With COP28 kicking off in Dubai next week, the clock is ticking to bridge a $1 trillion annual gap in climate financing for the Global South. After a summer of extreme weather disasters, negotiations for a critical 'Loss and Damage Fund' have stalled—leaving vulnerable nations in limbo. 🌪️🔥
Enter UAE’s Sultan Al Jaber, the COP28 president and CEO of a major oil company. His proposed fix? A 3% voluntary tax on 2022 windfall profits from oil-rich nations—raising $25B to jumpstart climate action. 💡💼 But will petrostates like the UAE pay up?
Al Jaber’s dual role puts him in a unique—and controversial—spotlight. Critics argue that fossil fuel giants must lead by example: \"A $25B levy is the bare minimum,\" says one climate analyst. The plan hinges on wealthy nations backing guarantees to unlock multilateral bank investments, but trust remains shaky. 🤝🌐
\"This isn’t just about money—it’s about survival,\" tweeted a youth climate activist ahead of the summit. With millions in the Global South facing displacement, COP28’s success may depend on one question: Can oil profits fund a greener future? ⏳✨
