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UN chief announces $3.1 billion action plan at COP27

The plan guarantees to achieve early warning systems by 2027

UN chief announces $3.1 billion action plan at COP27
[Source photo: Anvita Gupta/Fast Company Middle East]

Intense discussions on climate change and ways to address carbon emissions are currently underway in Sharm El-Sheikh, Egypt. 

Addressing world leaders gathered on this occasion, UN Secretary-General António Guterres, on Monday, outlined his plan to guarantee that early warning systems are in place as climate-related calamities displace more people than war.

The Executive Action Plan for the Early Warnings for All initiative calls for initial new targeted investments of $ 3.1 billion between 2023 and 2027, equivalent to a cost of just 50 cents per person per year.

The world’s two largest economies, the US and China, faced criticism from Guterres for not working closely enough to address environmental challenges. “Humanity has a choice: cooperate or perish,” Guterres stated, adding it’s either a collective suicide pact or a climate solidarity pact.

The UN chief said that a pact would make it possible for nations and international financial institutions to cooperate to give emerging economies financial and technical support to accelerate their shift to renewable energy. 

Egyptian President Abdel Fattah El-Sisi used his opening address to urge countries to do more to build trust that environmental concerns are being taken seriously.

“Trust will be the best guarantee of our success and progress and achieving our goals,” said El-Sisi, adding, “Our time here is limited, and we must use every second that we have.”

Meanwhile, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi, said in his address that countries must cooperate to tackle climate change and use it as an opportunity for innovation and building new economies.

He said the UAE would continue to be an energy producer. “The UAE is known as a responsible supplier of energy and will continue to play this role for as long as the world needs oil and gas.

He hailed the recent agreement signed by the UAE and the US to invest $100 billion in renewable energy and generate 100 gigawatts of clean energy worldwide.

Climate change will exacerbate already challenging issues like maintaining international security and stability, UAE President stated in his speech, adding that the UAE will focus on supporting the implementation of the outcomes of the previous COPs as they prepare for COP28 in Dubai in 2023.

Fast Company’s World Changing Ideas comes to the Middle East on 23 November 2022. Click here to know more.

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