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illuminem summarizes for you the essential news of the day. Read the the full piece on Reuters or enjoy below
🗞️ Driving the news: The president of the forthcoming COP28 summit, Sultan Al Jaber, proclaimed that the world is faltering in its fight against climate change, echoing concerns voiced by African leaders who criticize the existing climate finance system as inequitable
🔭 The context: This comes ahead of the United Nation’s report on global climate progress and the inaugural Africa Climate Summit held in Nairobi, revolving around boosting funding for Africa's climate change response
🌎 Why it matters for the planet: Addressing the funding gap in Africa is crucial for both the continent's resilience and global climate efforts
• While the UAE, Germany, and the US have made significant pledges, a more equitable global climate finance system is necessary for effective action in Africa
⏭️ What's next: African states are gearing up for COP28, with plans to advocate for the expansion of special drawing rights at the IMF
• This move could potentially release up to $500 billion in climate finance, which can be leveraged manifold
💬 One quote: "We are not delivering the results that we need in the time that we need them," (Sultan Al Jaber, President of COP28)
📈 One stat: Africa receives only about 12% of the financing it requires for adaptation and mitigation
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