Hopeful Signs as COP28 Heads into Day Four
It has been an eventful three days so far at COP28 for the global community and for our team here at the Caribbean Climate-Smart Accelerator (CCSA)
With seven years to go until the 2030 global goals target and a Global Stocktake that has indicated there is a monumental amount to be done, there are very hopeful signs. Here’s a roundup of the good stuff that we’ve been tracking at COP28.
Loss and Damage Fund operationalised
In a breakthrough agreement on the first day of COP28, over USD 400 million has already been pledged to the Loss and Damage Fund which parties agreed to operationalise. Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), and former Senior Minister in the government of Grenada, Simon Stiell said, ““Today’s news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai.” The Loss and Damage Fund will help compensate vulnerable nations for damage caused by climate impacts.
Caribbean Climate-Smart Accelerator Unveils New Climate Smart Map
The Caribbean Climate-Smart Accelerator launched its Climate Smart Map, an interactive platform with climate action data from over 26 countries in the Caribbean. The map is a major step in the ultimate goal of establishing the world’s first Climate-Smart Zone (CSZ) and is a tool to help decision makers make strategic investments in furthering climate action.
UAE Announces USD 30 Billion Climate Action Investment
In addition to its pledge of USD 100 million to the new Loss and Damage Fund COP28 hosts on November 30, the UAE also announced a USD 30 billion new investment vehicle, Alterra, with the aim of “mobilizing US $250 billion of institutional and private capital into climate action by 2030.”
Kenesjay Green Limited and ANSA McAl Limited sign Green Energy MoU
A memorandum of understanding (MoU) was signed between Kenesjay Green Limited and ANSA McAl Limited for green energy development in the Caribbean region. The event, “Green Hydrogen Implementation in the Caribbean” was jointly organised and hosted by the CCSA, Kenesjay Green Limited and the government of Dominica.
Philip Julien, Chairman of Kenesjay Green Limited. This follows an earlier framework agreement signed between the government of Dominica and Kenesjay Green (Dominica) Limited in April this year to develop the first large-scale green hydrogen geothermal development in the Caribbean.
US Pledges USD 3 billion to the Green Climate Fund
After pledging USD 17.5 million the the Loss and Damage Fund the the United States pledged USD 3 billion to the Green Climate Fund, the world’s largest fund dedicated to climate action projects in developing countries. US Vice President Kamala Harris made the announcement in an address at the summit.
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