COP28 President Sultan Al-Jaber vows to unlock climate finance for developing nations
At the commencement of the COP28 conference in Dubai, Sultan Al-Jaber, the president of the summit, emphasized the urgency of making climate finance more accessible to developing nations.
He highlighted the dilemma faced by developed countries, often torn between pursuing development and taking climate action.
Al-Jaber stated, “Excellencies, dear friends, we all know that a key success factor across the climate agenda is finance and for too long finance has not been available, accessible or affordable.”
He pledged his presidency’s commitment to unlocking financial resources
He said, “This presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action.”
He called for 2023 to be the year when climate finance aligns with the critical nature of the moment and for COP28 to fulfill the longstanding promises, including the $100 billion commitment and addressing loss and damage.
“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP that we deliver on our promises from the $100 billion to loss and damage,” he urged.
Al-Jaber reminded the attendees of the importance of the 1.5C target and the need for a timely and ambitious global stocktake.
“I ask you all to work together, be flexible, find common ground, come forward with solutions and achieve consensus and never lose sight of 1.5 because that is what I am going to stay laser focused on,” he stated.
The COP28 president also stressed the centrality of adaptation in the discussions, aiming to bridge the finance gap and establish a solid framework for the global goal. He encouraged nations to prioritize nature, lives, and livelihoods in their national agendas.
Furthermore, Al-Jaber addressed the contentious issue of fossil fuels’ role in climate negotiations. He advocated for active engagement with fossil fuel companies, recognizing the need for unconventional approaches to drive collective action.
“We must look for ways and ensure the inclusion of the role of fossil fuels. I know there are strong views about the idea of including language on fossil fuels and renewables in the negotiation text,” he acknowledged.
He concluded by acknowledging the unprecedented commitments from oil and gas companies to achieve zero emissions by 2030 and national oil companies’ adoption of net-zero targets by 2050.
“Today many oil and gas companies are committing to zero emissions by 2030 for the first time and many national oil companies have adopted net-zero 2050 targets for the first time and I’m grateful that they have stepped up to join this game-changing journey,” he expressed gratitude for their participation in this transformative endeavor.
