World leaders pledge to increase investment in climate protection

BanglaPress Desk: Leaders from over 100 countries have pledged to strengthen urban infrastructure, construct energy-efficient buildings, and increase investments to address the risks of climate change. These initiatives were announced on the second day of the World Leaders Summit at COP-31, the UN climate conference currently underway in Antalya, Turkey.

During the conference, participating nations expressed their support for the "Antalya Compact for Energy-Efficient Buildings." This initiative sets a target to reduce the intensity of operational energy consumption in the global building sector by 25% by 2035. Simultaneously, efforts will be made to enhance efficient electrification within buildings. Furthermore, six sustainable building projects from around the world were formally recognized.

Murat Kurum, President of COP-31, stated that the benefits of climate action must reach the places where people live. He emphasized that building safe communities, energy-efficient homes, and resilient infrastructure is now of critical importance.

New initiatives have also been introduced for urban waste management. Under the "Istanbul Zero Waste Action Platform," programs focused on waste reduction, recycling, and reprocessing have been launched in an initial 20 districts, with plans to expand the initiative to 100 districts in phases.

Meanwhile, more than 600 CEOs and business leaders from approximately 300 organizations participated in the conference’s Business Forum. During the event, an investment agreement worth nearly $15 billion was signed between Turkey and China to foster cooperation in the renewable energy sector.

Under this agreement, Turkey will develop 7,000 megawatts of solar and wind power generation capacity, energy storage systems, and 4,000 megawatts of electricity transmission capacity. Additionally, the two nations will collaborate on technology transfer and the manufacturing of wind power equipment. As part of its financing for climate adaptation and industrialization, the Climate Investment Funds (CIF) has announced up to $250 million in support for a project aimed at reducing carbon emissions in Turkey’s industrial sector. Additionally, the organization has pledged up to $190 million for climate adaptation initiatives across five countries and one region.

Enhancing climate resilience for Pacific Island nations also emerged as a key focus at the conference. More than $200 million in financial support has been pledged to the Pacific Resilience Facility—an initiative established by countries in the region. The Minderoo Foundation has announced a contribution of $5 million, becoming the first donor from the private sector.

Chris Bowen, President of the COP-31 discussions, stated that climate change poses an existential threat to the Pacific region. Addressing this situation requires accessible financing and swift, concrete action.

Furthermore, representatives from the United Nations Environment Programme (UNEP) and UN-Habitat urged nations to fulfill their commitments toward promoting energy-efficient buildings, affordable housing, and urban resilience.

It is worth noting that the 31st UN Climate Change Conference (COP-31) is being held in Antalya, Turkey, from November 9 to 20.