UAE President Sheikh Mohammed Bin Zayed Al Nahyan announced the establishment of a $30 billion fund for global climate change solutions in his speech at the 2023 United Nations Climate Change Conference (COP28), which commenced yesterday. The fund’s primary aim, according to the UAE President, is to bridge the climate finance gap.
The primary agenda of the conference, held for the 28th time, focuses on reaffirming the objective of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, as stipulated in the Paris Agreement of 2015. Additionally, the conference aims to negotiate an agreement that will bolster governments’ climate action commitments comprehensively.