The world is losing the race to limit global warming – COP28 president shutterstock

The world is losing the race to limit global warming – COP28 president

Katerina Belousova

Africa receives only 12% of the funding it needs to tackle the effects of climate change

The president of the upcoming COP28 climate summit, Sultan Al Jaber, said the world is losing the race to meet its climate change goals.

This happened at a meeting of African presidents in Kenya regarding the financing of the continent's environmental program, reports Euronews.

The article explained that Jaber will chair a climate summit in the United Arab Emirates at the end of November.

"The world is losing the race to meet the goals of the Paris Agreement, and the world is trying to keep 1.5°C within reach," Jaber said, "Collectively, we must admit that we are not getting the results we need at the time we need ".

It is noted that the statement was made a few days before the publication of the first global summary of the UN. This report will show how nations are dealing with climate change and what efforts need to be stepped up to meet the goals of the Paris Agreement.

The material said that Africa is suffering from the most serious effects of climate change. However, the continent receives only about 12% of the funding needed to address these impacts.

Jaber announced that the UAE is pledging $4.5 billion to develop 15 GW of green electricity in Africa by 2030. Currently, 60 GW of renewable capacity is installed on the continent.

Meeting the continent's financing needs will require a transformation of global climate finance, African officials say. The countries of the continent plan to promote at COP28 the expansion of special borrowing rights in the International Monetary Fund, which can unlock $500 billion.

African Development Bank President Akinwumi Adesina called for the continent's natural wealth, including its carbon-sucking forests, to be taken into account when calculating economic output. This could give several African countries more room for loans to support their development.

Earlier, EcoPolitic wrote, that one of the organizers of the 2022 COP27 Climate Summit in Egypt, Mohamed Nasr, stated that limiting global warming to 1.5°C cannot be achieved at current levels of greenhouse gas emissions.

As EcoPolitic previously reported, a study by the UN Intergovernmental Panel on Climate Change (IPCC) showed that by the beginning of the 2030s, the world will exceed the warming limit by 1.5°C, and by 2100 it will reach 3.2° C.

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