World
Small plane crashes in Malaysia, with at least 9 bodies recovered
A small aircraft crashed Thursday in a suburb in Malaysia's central Selangor state, with at least nine bodies recovered, police said.
Shah Alam district police chief Mohamad Iqbal Ibrahim confirmed that a jet has crashed. He said it appeared that all the passengers on the plane had perished but couldn’t give further details. Another police officer, who declined to be named as he isn’t authorized to speak to the media, said that at least nine bodies have been found.
Read: Philippine plane crash kills 2, another carrying 6 missing
Civil aviation authorities said there were six passengers and two crew members on board the plane. The Malay Mail online news portal quoted eyewitnesses as saying the airplane exploded upon impact, with some of the debris from the crash hitting a motorcycle.
The New Straits Times, an English-language newspaper, said on its website that the plane was believe to be en route from the northern resort island of Langkawi to the Subang airport in Selangor when it was believed to have encountered difficulties and crashed onto the highway.
Read: Airplane crash in Gulf of Mexico leaves 2 dead, 1 missing
Videos shared on social media showed fire and plumes of black smoke rising from the crash site on a grassy lawn by the side of a main highway in Shah Alam. Part of the road was seen covered in thick soot. Police and firemen have been deployed to the scene.
Transport Minister Anthony Loke is expected to release further details at a news conference later Thursday.
Read more: Plane crash kills 2, burns homes in California neighborhood
COP28 President-designate calls on international community to deliver on climate finance
COP28 President-Designate Dr Sultan Al Jaber has addressed the nineteenth session of the African Ministerial Conference on the Environment (AMCEN) in Addis Ababa, Ethiopia, sharing his vision and priorities for COP28, especially the need for adaptation financing and acceleration of the energy transition.
A key partner to COP28, AMCEN unites environment ministers from across the continent and provides political guidance and coordinates policy positions among its member states, which include all 54 African countries. Ethiopia will chair AMCEN in 2024.
In his speech, Dr. Al Jaber highlighted the need for urgent action to put the world back on track to achieve the goals of the Paris Agreement and keep the ambition of 1.5 within reach.
“With just over 100 days before the world gathers in Dubai for COP28, both the science and common sense are telling us that our collective response to climate change is nowhere near good enough.”
The COP President Designate not only recognized Africa's position at the frontline of climate impacts but also its performance and potential as a leading force in the energy transition.
He said, “When it comes to transitioning to an energy system free of unabated fossil fuels, Africa has many lessons for the rest of us. Here in Ethiopia, almost 100 per cent of the country’s energy comes from renewable hydro power. […] across this great continent, a young and growing population is seizing the potential of other clean energy sources from wind to solar and choosing low carbon economic growth."
Read: July was the hottest month on record by far, European scientists confirm
However, he also acknowledged that a chronic lack of available, accessible and affordable climate finance is holding back Africa's potential, noting that barely one tenth of global climate finance finds its way to the continent.
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As such, Dr. Al Jaber highlighted the urgent need to reform international climate finance. He said, “First, the international community must come through with the 100-billion-dollar pledge they made over a decade ago. I will continue to press donor countries to ensure delivery no later than this year […] Next, the entire global financial architecture from IFIs to MDBs needs modernizing. They were built for the second half of the last century. They urgently need to be upgraded to meet the needs of this one.”
He was also clear on his call to action on Loss and Damage: "we must operationalize the fund and funding arrangements for Loss and Damage, and early pledges are vital to ensure we live up to the commitments made at Sharm El Sheikh".
Read: UN chief calls for due process in proceedings against Pakistan's Khan
In making these remarks, Dr. Al Jaber referred to a meeting of the Independent High-Level Expert Group (IHLEG) that united world leading economists in Abu Dhabi for two days of talks on the 15 and 16 August.
The meeting, which was attended by leading figures including IHLEG co-chairs Lord Nicholas Stern and Dr. Vera Songwe as well as representatives from the World Bank, IMF, ECF and IFC, the COP28 and COP27 Presidencies, set out crucial next steps to reform international climate finance. A detailed report, including a clear roadmap on how to implement recommendations, will be presented to world leaders at COP28.
