COP 27 looks at financing issues, Biden makes appearance
By Nathan Morley
Finance has been once again on the agenda in Sharm el-Sheikh.
The World Bank has announced the creation of the Global Shield Financing Facility Instrument to help nations experiencing heavy economic loss due to disasters induced by climate change.
Germany is committing roughly $170 million to the project, while other countries, including Austria, have provided a total of $225 million.
Meanwhile, US president Joe Biden has appeared Sharm el-Sheikh to highlight U.S. efforts to curb climate-harming emissions.
One of Biden’s first acts on becoming president was to sign an order bringing the USA back into the Paris Climate Accord after his predecessor Donald Trump had pulled out.
The United States is the world's second largest emitter of greenhouse gases.
The day has also been dominated by the topic of decarbonization and new announcements on the Global Methane Pledge, heralded by the United States and European Union at the Glasgow summit last year.
COP27 opened on Sunday with a warning from the United Nations that planet earth was "sending a distress signal."
A new report released by the UN reveals that the past eight years were on track to be the warmest on record.
Earlier this week, the United Nations Secretary-General Antonio Guterres announced climate action to provide global early warnings on climate change in the next five years.
COP28 will be held in the United Arab Emirates (UAE) in 2023
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