Cop28 president urges donor countries to fulfil 100billion dollar climate finance pledge

Innovative Finance For Climate Development Round Table discussions at COP27. [Courtesy] COP28 President-Designate Dr Sultan Al Jaber has urged donor countries to progress and provide assurances of delivering the USD100 billion climate finance commitment this year, ahead of COP28. The USD100 billion climate finance commitment was initially set as a target by developed countries at the 2009 United Nations Climate Change Conference in Copenhagen. It aimed to mobilise financial resources from both public and private sources to assist developing nations in their climate change mitigation and adaptation efforts. "To restore faith in multilateralism and all donor countries must honour their commitments to rebuild trust," he said. Additionally, he called for doubling adaptation finance by 2025 and ensuring strong replenishment of the Green Climate Fund. Al Jaber wants governments, industry, and all stakeholders to "disrupt business as usual" and take decisive action to tackle the climate crisis. Speaking at the Ministerial on Climate Action in Brussels, Dr Al Jaber emphasized the need to challenge old models and break down silos in industries and governments to accelerate the transition to a low-carbon economy. In his speech, Dr Al Jaber outlined a comprehensive plan for COP28 that focuses on four pillars: fast-tracking the energy transition, fixing climate finance, prioritizing adaptation to protect lives and livelihoods, and ensuring full inclusivity in climate action. "We need to bridge divides that are blocking critical breakthroughs," stated Dr Al Jaber, highlighting the plan's objective of keeping the goal of limiting global warming to 1.5 degrees Celsius within reach. The plan includes ambitious targets such as tripling renewable energy capacity by 2030, deploying advanced technologies for hard-to-abate industries, and initiating crucial dialogues with multinational organizations. Dr Al Jaber called for unity and collective action to deliver supercharged solutions and ambitious outcomes, restoring hope in the face of the climate crisis. The plan triples renewable energy capacity, doubles energy efficiency and doubles hydrogen production to 180M tons per year by 2030. Dr Al Jaber highlighted once again the inevitability of the essential phase-down of fossil fuels and called for a "comprehensive transformation" of climate finance instead of "piecemeal reform," with a special focus on supporting "climate-positive development" across the Global South. He also urged countries to update their Nationally Determined Contributions by September 2023, far ahead of the 2025 deadline to accelerate action. The COP28 President-Designate emphasized key efforts already underway, pointing to the upcoming findings of the Global Stocktake on climate change. Dr Al Jaber urged all stakeholders to partner and unite around this shared opportunity to solve the climate crisis. COP28 UAE is scheduled to take place from November 30 to December 12, 2023, at Expo City Dubai. With an expected participation of over 70,000 individuals, including heads of state, government officials, industry leaders, and youth representatives, COP28 will deliver the first-ever Global Stocktake to assess progress against climate goals. The UAE, as the host country, aims to lead a pragmatic global energy transition and an inclusive climate action approach, leaving no one behind. Dr Al Jaber highlighted the importance of integrated dialogues with organisations like the International Energy Agency (IEA), the United Nations Framework Convention on Climate Change (UNFCCC), and the International Renewable Energy Agency (IRENA) to fast-track the energy transition. To achieve the targets set by COP28, Dr Al Jaber called for the decarbonisation of energy production and the deployment of clean energy solutions. He stressed the need for strong demand signals through updated Nationally Determined Contributions (NDCs) and smart government policies to support emerging and new technologies. Fixing climate finance was identified as a critical imperative to enable effective climate action. Dr Al Jaber acknowledged the limitations of the current financial architecture and called for a comprehensive transformation instead of piecemeal reform. The plan includes collaboration with international financial institutions (IFIs), multilateral development banks (MDBs), the International Monetary Fund (IMF), and the Green Climate Fund to mobilise private capital and incentivise climate action. Under the COP28 Presidency, lives and livelihoods will be at the heart of the climate process, with a focus on nature, food, health, and resilience. Dr Al Jaber announced the adoption of a comprehensive and robust framework for the Global Goal on Adaptation, prioritising the preservation of natural ecosystems and investing in practical solutions to save and improve lives. COP28 will strive for full inclusivity, engaging Indigenous Peoples, local communities, faith-based organisations, and youth to ensure their voices are heard and aligned with outcomes. The conference will feature the largest-ever youth climate delegate program and a pavilion for Indigenous Peoples, recognising their vital role in protecting global biodiversity. Dr Al Jaber highlighted the economic potential that comes with addressing the climate challenge and transitioning to a low-carbon, sustainable economic development model. He expressed the UAE's commitment to deliver on its role as the host of COP28, combining passion with pragmatism and ambition with realism to solve the climate crisis.

Cop28 president urges donor countries to fulfil 100billion dollar climate finance pledge

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