Looking to the future and another significant moment to drive forward 'fixing climate finance', Dr. Al Jaber also announced that the COP28 UAE Presidency will co-host the third Climate and Development Ministerial alongside the UK, Malawi and Vanuatu governments in the UAE on 29 October during the formal 'pre-COP' period.
Read: Heat, wildfires and floods make summer of 2023 "a summer of extremes"
The meeting – which will focus on advancing access to, and delivery of, adaptation finance – will be led by climate and development ministers from LDC and AOSIS states and will also be attended by ministers and leaders from ally countries, International Financial Organizations (IFIs), multilateral development banks (MDBs), Climate Funds and leading multinational organizations.
During his visit to Ethiopia, Dr. Al Jaber also held bilateral meetings with African leaders to discuss the COP28 climate finance and energy transition agenda, including with Alioune Ndoye, Minister of Environment, Development and Ecological Transition of Senegal; Barbra Creecy, Minister of Forestry, Fisheries and Environmental Affairs of South Africa and Collins Nzovu, Minister of Green Economy and Environment of Zambia.
He also particularly praised Ethiopia's afforestation and reforestation-focused Green Legacy Initiative, which has created over 767,000 green jobs under Prime Minister Abiy Ahmed Ali’s leadership.
Dr. Al Jaber’s visit to the African region and speech at the AMCEN summit is an important moment in mobilizing African leaders ahead of COP28 and preparing the ground for strong outcomes on international climate finance, including loss and damage.
Read: COP28 UAE Presidency: Leading economists set out crucial next steps to reform int’l climate financing
‘Rich-cession’: The world had 3.5mn fewer millionaires in 2022
Total household wealth fell for the first time last year since the 2008 financial crisis, as interest rates climbed and inflation remained persistently high.
That may sound like bad news, but the data reveal a different story, reports CNN.
Also read: Which are the world’s top 10 wealthiest cities in 2022?
According to the annual Credit Suisse and UBS global wealth report, the total value of all private wealth in the world declined 2.4 percent to $454.4 trillion. Much of this was due to losses in the stock and bond markets, which disproportionately impacted wealthy individuals, it said.
Meanwhile, worldwide median wealth, a more accurate estimate of how the average individual is doing, increased by 3 percent in 2022.
In sum, the ordinary person got a lift while millionaires and billionaires suffered a hit – a phenomenon known as a “rich-cession.”
Also read: Top 10 Richest Women in the World in 2021
The study defines net worth or “wealth” as the value of a household’s financial and real assets.
Because of the drain on wealth at the top, the world presently has 3.5 million fewer millionaires in US dollar terms than it had in 2021, for a new total of roughly 60 million, said the report.
Some nations lost more millionaires than others, with the United States losing 1.8 million in total. The United States also lost the most “ultra-high net worth individuals” (17,260) with wealth over $50 million, it said.
Also read: Mukesh Ambani no longer among world's top 10 richest billionaires
The combination of a rise in the median and a fall at the top suggests that inequality has decreased. In any case, only somewhat. The wealthiest 1 percent of households still own a whopping 44.5 percent of global wealth. This is a modest decrease from 45.6 percent in 2021, it added.
“The global economy is experiencing a period of astonishing economic alteration,” wrote Paul Donovan, chief economist at UBS Global Wealth Management, in the report. (UBS acquired Credit Suisse earlier this year.)
According to Credit Suisse, global wealth will increase by 38% over the next five years, hitting $629 trillion by 2027. Notably, that expansion will very certainly be led by middle-income nations, said the report.
Muslim mobs attack churches in eastern Pakistan after accusing Christians of desecrating the Quran
Muslims in eastern Pakistan went on a rampage Wednesday over allegations that a Christian man had desecrated the Quran, demolishing the man’s house, burning churches and damaging several other homes, police and local Christians said. There were no immediate reports of casualties.
Read Also: Ambassador Fick to visit India, Sri Lanka from August 17 to 23
The scale of the violence prompted the government to deploy additional police forces and send in the army to help restore order.
The attacks in Jaranwala, in the district of Faisalabad in Punjab province, erupted after some Muslims living in the area claimed they had seen a local Christian, Raja Amir, and his friend tearing out pages from a Quran, throwing them on the ground and writing insulting remarks on other pages.
