This year, nearly 170 heads of state are convening in Dubai for COP28, the United Nations conference focused on reaching agreements to combat climate change. The agenda prioritizes discussions on climate aid for developing nations grappling with escalating challenges like natural disasters, rising sea levels, and deforestation.
Negotiations aim to finalize details on a fund to compensate these nations for climate-related damages. Advocates, including the Jubilee USA Network, emphasize the need to secure funding and define the structure of the loss and damage climate fund to provide timely relief for vulnerable countries. Various stakeholders propose measures such as debt relief and new aid sources, highlighting the pressing need for additional resources.
The COP28 gathering also evaluates progress on the unmet commitment made in 2009 by wealthy nations to transfer $100 billion annually in climate finance to developing countries. Amidst climate crises and other challenges, including food and fuel shortages, poverty, economic struggles, and pandemic shocks, the importance of setting new climate finance goals is underscored.
G20 leaders, having agreed on a $100 billion yearly baseline for new climate finance commitments, will play a crucial role in shaping climate objectives and mobilizing necessary resources during the summit. The Jubilee USA Network, an alliance of US organizations and global partners, actively engages in these climate finance discussions.
