- The United Arab Emirates, as the host of this year's United Nations COP 28 climate summit, has committed $4.5 billion to support clean-energy projects in African nations. The funding will come from entities such as Abu Dhabi's clean-energy producer Masdar, the Abu Dhabi Fund for Development, Etihad Credit Insurance, the nation's export credit agency, and AMEA Power, a Dubai-based renewable-energy company, according to a statement by the COP28 Presidency.
- Africa faces the challenge of needing nearly a tenfold increase in climate adaptation funding, with a target of $100 billion annually, as highlighted by the Global Center on Adaptation. Despite contributing only about 4% of global greenhouse gas emissions, African nations are disproportionately affected by the impacts of climate change. COP28 President-Designate Sultan Al Jaber emphasized the need for a significant overhaul of the global financial system and urged donors to double adaptation finance by 2025 during the Africa Climate Summit in Nairobi.
Why it matters
This commitment aligns with the UAE's broader strategy to support its foreign policy objectives, including investments in renewable energy projects globally. The UAE's role in hosting COP28 and its substantial investment in renewables underscore its efforts to transition towards cleaner energy sources and mitigate concerns about its role in expanding crude oil production capacity.