Police chief Rizwan Khan said this had angered the local Muslims. A mob gathered and began attacking multiple churches and several Christian homes, burning furniture and other household items. Some members of the Christian community fled their homes to escape the mob.
Police eventually intervened, firing into the air and wielding batons before dispersing the attackers with the help of Muslim clerics and elders. Authorities also said they have started launching raids in an effort to find all the perpetrators. Dozens of rioters were arrested.
Police chief Bilal Mehmood told reporters they were also looking for Amir, who went into hiding to escape the mob, and would detain him to determine whether he had desecrated the Quran.
Videos and photos posted on social media show an angry mob descending upon a church, throwing pieces of bricks and burning it. In another video, two other churches are attacked, their windows broken as attackers throw furniture out and set it on fire.
Read also:Stock market today: Global shares trading mixed amid worries about China economy
Several policemen are seen in the videos watching the situation without intervening to stop the vandalism.
Read Also: India and China pledge to maintain 'peace and tranquility' along disputed border despite tensions
In yet another video, a man is seen climbing to the roof of the church and removing the steel cross after repeatedly hitting it with a hammer as the crowd down on the road cheered him on.
Khalid Mukhtar, a local priest, said most of the Christians living in the area had fled to safer places. “Even my house was burned,” he added.
Mukhtar said there are 17 churches in Jaranwala and he believes most of them were attacked. The authorities did not immediately confirm that figure.
Father Gulshan Barkat, who teaches church history at the National Catholic Institute of Theology in Karachi, described the blasphemy allegations as a “false accusation” and said the local mosques were also to blame because loudspeakers erected on minarets had earlier in the day called on Muslims to gather and "attack the churches and Christian community."
“The emotion of our Muslim brethren flares up very quickly, even at hearsay,” he said.
None of the clerics at Jaranwala mosques could be reached to confirm the allegation about the loudspeakers.
Khan said additional police forces were later deployed and an investigation was underway. He said all involved in the attack would be prosecuted. “Our first priority was to save the lives of all of the Christians,” he said.
Later in the evening, troops arrived to help the police. Angry Muslims were urged to go back to their homes, allegedly with promises that the man who desecrated the Quran would soon be arrested.
A delegation of Muslim clerics also arrived in Jaranwala from the city of Lahore to express solidarity with the Christians.
Blasphemy accusations are common in Pakistan. Under the country's blasphemy laws, anyone found guilty of insulting Islam or Islamic religious figures can be sentenced to death. While authorities have yet to carry out a death sentence for blasphemy, often just the accusation can cause riots and incite mobs to violence, lynching and killings.
In one of the worst attacks on Christians, a mob in 2009 burned an estimated 60 homes and killed six Christians in the district of Gojra in Punjab, after accusing them of insulting Islam.
Wednesday's attack drew nationwide condemnation from top leaders and major political parties. Caretaker Prime Minister Anwaar-ul-Haq Kakar said he was “gutted” by the images coming out of Faisalabad.
"Stern action would be taken against those who violate law and target minorities. All law enforcement has been asked to apprehend culprits & bring them to justice,” he wrote on the social media platform X, formerly known as Twitter.
A senior Christian leader, Bishop Azad Marshall, appealed for help on social media and said he was “deeply pained and distressed.”
“We cry out for justice and action from law enforcement and those who dispense justice and the safety of all citizens to intervene immediately and assure us that our lives are valuable in our own homeland that has just celebrated independence and freedom,” he posted on X.
Former Prime Minister Shehbaz Sharif also condemned the rampage. “There is no place for violence in any religion.”
In the southern port city of Karachi, the capital of southern Sindh province, dozens of Christians rallied to denounce the attacks in Jaranwala.
Domestic and international human rights groups say blasphemy allegations have often been used to intimidate religious minorities in Pakistan and settle personal scores.
In December 2021, a Muslim mob descended on a sports equipment factory in Pakistan’s Sialkot district, killing a Sri Lankan man and burning his body publicly over allegations of blasphemy.
