"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



COP28 galvanizes finance, global unity for forests and ocean
Published in Daily News Egypt on 04 - 12 - 2023

In a groundbreaking move at the World Climate Action Summit, the COP28 Presidency and its partners unveiled a series of ambitious initiatives with an initial commitment of $1.7bn to simultaneously address climate and biodiversity goals. This landmark announcement signifies a pivotal shift towards recognizing nature as an indispensable ally in the fight against climate change.
Reaffirming the urgency of nature conservation, COP28 High-Level Champion Razan Khalifa Al Mubarak emphasized the crucial role of nature in climate action. "Ensuring that nature is recognized, supported, and funded as a prerequisite to climate action has been a priority for the COP28 Presidency," she stated.
The summit witnessed the unveiling of national and regional investment plans and partnerships focused on nature-climate action, demonstrating a collective commitment to the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework.
Unveiling Transformative Initiatives
* The United Arab Emirates (UAE) pledged $100m in new funding for nature-climate projects, with an initial $30m investment in Ghana's 'Resilient Ghana' plan.
* The Bezos Earth Fund committed $100m to support the 'Unlocking Blue Pacific Prosperity Plan,' an initiative to protect 30% of the Pacific Small Island Developing States' (P-SIDS) waters and exclusive economic zones by 2030.
* A group of philanthropies, including Bloomberg Philanthropies, Builders Vision, and Oceankind, announced $250m in new funding under the Ocean Resilience Climate Alliance (ORCA) to safeguard vulnerable marine areas, promote ocean-based mitigation efforts, and advance research on climate impacts.
* France, under the leadership of President Emmanuel Macron, pledged funding for three forest finance packages, including $100m for Papua New Guinea, $60m for the Democratic Republic of Congo, and $50m for the Republic of Congo.
* Indonesia and Norway announced a $100m partnership to support Indonesia's pioneering FOLU Net Sink 2030 plan, which aims to achieve carbon neutrality in the land-use sector by 2030.
* The Asian Development Bank, along with other partners, established the Nature Finance Hub, a new initiative committing to mobilizing $1bn from development partners and aiming to attract an additional $2bn in private finance by 2030 for nature-focused climate projects.
Recognizing the Role of Indigenous Communities
The summit also underscored the pivotal role Indigenous communities play in conserving ecosystems. Indigenous Peoples, who represent just 5% of the global population, protect 80% of the world's remaining biodiversity. Their knowledge and traditional practices will be central to the UAE-Brazil COP28-to-COP30 partnership.
These nature-climate plans represent a significant step forward in addressing the twin crises of climate change and biodiversity loss. The collective commitment to nature-based solutions demonstrates the growing recognition that protecting and restoring ecosystems is not only essential for environmental health but also a critical component of climate action.
As the world prepares for COP28 Nature, Land Use, and Ocean Day on December 9th, the momentum for nature-based solutions continues to build. The summit will provide a further platform to showcase the transformative potential of nature in addressing climate change and safeguarding biodiversity.


Clic here to read the story from its source.