Spain commits $21.7M to climate loss and damage fund at COP28

By Beyza Binnur Donmez

GENEVA (AA) - Spanish Prime Minister Pedro Sanchez announced a new contribution of €20 million ($21.7 million) to the climate loss and damage fund during his address at the World Climate Action Summit COP28 in Dubai on Friday.

He also warned that the world is still a long way from achieving the goals set in Paris, which aim to limit global warming to 1.5°C.

"I am not delusional, the climate emergency is causing havoc and we are far from meeting the objectives in Paris, but this COP offers us an opportunity to adopt a new, strengthened, fair and equitable climate agenda," said Sanchez. "So let us seize the opportunity."

The Spanish leader underlined the need to put climate objectives at the heart of economic and fiscal policies to develop robust carbon markets, tackle the debt problem, and increase fiscal space for the most vulnerable countries.

Earlier in the day, Sanchez, Spanish petroleum company Cepsa and a green methanol production company C2X closed an agreement on the sidelines of the COP to establish a joint project to develop a green methanol plant in Huelva, Spain.

The plant will have a capacity of 300,000 tons per year and will require up to €1 billion investment.

A final investment decision is expected in 2025.

COP28 is attracting over 180 heads of state and governments from across the globe. Noteworthy is the substantial number of attendance requests, exceeding 500,000 participants.

The conference will continue until Dec. 12.