Climate Financing is the great enabler to take Climate Action”: Dr. Adnan Arshad – Director Climate Change, PODA at COP28

Providing grant funding for developing countries can get both mitigation and adaptation projects off the ground. It helps developing countries build ambition into their Nationally Determined Contributions and their National Adaptation Plans said at COP28 by Dr. Adnan Arshad, director of climate change at PODA-Pakistan. During the full house negotiations plenary on youth and climate action he stressed parities to establish a dashboard to monitor and track the progress made in transfer of funds to support green jobs & financing projects for youths of developing countries from the Global Youth Climate Action Fund (GYCAF).

The 28th session of Conference of Parties (COP28) by the United Nations is in full swing at Dubai, UAE. Dr. Adnan shared that this year COP has a one-line agenda of Global Stocktake (GST) to track countries’ progress on climate action as agreed in Paris Agreement-2015. Wealthy countries most responsible for the climate emergency have so far pledged a combined total of just over $700m to the Loss & Damage Fund – the equivalent of less than 0.2% of the irreversible economic and non-economic losses developing countries including Pakistan are facing from global heating every year.
In order to achieve the central Paris Agreement goal of holding the global average temperature rise to as close as possible to 1.5 degrees Celsius, greenhouse gas emissions must be reduced 45 per cent by 2030, and climate neutrality achieved by 205. Till today, 117 governments have agreed to triple renewable energy capacity and double energy efficiency by 2030.