KSrelief Signs Agreement to Drill Artesian Wells, Provide Potable Drinking Water in Somalia

KSrelief Signs Agreement to Drill Artesian Wells, Provide Potable Drinking Water in Somalia

World Bank, UAE Lead Climate Financing Boost at COP28

COP28 president Sultan Ahmed Al Jaber speaks during the Transforming Food Systems in the Face of Climate Change event on the sidelines of the COP28 climate summit at Dubai Expo on December 1, 2023. (AFP)

Governments, development banks and companies announced on Friday initiatives to mobilize billions in climate cash at the COP28 summit where the UAE has made increasing financing central to its leadership of the UN talks.

So far the world has barely begun to deliver the vast amounts of money needed to help the world pay for the transition away from fossil fuels and deal with the impact of climate change.

Developing countries will need an estimated $2.4 trillion in annual climate finance by 2030, the Climate Policy Initiative non-profit organization said.

To try to end years of deadlock on the financing issue, COP28 summit host the United Arab Emirates said it would invest $30 billion in a new climate investment venture.

Named ALTÉRRA, it will aim to mobilize $250 billion in investment by the end of the decade, in what COP28 President Sultan Ahmed Al Jaber described as a "defining moment" for climate finance.

Calling it "the world's largest private investment vehicle for climate