Hundreds of millions of dollars COP28 uses funds for climate

Hundreds of millions of dollars: COP28 uses funds for climate damage

With the rapid agreement on the disaster fund, the host emirates hope to have paved the way for the targeted reduction in global CO2 emissions. It has been required by the poorest countries for years. Western countries expect emerging countries to participate in the fund. The federal government emphasized that this applies not only to China, but also to other countries. Above all, this meant the Gulf Arab States whose wealth is based on the sale of fossil fuels.

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What does COP28 bring?

The real focus of the two-week UN meeting with delegates from nearly 200 countries is the first global agreement on a phase-out of the use of fossil fuels such as coal, oil and gas. These are considered responsible for the increase in the greenhouse gas carbon dioxide and therefore global warming. This is intended to implement the 2015 Paris climate summit, at which it was agreed to limit global warming to well below two degrees compared to the pre-industrial era.

Call for collaboration

In his opening speech, COP28 President Jaber called for cooperation. States and companies in the oil, gas and coal industries must work together to achieve global climate goals, he told thousands of delegates from around the world. “I urge you to work together.” The head of the UAE’s state oil company, ADNOC, praised the UAE’s decision to also work with oil companies and highlighted that many companies had already adopted climate protection targets. However, when it comes to the debate on ending fossil fuels, Dschaber said the conference must look for new paths “and ensure that the role of fossil fuels is taken into account”.

World Climate Conference

The Conference of the Parties (COP) brings together the EU and the 197 participating States that signed the United Nations Framework Convention on Climate Change in Rio de Janeiro in 1992. The COP takes place every year in a different city, and the two negotiations weeks are used to formulate a decision text.

A critical point in the negotiations is bridging the gap between industrialized countries and developing countries. The latter insist on an agreement to replace fossil fuels with clean energy. Furthermore, many non-industrially developed countries are reluctant to abandon fossil fuels, which they consider necessary for the growth of their economies. Another focus of COP28 is an assessment of the state of efforts to limit global warming.

Calls for the phase-out of fossil energy

According to UN Secretary-General Antonio Guterres, the world must commit to gradually eliminating fossil fuels. “Of course, I am very much in favor of a text that includes the exit,” said Guterres. “I think it would be a shame if we continued with a vague, non-binding ‘disengagement’ whose true meaning would not be obvious to anyone,” Guterres continued. However, he acknowledged that countries cannot stop using fossil fuels overnight.

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In his Thursday speech, Stiell also warned representatives from nearly 200 countries about the deadly consequences of global warming. “If we don’t phase out the fossil fuel era, we will begin our own demise. And at the same time, we agree to pay for it with human lives.”

He announced that the United Nations Climate Change Secretariat (UNFCC) will be attentive to all commitments made and initiatives announced over the next two weeks. “This is how we can ensure our promises serve the planet – even when the cameras are off for a long time.”

Van der Bellen canceled at short notice

To begin with, Federal President Alexander Van der Bellen would have traveled from Austria to Dubai, where, in addition to the official speech, he was also scheduled to meet with Guterres for a discussion. Van der Bellen had to cancel his participation at short notice due to illness, the presidential office said on Thursday.

Opening of the COP28 World Climate Conference

The United Nations Climate Change Conference (COP28) opened in Dubai on Thursday. According to recent reports, the world is far from meeting the climate goals agreed in Paris in 2015. Many controversial topics are on the agenda.

Austrian priorities in Dubai

Environment Minister Leonore Gewessler (Greens) and Finance Minister Magnus Brunner (ÖVP) will be represented by the government. From Friday onwards, Brunner will promote the Austrian approach to “green budgeting”, i.e. collecting data on the ecological impact of measures in order to be able to adapt future budgetary decisions accordingly.