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CLIMATE SUMMIT: $150 TRILLION TO ACHIEVE “ZERO CARBON”

CLIMATE SUMMIT: $150 TRILLION TO ACHIEVE "ZERO CARBON"

The Kremlin rejected, on Wednesday, criticism issued Tuesday by US President Joe Biden over the absence of Vladimir Putin from the climate summit in Glasgow, stressing that Russia is taking “seriously” the issue of combating climate warming.

On Tuesday, Biden strongly condemned the absence of the leaders of China and Russia from the COP-26 climate conference in Glasgow, where nearly 100 countries signed an agreement to contain methane emissions, one of the main sources of climate warming.

BRITAIN: WE STRIVE TO BE THE FIRST GLOBAL ZERO-CARBON FINANCIAL CENTER

British Chancellor of the Exchequer, Rishi Sunak, said that the UK will become the first financial center in the world to commit to the goal of zero carbon emissions globally. This means that companies operating in Britain must publish clear plans for how to reduce carbon emissions to zero through an independent workforce in it.

He added that all financial institutions listed in the UK will be legally obligated to publish zero-carbon transformation plans from 2023 and that global financial institutions will make a tangible change in people’s lives.

Although the goal of raising $100 billion for developing countries to combat climate change by 2020 has failed, Sunak said that $500 billion is expected to be available between 2021 and 2025 for developing countries.

THE US TREASURY: THE COST OF THE TRANSITION TO ZERO-CARBON GLOBALLY IS ABOUT $150 TRILLION

US Treasury Secretary Janet Yellen said on the third day of the COP26 summit, Wednesday that the global transition to zero carbon emissions could cost between $100 and $150 trillion over the next three decades by some estimates.

She announced that the US will quadruple its funding to developing countries to combat climate change by 2024, bringing the volume of funding to the equivalent of 11 billion pounds.

The US will provide £500 million annually for clean technology financing programs.

BIDEN ANNOUNCES THE LAUNCH OF A CLIMATE INITIATIVE IN PARTNERSHIP WITH THE UAE

US President Joe Biden announced, on Tuesday, the launch of an initiative to combat climate change in partnership with the UAE, noting that this step comes in response to “what Washington proposed at the Climate Leaders Summit.”

THE EUROPEAN UNION PLEDGES 1 BILLION EUROS TO PROTECT FORESTS

The EU pledged one billion euros over five years to protect forests globally, Reuters reported, including 250 million euros for the Congo Basin countries.

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