The recent UN Climate Change Conference (UNFCCC COP 28) in Dubai, UAE, commenced with thematic days dedicated to finance and energy. These sessions convened experts and leaders to deliberate on the pivotal role of finance and energy in combating climate change and promoting sustainable development.
Finance Day featured a high-level panel addressing the escalating challenges and opportunities related to climate-resilient infrastructure investments for developing countries. The UN Environment Programme (UNEP) Adaptation Gap Report 2023, discussed during the event, revealed that adaptation costs for developing countries are estimated to be between USD 215 billion and 387 billion per annum. International public adaptation finance flows to developing countries were around USD 21 billion in 2021, indicating a 15% decrease compared to 2020.
Speakers from Botswana and Indonesia highlighted their respective efforts in infrastructure development and peatland restoration. Additionally, representatives from the Volvo Group and the African Development Bank (AfDB) shared their commitments to decarbonize business operations and unlock funds for green infrastructure projects.
Energy Day featured a high-level leadership dialogue focused on unlocking investment flows and harnessing the power of industry to advance renewable energy development in inclusive ways. Genilson André Kezomae, a Brazilian Indigenous rights activist, emphasized the importance of consulting Indigenous Peoples and recognizing their ownership of water when developing renewable energy resources on their lands. Other speakers discussed the gradual transition to a decarbonized energy grid, the role of investment in unlocking renewables in Africa, and the need to involve Indigenous communities in renewable energy projects.
Furthermore, an event organized by Women Engage for a Common Future showcased the Gender Just Climate Solutions (GJCS) Awards, which recognize environmental defenders working on gender-just and locally driven solutions to combat the climate crisis. The awards ceremony highlighted projects empowering women in Bangladesh, improving water and food security in Kenya, and prioritizing the specific needs of women and girls in climate disaster response.
In summary, the thematic days at COP 28 underscored the need for increased investment in climate-resilient infrastructure and renewable energy, as well as the importance of gender-just solutions in addressing the climate crisis. These discussions and initiatives are crucial in driving sustainable development and combating the pressing challenges of climate change.
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