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Articles for tag: Climate, COP28, Finance, Latest, Loss and Damage Fund

December 25, 2023

News Desk

COP28: climate finance needs

Islamabad: The COP28 climate talks have concluded with so much debate and discussion and have some useful takeaways. But everything requires funding. Things are not done with words alone. If only the financial zeal to allocate and spend money was as strong as the debate. Unfortunately, this has not happened. Hopefully it will be there in the future. We will take stock of the situation later. It would be useful here to first summarize the main conclusions and determinations of COP28. These are: fossil fuel transition, tripling renewable energy installation and doubling the growth rate of energy efficient improvements, Loss

December 14, 2023

News Desk

The FM is pushing for the privatization of state-owned insurance companies

KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar has advised privatization of state-owned insurance companies such as the State Life Insurance Corporation of Pakistan (SLIC) to reduce public sector dominance, attract foreign investment and provide a level playing field to the private sector to remove infiltration of insurances. which remains at less than 1% in Pakistan at present. He urged insurance companies to introduce products that provide financial security against global warming threats such as floods and droughts and called on them to invest in infrastructure projects to reduce the effects of climate change as economic uncertainty increases globally and locally.

December 13, 2023

News Desk

Nations strike deal at COP28 to transition away from fossil fuels

DUBAI: Representatives from nearly 200 countries agreed at the COP28 climate summit on Wednesday to begin cutting global fossil fuel consumption to avoid the worst of climate change, a first-of-its-kind agreement signaling the eventual end of the oil era. The agreement reached in Dubai after two weeks of tough negotiations was intended to send a strong message to investors and policymakers that the world is united in its desire to break with fossil fuels, which scientists say is the last best hope to avert climate catastrophe. COP28 President Sultan Al Jaber called the agreement “historic” but added that its real

December 13, 2023

News Desk

Nations strike deal at COP28 to transition away from fossil fuels

The COP28 president calls the agreement “historic,” but notes that its real success will be in its implementation UAE Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber attends the plenary, following the release of a draft negotiating agreement, at the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, December 13, 2023. —Reuters COP28 reaches agreement on reducing fossil fuel consumption. The President of the Council Sultan Al Jaber calls the agreement “historic”. Small island states say the deal is not enough. Representatives from nearly 200 countries agreed at the COP28 climate summit

December 11, 2023

News Desk

The new COP28 draft agreement does not have a “phase-out” of fossil fuels

DUBAI: A draft of a possible climate deal at the COP28 summit on Monday suggested a range of options countries could take to reduce greenhouse gas emissions, but omitted the “phasing out” of fossil fuels that many nations have called for. The draft will set the stage for a final round of contentious negotiations at the two-week summit in Dubai, which has revealed deep international disagreements over whether oil, gas and coal should have a place in a climate-friendly climate future. COP28 president Sultan Al Jaber urged the nearly 200 countries at the talks to redouble their efforts to finalize

December 10, 2023

News Desk

UN chief says he won’t give up calls for Gaza ceasefire

DOHA: UN Secretary-General Antonio Guterres said on Sunday he would not give up calling for a humanitarian ceasefire in Gaza, adding that the war had undermined the Security Council’s credibility and authority. Guterres was speaking at the Doha Forum conference as Washington vetoed on Friday a proposed UN Security Council request for an immediate humanitarian ceasefire in the war between Israel and the Palestinian group Hamas. “I urged the Security Council to push to prevent a humanitarian catastrophe and reiterated my call for a humanitarian ceasefire,” Guterres said. “Unfortunately, the Security Council has failed to do so, but that does

December 9, 2023

News Desk

OPEC pressure on fossil fuels sparks outrage at COP28

DUBAI: Negotiations over the future of fossil fuels intensified at UN climate talks on Saturday, with OPEC fending off the oil cartel’s bid to block any phase-out in the final deal. The tone has shifted between optimism and concern over the pace of the COP28 talks in Dubai, as negotiators held marathon meetings aimed at finding a compromise on the fate of oil, gas and coal. OPEC added fuel to the fire after it was revealed that Kuwaiti Secretary-General Haitham Al Ghais sent a letter to the group’s 13 members and 10 allies this week, calling on them to “preemptively

December 6, 2023

News Desk

latest, cop28, no emissions , nuclear fusion , usa

DUBAI: Special US climate envoy John Kerry on Tuesday launched an international pledge to boost nuclear fusion, saying the emission-free technology could become a vital tool in the fight against climate change. Kerry said the plan includes 35 nations and will focus on research and development, supply chain issues and regulations and security. “Fusion has the potential to revolutionize our world,” Kerry said at the COP28 climate summit in Dubai. Fusion, which powers the sun and other stars, can be reproduced on Earth with heat and pressure using lasers or magnets to crush two light atoms into a denser one,

December 4, 2023

News Desk

PM terms Indus Basin ground zero for climate mitigation

DUBAI: Caretaker Prime Minister Anwaarul Haq Kakar said on Sunday that Pakistan’s climate challenge was primarily a water challenge that needed immediate remediation and stressed the importance of adapting the Indus basin to climate impacts because the majority of the population was connected to it. mighty river. Addressing an event on ‘Living Indus Initiative’ at the Pakistan Pavilion as part of the 28th Conference of the Parties to the United Nations (COP-28), the prime minister explained that ‘Living Indus’ was an umbrella initiative aimed at restoring ecological health of the Indian within the borders of Pakistan. “The Government of Pakistan

December 2, 2023

News Desk

US commits $3bn to Green Climate Fund at COP28 sources

DUBAI: The United States will commit $3 billion to the Green Climate Fund, sources familiar with the matter said Saturday as Vice President Kamala Harris arrived in Dubai for the UN climate summit. The fund, with more than $20 billion in commitments, is the largest international fund dedicated to supporting climate action in developing countries. The latest pledge, which Reuters first reported, will be in addition to another $2 billion previously committed by the United States. The sources said the commitment is subject to the availability of funds. Harris was expected to announce the pledge later on Saturday in a

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