UN report urges global end to fossil fuel exploration by 2030
(The Guardian, 5 Oct 2023) Climate crisis funding for poor nations should reach $200bn to $400bn a year by same date, says pre-Cop28 report.
Fossil fuel exploration should cease globally by 2030 and funding to rescue poor countries from the impacts of the climate crisis should reach $200bn (£165bn) to $400bn a year by the same date, according to proposals in a UN report before the next climate summit.
Countries were still “way off track” to meet the goals of the 2015 Paris climate agreement, the report found, and much more action would be needed to make it possible to limit global heating to 1.5C above preindustrial levels.
The UN’s synthesis report on the global stocktake, published on Wednesday, will form the basis for discussions at the Cop28 conference in Dubai, which begins at the end of November. The global stocktake is a process mandated under the Paris agreement, intended to check every five years on countries’ progress on meeting their emissions-cutting goals.