Wednesday, February 28, 2024

British official: COP28 conference in UAE a “unique experience”

Date:

In an interview on the sidelines of the COP28 conference of parties, Fair said Britain was one of the fund’s biggest funders, and noted that his country would ensure funds from the fund go to projects that reduce emissions and act on climate change. Problems after the US provided $3 worth of funding. Billions of dollars.

On the other hand, Baroness Sharrod Fair noted that during the COP28 conference, the UAE raised new issues related to finance and how the climate finance sector could be funded from different sources and multiple institutions. “A unique experience.”

British action against climate change

Baroness Sharrod Vere said the UK government was paying more attention to climate change and Britain was the first major economy to put a 2050 net zero target into UK law.

He pointed out that the United Kingdom’s emissions have now halved compared to 1990, and “I think that would be the biggest percentage that any advanced economy in the world could achieve.”

He confirmed Britain’s pledge of 11.6 billion pounds (about $14.6 billion) to international climate finance by 2026.

A shock to the British economy

Baroness Sharrod Vere, Parliamentary Under-Secretary of State for the British Treasury, said that the British economy had experienced two major shocks since 2019.

He explained during an interview at the Conference of the Parties (COP28) held in Dubai that the two shocks represented first by the Covid pandemic forced governments to take appropriate measures to support lives and livelihoods and invested about 350 billion. pounds ($441 billion) in this structure.

See also  UAE receives first flight in initiative to "hospitality a thousand Palestinian children and their families".

He explained that the second shock was a significant increase in energy prices after the outbreak of war in Ukraine, noting that the United Kingdom should support Kiev, because the value of the support is about 100 billion pounds.

“Our economy is more resilient than we thought, but we need to cut spending, let inflation go down, and start paying down our debts, and maybe look forward to economic growth,” said Baroness Sharrod Ver.

Fair explained that Britain was able to attract around £29.5 billion worth of investment during the Global Investment Summit announced by the Prime Minister.

“I would say to investors, there are opportunities across the UK in all sorts of sectors and a skilled workforce, a good tax system, made even better by fully incorporating permanent mechanisms to encourage investment in our asset classes. We need to drive production,” he said.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

Share post:

Popular

More like this
Related

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...