background image

Wealthy oil nation lays groundwork for ‘eye-popping’ climate fund

author image

By illuminem briefings

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on Politico or enjoy below

🗞️ Driving the news: The United Arab Emirates is considering creating a multibillion-dollar fund to spur clean energy investments across the world, planning to unveil it at this year’s U.N. climate talks in Dubai
• The fund aims to be one of the largest state-sponsored efforts to help fight climate change

🔭 The context: The UAE and Sultan al-Jaber have drawn criticism for hosting the COP28 summit, as they are one of the world's largest contributors of greenhouse gases
• The proposed fund represents a major financial effort to shift energy economies off fossil fuels, aiming to achieve net-zero emissions by mid-century, amid a growing requirement for trillions of dollars to mitigate the irreversible effects of climate change

🌎 Why does it matter for the planet: The fund would help fill a financial gap for countries transitioning from fossil fuels, encouraging investments in climate-friendly initiatives and attempting to steer finance to developing nations

⏭️ What's next: The success of the fund will depend on its design and execution, focusing on inclusivity to encourage investment in poorer countries where returns are less certain
• There are potential tensions with wealthy governments and less developed nations regarding the focus of the fund, which may create challenges in securing global collaboration

💬 One quote: “It’s not just about funding — it’s about justice and recognizing the vast disparities intensified by climate change” (Madeleine Diouf Sarr, Head of the Climate Change Division in Senegal's Ministry of Environment and Sustainable Development)

📈 One stat: The fund could be at least $25 billion, making it one of the largest ever state-sponsored financial efforts to help countries fight climate change

Click for more news covering the latest on oil & gas

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team, providing you with concise summaries of the most important sustainability news of the day. Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices


Related Posts


You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)