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Ethiopia secures $600 Million Wind Power Project agreement at Climate Change Summit

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By our staff reporter

Ethiopia, as the host of the 28th Climate Change Summit, has made a significant agreement during the event. The United Arab Emirates (UAE) and Ethiopia have agreed to collaborate on wind power projects, environmental development, and climate change initiatives.

The Cop28, the 28th annual United Nations (UN) climate meeting, took place in Dubai from November 30 to December 12, 2023. The summit focused on discussions regarding strategies to mitigate and prepare for future climate change.

On the sidelines of the 28th United Nations Climate Change Conference, Ethiopia announced a $600 million agreement with AMEA Power, a UAE-based company, for a 300-megawatt wind power project. Additionally, Italy has pledged €8 million to support joint efforts on environmental development and climate change.

During the conference, developed countries pledged significant financial support to assist developing nations. This includes an $792 million Climate Change Loss and Damage Fund to address the impacts of climate change. Developed nations have also agreed to double their support for the Adaptation Fund. The World Bank has committed to providing $9 billion in funding for climate-related projects in 2024 and 2025. Overall, international financial institutions have pledged a total of $22.6 billion to aid in climate change response efforts.

In terms of meeting the goals outlined in the Paris Agreement, the member countries of the Climate Change Conference have collectively committed to reducing greenhouse gas emissions by at least 43 percent by 2030.

Moreover, the countries participating in the conference have made a significant decision to move away from non-renewable fossil fuel sources and transition towards renewable energy. They have agreed to triple the use of renewable energy sources by 2030 and double energy efficiency.

Ethiopia’s collaboration with the UAE and other nations highlights its commitment to addressing climate change and advancing environmentally sustainable projects, particularly in the field of wind power.

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