This Monday, December 4, the fifth day of COP28 took place, based in Dubai, United Arab Emirates. The main topics were the financing of the fight against the climate crisis and the implementation of policies to combat it with a gender perspective. However, there were also some controversies, such as the absence of Saudi Arabia, the largest oil power in OPEC, or the position of the president of COP28 regarding fossil energies.
This Monday, the big guests at COP28 were not political leaders, but rather two issues of utmost importance for the fight against the climate crisis: financing and the gender perspective.
Topics addressed throughout the different editions of the United Nations Conference on Climate Change, on this occasion held in Dubai, the capital of the United Arab Emirates.
“Scale, access and affordability through macro-level reform of the international financial architecture, the development of sustainable financial markets and the strengthening of voluntary carbon markets” are perspectives that were addressed this Monday, as already indicated the UN program.
All in a summit that several powers involved have already declared as a “success of multilateralism.” This was indicated by the European Union, which assured that it “is capable of responding when needed and in record time.”
But data and scientific evidence show that there are still many unresolved issues related to the climate crisis.
Fight the climate crisis, but with what money?
It could be compared to the eye of a hurricane. And the issue of financing is one of the most sensitive at the United Nations climate summits – which are now in their 28th edition this year – and political, economic and social leaders from around the world know it.
For this reason, there was no shortage of financing promises during Monday’s day in Dubai.
The United Arab Emirates, host of this year’s conference, pledged to mobilize $270 billion in green finance by 2030 and other development banks – such as the World Bank – announced plans to increase their financing.
The financing necessary to reach the objective of the Paris Agreement, signed in 2015 -during COP21-, is very high. The objective is to prevent global warming from exceeding 1.5ºC.
To do this, it is estimated that developing countries alone would need an amount of 2.4 trillion dollars per year to be able to operate with green energy.
“The world is not on track to achieve the goals of the Paris Agreement. The reason for this failure is a lack of investment, particularly in emerging markets and developing countries outside China,” said Nicholas Stern, president of the Institute. of Climate Change and Environment Grantham Research.
And, currently, it seems that the world’s main powers are going in the opposite direction. This was highlighted by Marina Colorado, journalist and special envoy of France 24 to COP28, who recalled that in 2022 alone governments invested 7 trillion dollars in financing for fossil energies.
Furthermore, the effectiveness of this type of summit was called into question again this Monday. The reason was that the leaders of Saudi Arabia, the region’s largest economy and OPEC’s largest oil producer, have not attended this year’s summit.
In addition, another controversy affected the president of COP28, Sultan Al-Jaber, who supposedly questioned whether science supported the end of fossil energies – such as oil or gas – to achieve a green transition, according to what he published The Guardian newspaper.
Something that adds to his work as CEO of ADNOC, the state oil company of the United Arab Emirates. A position that clashes head-on with the principles of the summit.
So this Monday, the president of the summit and Minister of Technology and Industry of the host country came out to defend himself.
“I am quite surprised by the constant and repeated attempts to undermine the work of the COP28 presidency (…) We believe and respect science very much,” Al Jaber said at a press conference.
The gender perspective, on the table
Far from financial and commercial aspects, the agenda of the day also addressed the need to apply “gender-sensitive policies.” That is, trying to fight against the added burdens of being a woman and facing the climate crisis.
“Better access to financing is essential to achieve a just transition” that “promotes gender equality and allows the full and meaningful participation of women and girls in climate action,” notes the UN program.
A group of 60 countries agreed to support women’s economic empowerment and promote a gender-responsive green transition.
The agreement includes a series of commitments that countries must implement over the next three years. At the 2026 summit, COP31, its implementation and impact will be reviewed.
This fifth day was inaugurated by a woman: the Prime Minister of Barbados, Mia Mottley, and the economist Nicholas Stern.
“Unless we have an urgent set of decision-making, we’re going to suffer from what all parents suffer from: exciting expectations and not being able to meet them,” Mottley said of climate finance.
For her, taxes destined to combat the crisis are an option that should be considered. And, like hers, the role of women is fundamental to combat the climate crisis.
There are still several days until the COP comes to an end, as it will last until December 12, the day on which all the agreements reached by the 198 participating parties will be announced. All to try to stop the climate crisis and its effects.
With Reuters, EFE and local media
#Financing #gender #perspective #key #points #day #COP28