UAE pledges $200mln to help low-income and vulnerable countries fight climate change

UAE pledges $200mln to help low-income and vulnerable countries fight climate change

COP28 President Dr. Sultan Al Jaber, said: “The UAE is delighted to announce our SDR commitment to the IMF Resilience and Sustainability Trust (RST). We are committed to supporting those countries and communities who have often contributed most to climate change but are impacted the most.” The announcement during the World Climate Action Summit (WCAS) at COP28 in Dubai. Dubai: Today, the UAE pledged USD $200 million to help climate resilience in vulnerable countries. The announcement, which came during the World Climate Action Summit (WCAS), follows up from a previous pledge of USD $200 million to support development in low-income countries earlier this year in Marrakech. The commitment comes in the form of Special Drawing Rights (SDRs), pledged to IMF’s Resilience and Sustainability Trust (RST). The RST is a trust held by the International Monetary Fund (IMF) and provides long-term concessional funding for climate resilience and pandemic preparedness. The RST supports climate resilience in low- and middle-income economies and countries vulnerable to the impacts of climate change. COP28 President Dr. Sultan Al Jaber, said: “The UAE is delighted to announce our SDR commitment to the IMF Resilience and Sustainability Trust (RST). We are committed to supporting those countries and communities who