UN climate summit calls for increased money for renewables

Written by by Katie Gibbs, CNN

The landmark UN climate conference will be held in the United Arab Emirates (UAE) in 2023, after a plan was agreed at a UN summit in Poland this weekend, CNN reports.

The United Nations Framework Convention on Climate Change (UNFCCC) held a climate summit in the Polish city of Katowice on Saturday, which resulted in a decision on international climate finance.

Businesses and governments were invited to support an ambitious goal that was set out in the Paris Climate Agreement: to limit global warming to 1.5C, or 2.7F, by the end of the century.

Under the UN’s proposal, countries pledged to provide $100 billion in annual funding by 2020 for climate adaptation and mitigation, equating to a threefold increase from existing funding levels.

“In a previous round of climate financing, the UN launched a support package worth $18.2 billion,” said Norwegian Prime Minister Erna Solberg after the conference, “And it’s just in the first phase of the commitments. This $100 billion, I think, is what I described as a three-fold increase, in the same way that we need to make sure that the pledges that are made are kept”.

In his opening speech to the summit, Solberg called for a rapid shift away from “internalised” fossil fuel subsidies and for developing countries to scale up their ability to cope with the “man-made effects of climate change.”

“The loss and damage that climate change is wreaking on the world is evidence enough of what’s in store,” Solberg said. “But it is also a call to action.”

In Paris, the agreement called for developed countries to develop a “mechanism” for funding adaptation and mitigation efforts by developing countries, beyond the current $100 billion.

Speaking at the UN climate summit on Saturday, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said the country would “put resources for a renewable energy revolution at the service of the planet, moving toward a zero-emissions economy and future.”

The UAE’s World Future Energy Summit, which wrapped up Sunday, drew government ministers and business leaders from around the world.

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