A dozen of the world’s leading lenders, including the World Bank, signed a joint statement at the COP28 summit in Dubai. This was reported by Reuters.
In the document, they pledged to step up efforts to combat climate change. According to the publication, banks acknowledged that the “window of opportunity” to save the planet was rapidly narrowing. The statement also does not mention the issue of abandoning the financing of fossil fuel projects.
The group pledged a record $61 billion to climate-related projects last year. But this is not enough. Giving up fossil fuels is the only way to save the planet, UN Secretary-General Antonio Guterres said at COP28.
The banks also pledged to develop a common approach to track the climate impacts of projects and increase analytics to identify investment opportunities in this area.
Financial institutions also plan to increase funding for measures for countries to adapt to climate change, including risk insurance and improving resilience.
Before that the West accused Undermining the fight against climate change through sanctions.
UAE previously reported allocation $150 million to address global water scarcity.