If COP28 is to be judged a success, the UAE, as the summit’s host, and other hydrocarbon producers should promise to dedicate some of the windfall oil and gas profits they earned last year to accelerating the green transition in the Global South. Doing so could encourage historic and current emitters to pay their fair share.
LONDON – If the United Nations Climate Change Conference (COP28) in Dubai is to be judged a success, it will have to bring an urgently needed breakthrough on climate finance. Sultan Al Jaber of the United Arab Emirates, the president of this year’s COP, and Brazilian President Luiz Inácio Lula da Silva, whose country will assume the G20 presidency in December, must work in tandem to establish a facility that would provide the Global South with at least $1 trillion annually to invest in development and climate-change mitigation and adaptation.
LONDON – If the United Nations Climate Change Conference (COP28) in Dubai is to be judged a success, it will have to bring an urgently needed breakthrough on climate finance. Sultan Al Jaber of the United Arab Emirates, the president of this year’s COP, and Brazilian President Luiz Inácio Lula da Silva, whose country will assume the G20 presidency in December, must work in tandem to establish a facility that would provide the Global South with at least $1 trillion annually to invest in development and climate-change mitigation and adaptation.