DUBAI, UAE, December 1. World needs a strong green bond market, European Commission's President Ursula von der Leyen said at the World Summit on Climate Action organized within the 28th session of the Conference of the Parties to the UN Framework Convention on Climate Change - COP28 in Dubai, Trend reports.
"At this COP, we will take a decisive step forward in protecting the world's most vulnerable citizens.They are subjected to catastrophic climate change, endure loss and destruction, and we will be by their side. It's all about ambition here. It's about goals and finances," she explained.
"Let me begin with ambition. We must eliminate fossil fuels and limit methane emissions by 2025. But, as the official pointed out, "what we are calling for globally must also be delivered domestically, so let me report on what we are doing in the European Union."
Von der Leyen stated that the European Union has already reached its pinnacle.
"We passed legislation to drastically reduce methane emissions. By 2030, the European Union wants to treble renewables and double energy efficiency. Our call has now turned into a formidable movement, with over 110 countries already joining. "That's fantastic," she exclaimed. "As a result, I urge all of us to include these targets in the final COP decision, because doing so sends a strong message to both investors and consumers. There is no doubt that the energy of the future will be clean. It will be inexpensive and produced locally."
The official also emphasized the significance of meeting the $100 billion target this year.
"The European Union contributed about $30 billion in public climate finances last year, and it will, of course, contribute to the new loss and damage fund. So far, Team Europe has contributed more than $270 million. We need to get the fund up and going as soon as possible. But we all know that more is required. We need to overhaul the international financial system, and higher carbon pricing is required," she concluded.
The COP28 is being held from November 30 through December 12.
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