Ambassador Fick to visit India, Sri Lanka from August 17 to 23
US Ambassador at Large for Cyberspace and Digital Policy Nathaniel C. Fick will travel to India and Sri Lanka from August 17-23.
In India from August 17 to 20, Ambassador Fick will head the US delegation to the G20 Digital Economy Ministerial Meeting in Bengaluru, said the Spokesperson at the US Department of State.
He will highlight US views on digital economy topics including priority areas set by India’s G20 presidency: Digital public infrastructure, security in the digital economy, and digital skilling.
Ambassador Fick will also meet with technology entrepreneurs and other representatives from industry and civil society.
Ambassador Fick will then travel to Sri Lanka from August 20 to 23.
He will hold bilateral consultations in Colombo with a range of counterparts in government, the private sector, and think tanks on cybersecurity, information and communications technologies, and digital freedom.
Rescuers recover 33 bodies from a landslide at a Myanmar jade mine, with 3 people still missing
The bodies of 33 people have been recovered from a landslide at a jade mine in northern Myanmar and rescuers are searching for at least three people believed to be missing, a rescue official said Wednesday.
In the landslide on Sunday in Hpakant, the center of the world's largest and most lucrative jade mining district, earth and debris from several mines slid about 300 meters (1,000 feet) down a cliff into a lake below, carrying more than 35 miners with it.
About 150 rescuers using five small boats have recovered the bodies from the muddy lake in Manna village in Hpakant, a remote mountainous town in Kachin state about 950 kilometers (600 miles) north of Myanmar's biggest city, Yangon, the leader of a local rescue team said. He said at least three people were feared missing.
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He spoke on condition of anonymity because he feared arrest by the military-installed government.
The corpses were covered with green plastic sheets and placed in a row on the bank of the lake as relatives came to carry them away for cremation. All of the victims were men.
A miner who lost two relatives said local authorities provided about 700,000 kyats ($330) per victim as a contribution toward the cost of funerals.
Landslides occur several times a year in Hpakant's jade mines. In July 2020, at least 162 people died in a landslide in the same area, and 113 were killed in a November 2015 accident.
Most victims are independent miners who settle near giant mounds of discarded earth excavated by heavy machinery used by mining companies.
Also read: Cox's Bazar landslide kills 2 siblings aged 1 and 5
They scavenge for bits of jade and usually work and live in abandoned mining pits at the base of the mounds, which become particularly unstable during the rainy season.
Most scavengers are unregistered migrants from other areas, making it hard to determine exactly how many people are missing after such accidents.
Human rights activists say jade mining is an important source of revenue for Myanmar's military-installed government. Opponents of army rule advocate sanctions and boycotts to reduce jade sales.
Jade mining also plays a role in the decades-long struggle of ethnic Kachin rebel groups in Myanmar for greater autonomy.
The region is now embroiled in an armed conflict between the Kachin Independence Army and the military which has driven many civilians into displacement camps in nearby townships.
Also read: Indian rescuers recover 27 dead but no sign of dozens of missing villagers swamped by a landslide
Migrant sea arrivals more than double so far in 2023
Migrant sea arrivals more than doubled in the first seven months of 2023 compared to the same period last year, according to interior ministry data released on Tuesday.
Italy registered 89,158 landings on its southern shores from January to July, compared to 41,435 in 2022, a rise of 115.18%.
Read: Russia evacuates 2,000 in Far East flooding
In the first seven months of the year the main country of departure to Italy was Tunisia.
In the same period in 2022 the main country of departure was Libya.
2023 has also seen an increase in the number of arrivals following search and rescue events, according to the ministry.
Read: Ukraine accuses Russia of targeting rescue workers with consecutive missile strikes
In the period January-July 64,764 migrants and refugees - 72.64% of total sea arrivals - were disembarked in Italy following a sea rescue, compared to 19,171 - 43.27% of the total - in the same period in 2022.
Of the people disembarked following sea rescue, 5.8% were rescued by humanitarian ships run by NGOs.
The number of applications for asylum also increased by 70.59% to 72,460, the ministry said.
Read: Europe gripped by extreme weather as 'era of global boiling' arrives
Some 2,561 people were repatriated following a negative outcome to their asylum claim, up 28.05% over the same period last year.
