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The Chair of the 28th session of the Conference of the Parties (COP28) has called for a new paradigm in climate finance. Climate change has prompted us to consider alternative pathways for development. Energy specialists are back at the drawing board, making suggestions on how to transition to renewable energy, including solar, wind, hydropower, and other sources, coupled with appropriate storage solutions such as batteries, pumped hydropower, hydrogen, and more. On the other hand, consumers are contemplating energy efficiency, electric vehicles, lifestyle changes, and so on.
Although eventually cost-effective, the transition would require considerable additional investment for decades. Therefore, at every COP for Climate Change, a major annual event for climate negotiations, the issue of finance is raised by the developing