Daily Insider: UAE’s new $30bn climate fund a good start

COP28 kicked off in Dubai yesterday with thousands of delegates descending on the Expo 2020 setting. More delegates and high profile visitors are set to arrive at the climate summit in the days and weeks to come.

And as outlined in my Daily Insider note yesterday, this COP28 could prove to be the most important ever, especially as 2023 has so far proven to be the hottest year on record, according to scientists. The UN Weather Agency also confirmed this fact yesterday at the opening of COP28.

The pressure (and the heat) is on. Expectations across the globe are growing that decision makers need to start making a change now, or we all face the dire consequences.

Amid the growing climate concerns, I was glad to see that at least the UAE has made a positive step in launching a $30bn climate-focused investment fund. There were also record contributions to the loss and damage fund with the UAE pledging $100m. Germany also promised $100m, the UK $75.89m, the US $17.5m and Japan $10m. All together, $420m was pledged on the day.

Some of the highlights that we can expect on Day 2 include Britan’s King Charles III addressing the conference.

In addition, world leaders including Kenyan President William Ruto, Turkey’s President Tayyip Erdogan, Ukraine’s President Volodymyr Zelenskiy and Saudi Arabia’s Prince Mohammed bin Salman Al Saud are also scheduled to speak to the meeting, while a second day of leaders’ speeches is planned for Saturday.

There’s still a long way to go in the conference, though, and the clock is ticking.