Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, announced the creation of a USD 30 billion Climate Solutions Fund.
During his speech on Friday, at the opening of the World Climate Action Summit in Dubai in the presence of heads of state and government, bin Zayed pointed out that the Climate Solutions Fund is designed to bridge the climate finance gap and facilitate access to it at an appropriate cost.
He explained that the Climate Solutions Fund aims to stimulate the collection and investment of 250 billion dollars by 2030.
“Lack of funding has always been one of the biggest obstacles to the progress of global climate action .. In the UAE, we focus on the use of renewable and clean energy”.
He revealed the UAE’s plans to invest an additional 130 billion dollars over the next 7 years to finance climate action.
It is noteworthy that the activities of the World Climate Action Summit at the twenty-eighth session of the conference of the parties, which will last from December 1 to 2.
National statements will be made by 137 heads of state and government, and the high-level segment will resume during the second week of the conference, during which 30 heads of state and government will make their national statements.
The cop also mandated the organization of a high-level event on global climate action, where high-level climate champions will report on their actions in 2023
The activities of the cop28 climate conference of the parties kicked off on Thursday at Expo City Dubai in the United Arab Emirates, which is scheduled to be held from November 30 to December 12.
According to the UN website, the negotiations will take place in the blue zone of Expo City, dedicated to official delegations and participants accredited by the United Nations Framework Convention on climate change, which administers this zone.
