- The United Nations COP28 summit, commencing in November, has outlined several significant objectives. One of these goals is the establishment of a comprehensive fund to provide compensation to impoverished nations affected by climate change. Additionally, delegates from nearly 200 countries attending the summit must collectively establish targets.
- These targets include tripling the production of renewable energy and doubling the production of hydrogen by 2030. Sultan Al Jaber, the designated president of COP28 and the leader of Abu Dhabi National Oil Co., conveyed these points during a meeting held in Brussels on Thursday.
Why it matters
The COP28 Presidency is already working with the IMF, the World Bank and GFANZ to unlock the power of the capital markets, standardise voluntary carbon markets and incentivise private capital and finance.
