There is no Humanity B

How much is Portugal investing to combat Climate Change?

There is no Humanity B - Portugal Business News

Portugal environment news – “There is no Humanity B” states Portugal’s Prime Minister to world leaders at the COP28 meeting.

"The planet precedes us and is yet to prove that it will not survive us. What we know for sure is that there is no Humanity B", stated Portugal’s Prime Minister António Costa at the COP28 meeting on December 2, 2023.

How much is Portugal investing to combat Climate Change?

While Portugal is investing around 35% of its GDP, that is 85 billion Euros to combat Climate Change over the next two decades, "these investments are an opportunity to create more and better jobs", stated Portugal’s Prime Minister who stressed that it is "crucial that the energy transition is fair and leaves no one behind".

Since investing in programs to combat Climate Change comes at a "disproportionate" cost for developing countries that have fewer resources while being more vulnerable, Portugal has announced an investment of around 15.5 million euros in Cape Verde and São Tomé and Príncipe for the innovative Climate and Environmental Funds that will convert debt into climate financing. Portugal’s Prime Minister added that he believes there will be the requisite conditions in 2025 to extend this funding mechanism to the entire debt of these countries, which exceeds 160 million euros.

Portugal’s Prime Minister stated that "The fight against climate change is a challenge that we must overcome in solidarity", and this is why Portugal increased its funding for international cooperation from 4 to 6 million euros per year; while increasing four-fold its commitment to the Green Climate Fund to reach 4 million euros over the next four years, and contributing 5 million euros to the Climate Loss and Damage Fund.

Since the climate-ocean connection is central to the Portuguese strategy to combat Climate Change, Portugal has decided to bring forward to 2026, that is by four years, the goal of classifying 30% of the ocean as a marine protected area. This comes after Portugal created its first marine protected area since 1998 on mainland Portugal at the end of November 2023.

Portugal’s Prime Minister António Costa also announced the development of an Atlantic Climate Observatory and the plan to increase twofold the number of Portuguese startups linked to the ocean economy.

In the field of environmental protection, Portugal brought forward by seven years the goal of establishing legal protection for 30% of the land territory that was originally scheduled for 2030. Moreover, Portugal just approved the creation of a Voluntary Carbon Market, as well as structural reforms for tackling forest fires, the latter being the recipient of an investment of 529 million euros between 2017 and 2022.

Portugal’s Prime Minister believes that humanity should be at the center of any program to combat Climate Change, and this is reminiscent of what Leo Tolstoy stated: “The sole meaning of life is to serve humanity.”

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