Climate Justice? UN Proposes $400bn Annual Fund for Vulnerable Nations

Countries are still far behind on 2015 Paris climate goals, which require countries to limit global warming to 1.5C above preindustrial levels, a UN report warned. 

Presented before the next annual climate summit, the report urged funding to help poorer countries mitigate the impact of the climate crisis. The funding should reach up to $400bn a year by the same date, the report said. 

In its annual report before annual climate summit COP28, the report urged stronger action to end greenhouse gas emissions. It also asked for fossil fuel exploration to end by 2030. 

There is broad agreement that these emissions must peak by 2025 for global heating to be limited to 1.5C. Temperatures higher than that could see greater impacts of climate change, including longer heatwaves, more intense storms and harsher wildfires. 

Simon Stiell, the UN’s climate chief, insisted the report presented a major opportunity for the course correction that is “so urgently called for”. 

However, he noted that while there is broad agreement that emissions need to be limited, there remains “significant divergence” on how to achieve this. 

Catherine Pettengell, the executive director of Climate Action Network UK, said the recommendations in the UN’s reports must be taken forward.  

“COP28 must be a decisive moment to end the era of fossil fuels and bring about a just and equitable transition,” she said. “Today’s synthesis report for the global stocktake makes clear that an agreement on ending fossil fuels must be at the heart of the outcomes for COP28 to be a success.” 

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