An auspicious start. After months of negotiation, nearly 200 nations agreed to establish a 'loss and damage fund' to aid poorer countries affected by climate change.
- The World Bank will temporarily host the fund, which will be replenished every four years and begin supporting projects next year.
- Wealthy nations like the UAE, EU, and Germany have contributed about $100M each.
- There's surprise in Dubai over the fund’s rapid establishment, especially compared to the four-year negotiation of the Paris Agreement.
So long methane? Fifty oil companies (representing nearly 50% of global oil production) pledged to lower their methane emissions to near-zero.
- The action taken by oil giants, including Exxon Mobil and Saudi Aramco, was met with criticism from over 300 NGOs, who described it as a "smokescreen."
- Nevertheless, if the pledge is fulfilled, it could reduce global warming by one-tenth of a degree.
Renewed hope. Over 110 countries have committed to tripling the world's renewable energy capacity by 2030. China and India aren’t on board yet.
- Additionally, 22 nations, including the US, Canada, Japan, and Britain, are aiming to triple their nuclear energy capacity by 2050.
Green finance. The biggest pledge on Monday came from the UAE's banking system, committing $272 billion in green finance by 2030.
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