably its forests which sequester carbon, to be accounted for when calculating its economic output.<\/p>\n

\u201cIf this is done, the debt to adjusted GDP ratio of several African countries will lower and they will have greater headroom to borrow more financing to support their development,\u201d Adesina said.<\/p>\n

Reuters\/NAN<\/p>\n

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COP28: World losing race to meet climate change goals – says, president The president-designate of the upcoming COP28 summit, Sultan Ahmed Al Jaber on Tuesday said, the world is losing the race to meet its climate change goals. 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