Live updates: Follow the latest news on Cop28
Momentum to fight the climate crisis must continue after the UAE's Cop28 scored an early win when nations agreed to put into operation the loss and damage fund and triple global renewable energy capacity by 2030, the International Monetary Fund's managing director has said.
The landmark loss and damage fund, which came into operation after a 30-year wait, and the renewables agreement will help the world to hasten decarbonisation efforts and boost financial commitments to battle climate change, Kristalina Georgieva told The National on Sunday.
Climate-related financial pledges started to pour in during the early days of the Cop28 summit in Dubai, including the UAE's $30 billion fund and the IMF's Resilience and Sustainability Trust that has received pledges for more than $40 billion to accelerate the energy transition.
Cop28 “is very successful from Day 1, it has turned the hopes of everybody here up. Why? Because of the actions that have already been taken”, she said.
“I do hope this will continue in the spirit of 'yes we can fight, successfully, the climate crisis and turn it into an opportunity to transform our economies to low-carbon and climate resilient development'.”
Countries on Thursday agreed to the historic deal of putting into operation the loss and damage fund, which is aimed at helping vulnerable countries to cope with the increasingly expensive and damaging effect of climate disasters.
Loss and damage refers to climate effects that are already happening or are inevitable, such as rising sea levels that threaten to submerge small island nations.
Countries agreed on the principle of a loss and damage fund at Cop27 in Egypt last year, but left several questions open, such as who would pay and who would oversee the payments.
The deal in Dubai means the fund can now come into operation. With some of those questions answered, governments of rich countries have been told to “take the lead” in funding, and the World Bank is envisaged as an initial host.
However, the IMF chief said challenges remained, including putting in place policies to speed up decarbonisation, eliminate fossil fuel subsidies and expand the use of carbon pricing.
“The biggest challenge is to address the policy obstacles for faster decarbonisation,” Ms Georgieva said.
Governments should eliminate fossil fuel subsidies to accelerate decarbonisation goals, she said.
Direct and indirect fossil-fuel subsidies surged to a record $7.1 trillion in 2022 as governments supported consumers and businesses, and higher fuel prices and inflation rates sparked a cost-of-living crisis.
Ms Georgieva also called for wider use of carbon pricing, which creates an incentive for the biggest polluters to decarbonise their operations quickly.
Carbon pricing determines the cost that a company needs to pay for its planet-warming emissions and is considered by the IMF as a cost-effective way to cut such pollution.
The Washington-based lender views carbon pricing as a tool that leads to more government revenue, creates incentives for changes in behaviour and is fair as companies pay for the emissions they produce.
Carbon pricing currently covers close to 25 per cent of emissions, up from 10 per cent a decade ago, according to the IMF.
Average carbon prices are also increasing in areas where they exist, reaching $20 a tonne, but that remains below the target of at least $85 a tonne by 2030.
“We have a long way to go and the private sector would actually welcome a clearer price signal on carbon because then they would know how to structure their investments and we would see a peak of investments as a result,” Ms Georgieva said.
The IMF chief's comments come as top policymakers and business leaders gather in Dubai for the UN's two-week long climate summit, which is scheduled to end on December 12.
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The National selections
6.30pm: Chaddad
7.05pm: Down On Da Bayou
7.40pm: Mass Media
8.15pm: Rafal
8.50pm: Yulong Warrior
9.25pm: Chiefdom
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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The five pillars of Islam
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”