Stock market today: Global shares trading mixed amid worries about China economy
Global shares were trading mixed Wednesday amid worries over discouraging data on China, as well as over the future of the U.S. economy.
France's CAC 40 edged up 0.4% in early trading to 7,292.89, while Germany's DAX rose 0.2% to 15,799.93. Britain's FTSE 100 was little changed, inching down less than 0.1% to 7,387.74.
U.S. shares were set to drift higher with Dow futures up 0.2% at 35,073.00. S&P 500 futures gained 0.2% to 4,463.00.
But benchmarks fell in Asia earlier in the day.
New Zealand's central bank left its benchmark interest rate unchanged at 5.5% on Wednesday. The Reserve Bank of New Zealand's monetary policy committee said the headline inflation rate had declined, but core inflation remained too high. The committee said it would take a prolonged period of subdued spending to reduce inflation pressure. The New Zealand dollar was little changed on the news, trading at around U.S. $0.60.
"A recent set of disappointing economic data out of China has not been encouraging for the region," said Yeap Jun Rong, market analyst at IG.
Read: Stock market today: Asian markets mostly higher after Biden-McCarthy deal on US debt
Japan's benchmark Nikkei 225 dropped 1.5% to finish at 31,766.82. Australia's S&P/ASX 200 dove 1.5% to 7,195.20. South Korea's Kospi dipped 1.8% to 2,525.64. Hong Kong's Hang Seng slipped 1.4% to 18,329.30, and the Shanghai Composite lost 0.8% to 3,150.13.
Clifford Bennett, chief economist at ACY Securities, believes that strong U.S. consumer spending could be momentary and run out of steam.
"This is perhaps largely due to the huge sale efforts that took place both online from Amazon and at major stores in general. It could be the case that all of that retail sales gain completely disappears in August. Remember, we did say this would be a strong result, but possibly the last of the good retail sales numbers for quite some time," he said.
Coming into this year, the expectation was that China's economy would grow enough after the government removed anti-COVID restrictions to prop up a global economy weakened by high inflation. But China's recovery has faltered so much that it unexpectedly cut a key interest rate on Tuesday and skipped a report on how many of its younger workers are unemployed.
In the U.S., the economy has remained more resilient than expected despite higher interest rates. A report on Tuesday showed growth for sales at U.S. retailers accelerated by more in July than economists expected.
Read: Stock market today: Asian shares advance though China economic data weaker than expected
The strong retail sales report raises hopes that the U.S. economy can keep growing and avoid a long-predicted recession. But on the downside for markets, it could also raise the Federal Reserve's resolve to keep interest rates high in order to fully grind down inflation.
"Attention now turns towards the upcoming release of the FOMC Meeting Minutes. If the wording of the minutes hints at the FOMC needing to maintain interest rates at elevated levels for longer, this could further sour the mood in financial markets," said Tim Waterer, chief market analyst at KCM Trade.
The Fed has already hiked its key interest rate to the highest level in more than two decades. High rates work by bluntly dragging on the entire economy and hurting prices for investments.
In energy trading, benchmark U.S. crude rose 3 cents to $81.02 a barrel. The price for a barrel of U.S. crude oil dropped $1.52 to $80.99 Tuesday. Brent crude, the international standard, added 4 cents to $84.93 a barrel.
Read more: Stock market gained over Tk 10,185 crore capital last week
In currency trading, the U.S. dollar edged down to 145.52 Japanese yen from 145.57 yen. The euro cost $1.0925, up from $1.0904.
Russia hits Ukrainian grain depots again as a foreign ship tries out Kyiv's new Black Sea corridor
KYIV, Ukraine,Aug 16(AP/UNB) Russia resumed its targeting of grain infrastructure in Ukraine's southern Odesa region, local officials said Wednesday, using drones in overnight strikes on storage facilities and ports along the Danube River that Kyiv has increasingly used for grain transport to Europe after Moscow broke off a key wartime export deal through the Black Sea.
Read also:Ukraine accuses Russia of targeting rescue workers with consecutive missile strikes
At the same time, a loaded container ship stuck at the port of Odesa since Russia's full-scale invasion more than 17 months ago set sail and was heading through the Black Sea to the Bosporus along a temporary corridor established by Ukraine for merchant shipping.
