As the president of COP28, the UAE’s Sultan Al Jaber faces the crucial task of delivering on his promise to devise a plan to bridge the Global South’s annual $1 trillion shortfall in financing for mitigation and adaptation initiatives. He should start by endorsing a levy on petrostates’ windfall oil revenues. EDINBURGH – The United...
At the COP27 summit in Sharm El-Sheikh, Egypt, an agreement to establish a loss and damage fund was hailed as a major breakthrough on one of the trickiest topics in the UN climate change negotiations. In an otherwise frustrating conference, this decision in November 2022 acknowledged the help that poorer and low-emitting countries in particular need to deal...
Developing countries need up to $387bn a year to adapt to climate change but flows of international public cash are faltering at the same time as the effects of global warming become more disastrous, the UN has said.The amount needed had increased by some $47bn since the last annual assessment by the UN Environment Programme,...
In a significant move towards addressing climate change, the World Bank, under President Ajay Banga, announced on Wednesday a substantial reduction in fossil fuel funding while defending its $170 million investment in natural gas as part of its climate strategy. The bank’s reforms could potentially boost its funding capacity to $150 billion over the next decade. However,...
The Bonn Conference on Climate Change (also known as SB58) ended on 15 June 2023 at the headquarters of the United Nations Framework Convention on Climate Change (UNFCCC) in Germany. This was the last chance for climate negotiators to meet before COP28 in Dubai in December. But the 10-day talks ended without any clear, concrete...
Ras Al Khaimah: Ras Al Khaimah Economic Zone (RAKEZ) representatives recently joined the UAE’s Ministry of Economy delegation which attended the St. Petersburg International Economic Forum (SPIEF) 2023 in Russia. The visit aimed to explore new opportunities for collaboration and strengthen economic ties between the UAE and Russia. During SPIEF, RAKEZ Chief Commercial Officer, Anas...