COP28 Puts Climate Finance in the Spotlight

At the COP28 climate talks in Dubai, climate finance took center stage as the gap between the need for funding and what is being offered became apparent. The United Arab Emirates pledged $270 billion in green finance by 2030, while development banks agreed to pause debt repayments during disasters. However, Saudi Arabia, the region's biggest economy and the world's largest oil producer, did not attend the summit. A report estimated that emerging markets and developing countries will require $2.4 trillion annually by 2030 for climate adaptation and emission reduction. Vulnerable countries are requesting billions more through a disaster fund, and Barbados' Prime Minister called for taxes to boost climate funding. The UAE's banking sector made the largest pledge, and other countries and institutions announced efforts to increase funding for green projects.