Read also:Russia promises retaliation after Ukrainian drones hit a Russian tanker in 2nd sea attack in a day
Ukraine's economy, crunched by the war, is heavily dependent on farming. Its agricultural exports, like those of Russia, are also crucial for world supplies of wheat, barley, sunflower oil and other food that developing nations rely on.
Read also:US to send $200 million in military aid to Ukraine
After the Kremlin tore up a month ago an agreement brokered last summer by the U.N. and Turkey to ensure safe Ukraine grain exports through the Black Sea, Kyiv has sought to reroute transport through the Danube and road and rail links into Europe. But transport costs that way are much higher, some European countries have balked at the consequences for local grain prices, and the Danube ports can't handle the same volume as seaports.
Odesa Gov. Oleh Kiper said the primary targets of Russia's overnight drone bombardment were port terminals and grain silos, including at the ports in the Danube delta. Air defenses managed to intercept 13 drones, according to Kiper.
It was the latest attack amid weeks of aerial strikes as Russia has targeted the Danube delta ports, which are only about 15 kilometers (10 miles) from the Romanian border. The Danube is Europe's second-longest river and a key transport route.
Meanwhile, the container ship departing Odesa was the first vessel to set sail since July 16, according to Oleksandr Kubrakov, Ukraine's deputy prime minister. It had been stuck in Odesa since February 2022.
The Hong Kong-flagged Joseph Schulte was traveling down a temporary corridor that Ukraine asked the International Maritime Organization to ratify. The United States has warned that the Russian military is preparing for possible attacks on civilian shipping vessels in the Black Sea.
Sea mines also make the voyage risky, and ship insurance costs are likely to be high for operators. Ukraine told the IMO it would would "provide guarantees of compensation for damage."
Last Sunday, a Russian warship fired warning shots at a Palau-flagged cargo ship in the south Black Sea. According to Russia's Defense Ministry, the Sukru Okan was heading northwards to the Ukrainian Danube River port of Izmail.
Ship-tracking data analyzed by The Associated Press confirmed that the Joseph Schulte was steaming south.
The Joseph Schulte is carrying more than 30,000 tons of cargo, with 2,114 containers, including food products, according to Kubrakov.
He said the corridor will be primarily used to evacuate ships stuck in the Ukrainian ports of Chornomorsk, Odesa and Pivdennyi since the outbreak of war.
On the war's front line, Ukrainian officials claimed another milestone in Kyiv's grinding counteroffensive, with Deputy Defense Minister Hanna Maliar saying troops have retaken a village in the eastern Donetsk region.
The village of Urozhaine is near Staromaiorske, a hamlet that Ukraine also claimed to have recaptured recently. The claims could not be independently verified.
Ukraine appears to be trying to drive a wedge between Russian forces in the south, but it is up against strong defensive lines and is advancing without air support.
Also Wednesday, the Russian military said it shot down three drones over the Kaluga region southwest of Moscow and blamed the attack on Ukraine. No damage or casualties were reported.
COP28 UAE Presidency: Leading economists set out crucial next steps to reform int’l climate financing
A two-day meeting of leading global economists and finance leaders convened by the COP28 Presidency has delivered consensus on the next key steps needed to establish a new framework for international climate financing and to drive progress at COP28 and beyond.
Economists from the Independent High-Level Expert Group (IHLEG) met with figures from leading global institutions including the World Bank, IMF, ECF and IFC, the COP28 and COP27 Presidencies and UN Climate Change High-Level Champions for two days of talks in Abu Dhabi on August 15-16.
Those assembled agreed that they will come to COP28 with recommendations on a new framework for international climate finance, as well as a definitive roadmap on how to implement the recommendations.
COP28 UAE Presidency: Leading economists to drive progress on int’l finance reforms
Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries, and the role of the private sector in delivering increased financing. Here, the group recognised that although private finance flows are growing, they need to grow much faster to meet the USD 2.4 trillion total investment estimated to be needed annually by 2030 to address climate change in emerging markets and developing economies.
The roadmap will be designed to guide all institutions – UN agencies, the IMF, WB, regional MDBs, national governments and the private sector – around short and long-term plans to achieve the Paris Agreement.
