Former Maldives president and Climate Vulnerable Forum CVG Secretary-General Mohamed Nasheed on Monday said he will ensure that countries, including the US, the UAE and the European Union, actually deliver on the promises made at the Dubai climate conference to provide finance to climate-vulnerable nations.
...The CVF, a group of developing countries highly vulnerable to climate change, was founded in November 2009 in the Maldives capital of Male. The Forum now comprises 68 countries representing 1.74 billion people.
...The notable finance pledges made at COP28 include the US' commitment to contribute USD 3 billion to the Green Climate Fund and several nations, including the UAE, the EU, and the US, promised to pool around USD 725 million into the Loss and Damage Fund within the first 48 hours after countries clinched an early deal on how to compensate developing and poor nations that bear the brunt of the climate crisis despite contributing little to it.
In addition, USD 3.5 billion has been announced to replenish the Green Climate Fund, USD 2.7 billion pledged for health, USD 2.6 billion has been committed for food systems transformation, USD 2.6 billion pledged to protect nature, USD 467 million has been announced for urban climate action, and USD 1.2 billion has been committed for relief, recovery and peace (until Tuesday afternoon), according to a statement by the COP28 Presidency.
...Regarding the G20 countries stating that USD 5.9 trillion is required by developing countries to meet Paris climate goals, he said: ''We are stuck in millions. So, I cannot see it going up to trillions.'' Asked if the Loss and Damage Fund will be able to raise enough money to meet the demands of all poor and developing countries, he said: ''No. They pledged USD 100 billion per year and failed to deliver. Even now, there's no intent.'' Nasheed mentioned that a deal on the operationalisation of the fund doesn't mean it will be up and running soon.
...Nasheed, who served as the president of the Maldives from 2008 to 2012, emphasised that the group did not want the Loss and Damage Fund to be administered by the World Bank, even if temporarily for four years.
He also called for investors from countries like India to come and invest in projects that can deliver high employment, low inflation, and high economic growth in climate-vulnerable countries without wrecking the planet. READ FULL REPORT FROM DEVDISCOURSE
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