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COP27: Sunak says UK to triple funding for adaptation

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South Africa and its investment partners launched an $8.5 billion plan to shift from coal toward green energy at the COP27 climate summit, a potentially landmark deal for the transition away from fossil fuels.

The Just Energy Transition Plan — backed by the UK, US, France, Germany and the European Union — is seen as a blueprint for other coal-dependent developing nations to cut greenhouse gas emissions. 

Getting the deal across the line will be seen as a significant win for a COP summit likely to be short of blockbuster announcements. It also shows progress on coal as emissions from the most-polluting fossil fuel continue to set records.  

More than 100 world leaders have started arriving in Sharm el-Sheikh for the UN’s annual climate change summit, attempting to maintain momentum in the battle to curb planet-warming emissions.

Despite an early breakthrough that put the issue of compensating poorer countries for the impact of climate change on the agenda for the first time, delegates are now aiming harsh criticism at each other over issues ranging from climate reparations to funding for mitigation and adaptation in poorer countries.

Rising energy prices, accelerated by Russia’s war in Ukraine, have led many governments to prioritize security of supply over the transition to cleaner energy.

Global emissions need to start falling rapidly before 2030 if the world has any chance of keeping global warming below 2 degrees Celsius. But they will likely hit a record this year. Countries from Pakistan to the US have been hit by unprecedented climate disasters.

German Chancellor Olaf Scholz, Macron and British Prime Minister Rishi Sunak are among the biggest names at the start of the two-week event. US President Joe Biden and Brazil’s President-elect Luis Inacio Lula da Silva are due to appear later on. 

The most notable no shows are China’s Xi Jinping and India’s Narendra Modi, leaders of the world’s largest and third-largest emitters.

“Instead of developing countries being unfairly burdened with the carbon debt of richer nations and, somehow expected to forgo that same path to growth, we are helping those countries deliver their own fast track to clean growth,” he said.

Sunak said Britain is already delivering on its commitment of 11.6 billion pounds and is investing 65 million pounds in green projects in Kenya, Egypt and other nations.

 

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