PARIS: Dr. Sultan Al Jaber, the President-Delegate of COP28, has called upon leading global financiers to increase their investments in protecting lives and livelihoods and to play a crucial role in addressing the challenges of climate change.
He emphasized the need for approximately $100 billion in financing to support the Global South during his address at the New Global Financing Summit in Paris. The summit also shed light on the upcoming COP28 UAE, scheduled to be held at Expo City Dubai from November 30 to December 12, 2023.
COP28 UAE to Conduct First-ever Global Stocktake
COP28 UAE is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, academics, experts, representatives from the private sector, youth, and other stakeholders. As per the mandate of the Paris Climate Agreement, COP28 UAE aims to conduct the first-ever Global Stocktake, which will comprehensively evaluate progress towards climate goals.
In addition, the UAE will lead a process for all participating parties to agree upon a clear roadmap that accelerates progress through a realistic global energy transition while adopting an inclusive approach to climate action, ensuring that no one is left behind.
During the Paris Summit, Dr. Sultan Al Jaber acknowledged the leadership of President Emmanuel Macron in bringing the world together to advocate for a new deal that levels the financial playing field. He commended the summit for demonstrating a willingness to move from words to action.
Highlighting the financial disparity faced by countries that have contributed the least to climate change, Dr. Al Jaber stressed the need for trillions of dollars in private investment, rather than billions in multilateral loans, to address the issue effectively. He emphasized that low-income countries receive only 2% of clean energy investment and less than 10% of the baseline requirement of $120 billion per year.
During his visit, Dr. Al Jaber held meetings with global political leaders, including President Emmanuel Macron of France, President Luiz Inácio Lula da Silva of Brazil, Prime Minister Mia Mottley of Barbados, and Secretary-General Antonio Guterres of the United Nations, at the Summit for a New Global Financing Pact in Paris.
Holistic Approach to Tackle Climate Change
In his engagements, Dr. Al Jaber reiterated the necessity of a comprehensive and holistic approach to tackle climate change, viewing climate action as an opportunity rather than a burden. He called upon developed nations to fulfill their historic commitment to provide finance for developing countries and emphasized the urgency of achieving the target of $100 billion in climate finance for the Global South this year.
Dr. Al Jaber concluded his visit with additional meetings, including discussions with John Kerry, the US Special Presidential Envoy for Climate, Nirmala Sitharaman, the Indian Minister of Finance, Simon Stiell, the Executive Secretary of the UNFCCC, and Fatih Birol, the Executive Director of IEA.
In his closing remarks, Dr. Al Jaber stressed the importance of taking immediate action and delivering tangible results. He emphasized the need for unity and solidarity in tackling climate change, as it is a global challenge that affects everyone. Dr. Al Jaber called for practical measures and concerted efforts to translate words into action, working together towards a common goal.