Agreement on the roadmap at COP28 will allow leaders across the public, private and third sectors to drive forward a clear plan of action on international climate finance.
All those in the meetings were unanimous in their agreement that financing is fundamental for the delivery of solutions to enable the transition to a net zero, climate-resilient future.
Momen pledges Dhaka’s all possible support for COP28
They also agreed that the primary focus of their work would be to rapidly increase international climate finance between now and the end of the decade to support emerging markets’ and developing economies’ mitigation and adaptation initiatives.
The COP-28 President-Designate Dr Sultan Al Jaber opened the meetings with a clear call to action for those attending to deliver "a detailed action-oriented framework and tangible recommendations that lead to real results".
Following the meeting, he commented: "For too long, climate finance has divided the international community and held back progress in tackling climate change and supporting countries most impacted by it. But climate finance is the issue that lies at the core of the COP28 agenda because finance is how we transform goals into reality.”
MPs’ roundtable seeks UK-Bangladesh joint efforts ahead of COP28
Lord Nicholas Stern, co-chair of the IHLEG, said: "These meetings have proved to be very fruitful, in large measure due to the leadership of Dr Sultan and the support from his team. We are all in no doubt of the urgency of the challenges, of the scale of the problems that we must tackle, and of the global action necessary to rise to these challenges. This is a moment where all stakeholders must step up, including the MDBs, their shareholders, and the private sector. We will continue to work with the COP28 Presidency to drive forward in the weeks ahead."
Dr Vera Songwe, co-chair of the IHLEG also noted: "Over the last few months every corner of the world has been hit by a climate event. We must act fast, collectively and at scale to turn these climate disruptions into a growth opportunity for people and planet. The IHLEG group, the COP28 president and all the esteemed colleagues gathered here agree that raising the $2.4 trillion will not be sufficient if we do not accelerate implementation. I look forward to a COP28 that will deliver impact."
Kristalina Georgieva, Managing Director of the International Monetary Fund, stated: “The IMF is committed to ensuring climate policy support and finance are reaching those most in need, and I am thankful to the leadership of COP28 for convening this important meeting today. We look forward to partnering with all stakeholders in the lead up to COP28 and working to drive stronger partnerships between the public and private sector for climate success."
UAE names oil company chief to lead UN COP28 climate talks
The IHLEG meetings in Abu Dhabi were attended by a host of cross-sector senior leaders and actors in international climate finance including:
• H.H. Sheikha Shamma, President and Chief Executive Officer, UAE Independent Climate Change Accelerators (UICCA)
• Larry Summers, economist and former US Treasury Secretary
• Mark Carney, economist and former governor of the Bank of England
• Todd Stern, United States' chief negotiator at the 2015 Paris Climate Agreement
• NK Singh, prominent Indian economist, academician, and policymaker
• Tubiana Laurence, CEO of the European Climate Foundation (ECF)
• Makhtar Diop, managing director of the International Finance Corporation
• Rachel Kyte, 14th dean of The Fletcher School at Tufts University
• Mark Gallogly, investor and climate change activist
• Rania Al-Mashat, Minister of International Cooperation, Egypt
• Mahmoud Mohieldin, Climate Champion, COP27
• Nigel Topping, UN Climate Change High-Level Champion at COP26
• Alain Ebobissé, CEO, Africa50
• Harry Boyd-Carpenter, Managing Director Green Economy and Climate Action, EBRD
• Hamad Sayah Al Mazrouei, CEO, ADGM Registration Authority
The IHLEG develops and presents policy options and recommendations to enable the public and private investment necessary for delivery of the ambitions of the Paris Climate Agreement. Its ultimate goal is to advance a holistic financial framework for resource mobilization to deliver an equitable and efficient climate finance system, as set out in the Paris Agreement and Glasgow Pact and start its implementation.
The COP28 UAE Presidency has named “fixing climate finance” one of its four priority action pillars for COP28, alongside fast-tracking the energy transition, ensuring full inclusivity, addressing lives and livelihoods.
COP28 UAE will take place at Expo City Dubai from November 30 to December 12, 2023. The conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.