Fossil fuel firms should volunteer to help vulnerable countries, says Spanish minister

Co-leader of EU delegation at Cop28 says climate should be at centre of all financial and economic decisions

• Cop28 live – latest updates

If fossil fuel companies are serious about tackling the climate crisis, they could contribute to funds for poor and vulnerable countries stricken by its effects, Spain’s environment minister has said.

Teresa Ribera, a co-leader of the EU delegation at the Cop28 UN climate summit in Dubai, said: “Private corporates should be stepping into a different development model in vulnerable countries. We went through some language on that that was broadly supported by all [EU] member states, which is: why not just start by an invitation to the oil and gas companies to dedicate part of the profits to invest in sustainable development of the most vulnerable countries. And that’s on a voluntary basis [at first], because why not?”