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Thursday, 23 November 2023 ENVIRONMENT 15
COP28 Summit:
Critical Juncture for Our
Planet’s Climate Action
THE upcoming COP28 climate summit in Dubai is poised raising only $9.3 billion for the U.N.’s Green Climate Fund.
to be a pivotal moment in the global fight against climate The gap between the financial needs of developing nations
change. The world finds itself at a precarious juncture, with and the actual funds allocated continues to widen, posing
a summer of unprecedented heat shattering records and a significant hurdle in the global effort to combat climate
the looming threat of surpassing the Paris Agreement’s change.
1.5-degree Celsius target. As delegates from nations around
the world gather, the urgency to address climate issues While countries grapple with the financial aspect, the persis-
becomes more pronounced than ever. tent issue of fossil fuel subsidies casts a shadow on climate
progress. Fossil fuel subsidies soared to a staggering $7
The Earth has warmed by 1.3 degrees Celsius since the prein- trillion in 2022, diverting critical resources away from the
dustrial era, and recent analyses indicate that 2023 is on transition to renewable energy. Simultaneously, deforesta-
track to become the hottest year ever recorded. The conse- tion persists, with 66,000 square kilometers lost in 2022
quences of this warming are dire, with scientists warning alone, underscoring the challenges in meeting the commit-
of life-threatening heat extremes, escalating sea-level rise, ment made at COP26 to halt global deforestation by 2030.
and catastrophic weather events. The summit marks the
first comprehensive assessment of countries’ progress since The urgency for decisive action is emphasized by the
the signing of the Paris accord in 2015, revealing a mixed narrowing window to meet emission reduction targets. The
picture of advancements but an overall shortfall in the face world could breach the 1.5-degree threshold within six years,
of escalating climate challenges. leaving limited time for the drastic reductions required. As
COP28 unfolds, the world watches with anticipation, hoping
Financial commitments play a crucial role in climate action, for substantive commitments and actions that will set the
yet the funding gap remains substantial. Developing coun- course for a sustainable future in the face of the escalating
tries urgently require $1 trillion annually for climate invest- climate crisis. The decisions made in Dubai will undoubtedly
ments by 2025, according to a recent OECD report. However, shape the trajectory of our planet’s response to the defining
a pledging conference in October fell short of expectations, challenge of our time.
