(Commonwealth Union)_Recently, the United Nations Climate Change conference was held in Sharm-el-Sheikh, Sharm-el-Sheikh, bringing together world leaders, business leaders and other such influential people in a serious discussion about climate change and its consequences. The discussion focused on mitigating the impact of global warming, by taking immediate action. Some key points discussed were:
The “Climate Justice” Fund.
This is an effort to gather financial aid from richer, developed nations, in order to assist developing nations who are faced with natural disasters such as wildfires, floods and droughts due to extreme weather conditions. The fund would be utilized to uplift communities who are adversely affected by climate change.
Usage of Fossil Fuels
One of the key points discussed was to monitor and limit the usage of fossil fuels by setting national targets which focus on lowering the consumption of natural gas, coal and other such fossil fuels. Nevertheless, President Sheikh Mohammed bin Zayed al-Nahyan of the United Arab Emirates stated that UAE would continue providing oil for as long as the world would need it.
Lack of Finance
It was mutually discussed at the summit that the world of finance is yet to generate money which reduces the carbon emissions of countries. The discussion however proved that this would change, as plans to attract more private investors towards the cause took place at the summit, in order to free up more liquid cash which could be used to uplift economies sustainably.
Among these key discussion points, another factor of interest at the summit was the comeback of Brazil who announced their return to the fight against climate change. The leader of Brazil offered full support towards the cause and even vouched to host COP30 in 2025 in the Amazonian region. Relationships between China and US were also rekindled with the promise to reinvent production and manufacturing in more sustainable practices.
