During the recent United Nations climate summit, leaders voiced concerns about major polluters’ insufficient efforts to combat global warming. UN Secretary-General Antonio Guterres highlighted the urgency, citing the “naked greed” of fossil fuel interests.
With the COP28 climate summit approaching, leaders called for a shift away from fossil fuels, recognizing that we are “decades behind” in transitioning to renewables due to delays and vested interests.
Some leaders criticized the fossil fuel industry and continued reliance on oil, gas, and coal, while others stressed the need to reform financial institutions for better funding access in developing nations. Despite bold actions by certain countries, the absence of top polluters like the United States and China raised concerns about progress leading up to COP28.
Kenyan President William Ruto proposed creating a universal tax on fossil fuel trades, levies on emissions from aviation and maritime industries, and financial transactions to raise funds. California Governor Gavin Newsom emphasized the role of the oil industry in obstructing climate action.
Brazil and Thailand announced increased emission reduction targets, while the UAE expressed optimism about global climate efforts. Barbados’s prime minister urged attention to climate finance, emphasizing its significance as a global threat. European Commission President Ursula von der Leyen stressed the need to meet the $100 billion per year climate finance target.
Nepali Prime Minister Pushpa Kamal Dahal called for doubling finance for adapting to a changing climate, and Kristalina Georgieva of the IMF called for an end to fossil fuel subsidies.
The Green Climate Fund set a goal to raise at least $50 billion by 2030 and shift focus from individual projects to transforming entire systems, according to the fund’s executive director, Mafalda Duarte.
