Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    MHRSD: 80% of recruitment offices are non-compliant with regulations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    Police fatally shoot man at Toronto's international airport    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Finance ministers hold key to COP26 success: UN Secretary-General
Published in The Saudi Gazette on 13 - 10 - 2021

The COP26 climate change conference must be "a turning point" if countries are to limit global temperature rise in line with the Paris Agreement, UN Secretary-General António Guterres said on Tuesday.
Addressing members of the Coalition of Finance Ministers for Climate Action, he highlighted their critical role as the conference date fast approaches.
"As Ministers of Finance, you hold the key to success for COP26 and beyond," he said in a video message to their latest meeting, held from Washington, DC.
"Your decisions and actions in the coming weeks will determine whether the global economic recovery will be low-carbon, resilient and inclusive or whether it will lock-in fossil fuel-intensive investments with high risks of stranded assets," he added.
COP26 opens later this month in Glasgow, Scotland, and Guterres outlined three key areas where progress is needed.
Countries must "swiftly close the emissions gap", he said. They also must be ready to update climate commitments to get the world back on track to keeping global temperature rise to 1.5 degrees Celsius above pre-industrial levels.
Meanwhile, richer countries must also close "the finance gap" by providing, and exceeding, the $100 billion annually promised to support climate action in developing nations.
"And this is just a starting point," the UN chief said. Public and private finance "must align with a net zero and resilient development pathway," he added.
"That is why I call on each of you as ministers of finance to take decisive steps to make climate risk disclosures mandatory in line with the recommendations of the Taskforce on Climate-Related Financial Disclosures."
With climate change increasingly affecting lives and livelihoods each year, "Glasgow must deliver a breakthrough on adaptation", the Secretary-General said.
He urged the ministers to consider allocating half of all public climate finance in support of developing countries for adaptation.
They were also encouraged to reconsider how Gross Domestic Product (GDP) is calculated, to reflect the true value of nature.
"Nature's resources still do not figure in countries' calculations of wealth," said Guterres. "We need nature-based solutions for adaptation and mitigation. The current system is weighted towards destruction, not preservation."
The Secretary-General underlined the critical role finance ministers have in the success of COP26 and beyond. He said urgently improving access to climate and development finance will be key to rebuilding trust among countries at the conference.
"Your representatives at the boards of multilateral development banks could request management to present as soon as possible a set of concrete measures, implementable by the end of next year at the latest, to address red tape issues and improve the speed and efficiency of systems and processes in all development finance institutions," he added.
As climate change and the ongoing COVID-19 pandemic pose new and unique challenges to low- and middle-income countries, the UN chief it was only logical to revise current thresholds for Official Development Assistance (ODA) to improve access to finance.
He appealed for ministers to instruct their country representatives to the Organization for Economic Co-operation and Development (OECD) to review the process for eligibility.
The UN chief further called for ministers to support development of the Multidimensional Vulnerability Index, aimed at helping Small Island Developing States to access concessional financing. — UN News


Clic here to read the story from its source.