Funds, finance and fuel are key words at the upcoming COP28 climate summit in the UAE. These words starting with the English letter F will decide the course of the summit this time. Climate summits aim to limit global warming to within 1.5°C. The Paris Agreement requires both rich and developing-poor countries to take some action towards this goal. Rich countries have the most liabilities. They emit more greenhouse gases. They are the main cause of global warming. In this way, they have amassed vast amounts of wealth through industrial approaches that cause large changes in temperature. They are obliged to give a share from it to the poor and developing countries. Because they have to withdraw from industries that emit greenhouse gases. They cannot afford that huge loss. They are denied the opportunity to grow.
This is where the words fund and financing come into play. These words will ring true at the summit.
This year’s summit is being held in the UAE, which is an oil trader. The message climate change is giving us is that the world needs to move away from fossil fuels. But countries including the UAE will also make efforts to reduce the losses caused by this. The people of the world are watching to see how far we can move forward amid these diplomatic gripes.
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