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By Sharon Kimathi, Energy and ESG Editor, Reuters Digital
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Hello!
A feeling of déjà vu is encompassing the 28th Conference of the Parties (COP28) as the summit kicks off the week with discussions around climate financing. Delegates are turning their attention towards plugging the gap needed for the energy transition, climate adaptation and disaster relief.
The biggest pledge on Monday came from the United Arab Emirate’s banking sector, joining peers in other regions in pledging to lend more to green projects. It followed a Friday pledge of $30 billion for climate-related projects from the oil producing Gulf state.
During the weekend at the summit, the UAE and several charities offered $777 million in financing for eradicating neglected tropical diseases that are expected to worsen as temperatures climb, as the conference focused on the themes of ‘health, relief, recovery, and peace’.
Aside from finance, Monday’s theme at the summit also focuses on ‘trade, gender equality and accountability’.
So far, the United Nations Women launched its “Feminist Climate Justice: A Framework for Action” report, which showed how climate change will push up to 158 million more women and girls into poverty and will plunge 236 million more women into hunger by 2050.
Here is a rundown of what to watch at COP28 on Monday.
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Climate activists protest against fossil fuel emitters, demanding action and more contributions to the Loss and Damage Fund, during COP28 in Dubai, UAE REUTERS/Thaier Al Sudani
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- Money pledges grabbed the spotlight again at COP28 in Dubai on Monday as the United Arab Emirates, the host of this year’s conference, pledged $270 billion in green finance by 2030 through its banks. Several development banks made fresh moves to scale up their funding efforts, including by agreeing to pause debt repayments when disaster strikes. Click here for the full Reuters feature.
- Ten of the world’s top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed.
- Heat stress. Lung damage from wildfire smoke. The spread of disease-carrying mosquitoes into new regions as temperatures rise. These are just a few of the ways that public health has been impacted and compounded by climate change – a focus for the first time ever at the annual U.N. climate summit COP28. Click here for the Reuters explainer on how climate change is harming people’s health across the world today.
- More than 100 protesters gathered on Sunday on the sidelines of COP28 to call for a ceasefire in the Israel-Hamas war, an unusual sight in the UAE where freedom of expression is limited.
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A communal worker cleans snow at the Exhibition of Achievements of National Economy (VDNH) during a heavy snowfall in Moscow, Russia. REUTERS/Maxim Shemetov
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- Temperatures in parts of Siberia plummeted to minus 50 degrees Celsius (minus 58 degrees Fahrenheit) while blizzards blanketed Moscow in record snowfall and disrupted flights as winter weather swept across Russia.
- The number of people killed by floods and landslides in northern Tanzania has jumped to 47, with another 85 people injured, following torrential rain, a senior government official said.
- Gender Inequality: Women are the main targets of online hate, including abusive language, harassment and incitement to sexual violence, the European Union’s Agency for Fundamental Rights (FRA) said in a report.
- Experts say extreme weather brought by climate change, ecological disruption from dam-building, wetland conversions, and overfishing threaten food supplies and livelihoods for the millions who depend on Southeast Asia’s largest lake.
- A global securities watchdog proposed 21 safety measures to improve integrity, transparency and enforcement in voluntary carbon markets (VCMs) in a sector of growing importance to efforts to combat climate change.
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“Women’s participation and leadership in climate action is associated with better resource governance, conservation outcomes and disaster readiness. In the private sector, more gender-diverse corporate boardrooms and C-suites have been shown to lead to more sustainable policies.”
Rachel Delacour, CEO of carbon management platform Sweep
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The world’s top multilateral development banks are set to launch a global “task force” at the COP28 climate summit in the coming days to scale up the number and size of ‘debt-for-nature’ swaps that countries can do, four sources told Reuters.
Debt-for-nature swaps, where a developing country’s debt is cut in return for protecting vital ecosystems, are attracting growing interest following a number of successful examples in places such as Belize and the Galapagos Islands.
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