Guterres told world leaders that the burning of fossil fuels must be stopped outright
UAE president announces $30 billion fund for global climate solutions
Sheikh Mohamed says the fund is designed to bridge climate finance gap and aims to stimulate $250 billion of investment by 2030.
Friday 01/12/2023
Guterres told world leaders that the burning of fossil fuels must be stopped outright
DUBAI - United Arab Emirates President Sheikh Mohamed Bin Zayed announced on Friday the establishment of a $30 billion climate fund for global climate solutions.
The fund is designed to bridge climate finance gap and aims to stimulate $250 billion of investment by 2030, he said.
Meanwhile, United Nations Secretary-General Antonio Guterres told world leaders on Friday that the burning of fossil fuels must be stopped outright and a reduction or abatement in their use would not be enough to stop global warming.
"We cannot save a burning planet with a fire hose of fossil fuels," Guterres said in a speech to the COP28 summit in Dubai.
"The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce. Not abate."
He urged fossil fuel companies to invest in a transition to renewable energy sources and told governments to help by forcing that change - including through the use of windfall taxes on industry profits.
"I urge governments to help industry make the right choice by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits," he said.