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The United Kingdom has recently pledged to contribute $2 billion to the Green Climate Fund, which is aimed at combating the harmful effects of climate change.
This significant funding commitment is expected to act as a catalyst towards achieving a transformational COP28. This is a crucial moment for the planet, as nearly 200 nations have agreed to launch a fund that will aid countries affected by global warming.
This has been dubbed a “historic” moment as it marks a significant step towards mitigating the effects of climate change. Prime Minister Gaston Browne is optimistic about the future and has expressed his hope that the fund will be operationalized by 2024.
Browne has emphasized the importance of giving countries affected by climate change a chance to meet their pledges, without gaming the system. In a bid to protect Small Island Developing States, a parallel pathway has been created to seek legal redress against countries who make pledges and renege on their payments.
The host of the COP28 talks, the United Arab Emirates, has declared that any climate deal negotiated over the next two weeks must include fossil fuels. This is a significant development, as the phasing out of fossil fuels has been a contentious issue in the fight against climate change.
The talks come at a critical juncture for the planet, with emissions still increasing. On Thursday, the UN announced that 2023 is on track to become the hottest year in human history. The formal establishment of the “loss and damage” fund, which has been long sought by climate-vulnerable nations, is an early success at COP28.
However, there are sharp divisions over the phasing out of fossil fuels. Nonetheless, the commitment of nearly 200 nations to launch a fund to aid countries affected by global warming is a significant step towards mitigating the effects of climate change, and a promising sign of a brighter future for the planet.