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Harsh reality at COP28 over $2trn finance gap

 Protestors at COP 28, pushing for phase-out of fossil fuels. [Mactilda Mbenywe, Standard]

COP28 negotiations intensified today as developed countries claimed to have met the $100 billion funding goal, though developing nations remained skeptical.

The countries questioned the assertion due to a lack of supporting data. Debates on the quality and accessibility of funds also added complexity to the discussions, with a spotlight on the Paris Agreement.

A reality check at the UN climate summit in Dubai revealed a $2.4 trillion gap in climate finance needs.

Money pledges took center stage as delegates addressed the significant disparity between climate finance requirements and available funding.

The atmosphere was charged with anticipation and urgency as delegates tackled the critical issue of climate finance.

The day saw focus shift to the financial commitments of various nations. At least 40 finance pledges were made, prompting reflection on the progress made so far.

Additional pledges for the Green Climate Fund (GCF) exceeded previous commitments, now totaling $12.8 billion for the second time.

The summit began with the approval of the Loss and Damage Fund, attracting pledges totaling $655 million.

But it emerged that the $12.8 billion for GCF, while commendable, represents only a fraction of the $2.4 trillion needed for developing countries excluding China by 2030.

Economic crises have plunged 54 nations into a debt crisis, hindering their development and energy transition.

In response to this reality, climate finance experts are advocating for a complete overhaul of the financial architecture, aiming to unlock trillions in finance for developing nations by 2030.

The proposal emphasizes contributions from countries, the private sector, multilateral development banks, donors, and philanthropy.

Africa is responsible for a mere four per cent of global carbon emissions yet is disproportionately affected by climate change. Africa needs $1.6 trillion between 2022 and 2030 to achieve its climate goals.

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