Eamon Ryan will advocate phasing out fossil fuels and forcing energy companies to invest profits in clean technology as the EU’s chief negotiator on climate finance at COP28, reports Business Post.
Ireland’s environment minister has been reappointed as the EU’s chief negotiator on climate finance after taking on a similar role during last year’s UN climate talks.
Speaking to the Business Post from Dubai, where the conference is being held, Ryan said it was crucial to redirect global financial flows towards zero-emission technologies and towards developing countries, reports Business Post.
“The IEA have just presented an analysis which shows we need $4.3 trillion per annum invested in the clean transition early in the next decade. Some €1.5 trillion of that needs to go into emerging and developing economies. That is just not happening at the moment,” he said, reports Business Post.
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