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COP28 Members to Contribute Billions to Energy Transition Efforts

Several major players have pledged to contribute major sums towards renewable energy efforts at the COP28 summit on Saturday. These members include the United States, the European Union, and the United Arab Emirates.

US Vice President Kamala Harris announced that her nation will contribute $3 billion to a United Nations fund to assist developing countries in reducing greenhouse gas emissions and adapting to climate change. “The urgency of this moment is clear,” Harris announced, continuing, “The clock is no longer just ticking, it’s banging. We must make up for lost time.” The EU pledged an investment of €2.3 billion ($2.5 billion) toward energy transition.

COP28 President Sultan Al Jaber of the United Arab Emirates announced that his nation would contribute $100 million to a World Bank fund to cut methane emissions. Among the major corporations that have signed up for this initiative are Exxon Mobil Corp. and Saudi Arabia’s Aramco.

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