Irish minister underscores need to investing in losses and damages, adapting to climate change, investing heavily in clean energy


The Irish Minister for Environment, Climate, Communications and Transport Eamon Ryan said that his country’s participation in COP28 aims to discuss the future of civilisations because failing to address the current climate challenge will lead to devastating consequences for all, according to him.

Speaking to the Emirates News Agency (WAM) on the sidelines of COP28, the Irish minister expressed optimism about the event’s first days, highlighting the positive progress made on operationalising the ‘Loss And Damage Fund’.

He emphasised the importance of building on this momentum to reach consensus on the response to the Global Stocktake (GST) and integrating climate justice into solutions. He noted that developing countries haven’t received the necessary investment to become part of the climate solution.

Regarding the outcomes of previous COPs, Minister Ryan explained that each iteration builds upon the previous one. He described Paris as a major starting point and highlighted the key achievement of Glasgow,
where a new quantitative target for funding was agreed upon. He noted that COP28 represents another critical starting point.

The minister underscored the need for a significant leap forward, particularly in international financing systems. He called for clear funding mechanisms to get back on track, praising the speed of the fund’s establishment and operationalisation, especially considering past funds often took several years.

He also highlighted the importance of learning from past mistakes and ensuring the fund reaches the most vulnerable countries.

He stated that losses and damages are a reality, but the fund will be one element in addressing them. He highlighted the critical need for addressing losses and damages but warned that neglecting adaptation and mitigation would lead to even greater losses. He called for a multi-pronged approach, including investing in losses and damages, adapting to climate change, and investing heavily in clean energy.

‘There’s a need to invest a massive amount of up to US
$4.5 trillion annually in the early part of the next decade. That’s the scale,” he added.

Regarding climate projects and clean energy in Ireland, the Minister pointed out that 40 percent of their electricity comes from renewable sources, with a target of 80 percent by the end of the decade. He highlighted wind energy as a key contributor, noting Ireland’s position as one of the windiest countries on earth. He also noted the importance of marine wind as an energy source.

Source: Emirates News Agency

[ &nbsp RECENT POST