Finance
According to media reports, COP28 President-elect Sultan Al Jaber has urged the G-20 nations to take the lead in climate change mitigation.
According to the story on Friday, Al Jaber, who is also the UAE’s special envoy for climate change, made the call at the G20 Environment and Climate Sustainability Ministerial Meeting in Chennai, India.
Noting that the G20 economies account for roughly 80% of global greenhouse gas emissions, Jaber stated that G20 policies could “have a huge influence on outcomes for everyone” and urged G20 states to drive steps to limit global warming to 1.5 degrees Celsius.
He also asked all parties to work together to scale up renewable energy, thoroughly decarbonize the energy system, and develop a system free of fossil fuels, Xinhua news agency reported.
The president-elect emphasized the need of progress on adaptation, a major component of the Paris Agreement, emphasizing the need to “move the needle on adaptation finance,” which is only around 10% of that budgeted for mitigation.
According to a paper released by organizers on Friday, the G20 major nations failed to agree on precise objectives to reduce emissions during the three-day summit, with disagreements remaining over carbon budgets, historical emissions, net-zero goals, and financing for developing countries.
The summit was viewed as an opportunity for the G20 to take practical steps ahead of the COP28 Summit in the UAE in November.
Source:IANS
