The Minister of Industry and Advanced Technology and the President-designate of the Conference of the Parties (COP28), Dr. Sultan bin Ahmed Al-Jaber, affirmed the keenness of the conference presidency to cooperate with partners to put climate action on the right track, in conjunction with focusing on creating opportunities for sustainable economic and social growth.
This came during the meeting held by the COP28 Presidency on August 15 and 16 at the Abu Dhabi Global Market, with the participation of international economists from the High-Level Independent Expert Group on Climate Financing, and representatives of leading global institutions, including the World Bank and the International Monetary Fund, and the “Extended Credit Facility” program of the “Poverty Reduction and Growth Trust Fund” and the International Finance Corporation, along with the “COP28” and “COP27” presidencies and the United Nations Climate Pioneers.
During the meeting, Al-Jaber called for presenting a clear framework and practical recommendations that lead to real progress in developing climate financing mechanisms.
He said, “The international community has witnessed a division of opinion on the issue of climate finance for a long time, which has delayed progress in addressing the repercussions of climate change, and supporting the communities most vulnerable to its repercussions. Therefore, our action plan in (COP28) focuses on climate finance as the most enabling factor.” An event to move from the stage of setting goals to their implementation.. Given the importance of this topic, I would like to extend my sincere thanks and appreciation to the participants in the meetings of the High-Level Independent Expert Group on Climate Finance, and I value their efforts and cooperation in developing a new framework for climate financing.
He added: «The new framework must be comprehensive, covering both sides (adaptation) and (reducing risks and damages), and stimulate attracting more capital from the private sector, and make all forms of financing available on easy terms and at an appropriate cost .. It is important to provide multiple development banks The parties with sufficient capital, to be able to provide more concessional financing, in a way that contributes to reducing risks.. We must also explore new and innovative mechanisms to manage currency risks.. I am confident in the ability of the assembled experts who have devoted their time to this effort, to find effective solutions to increase the provision of climate finance. ».
Participants are scheduled to present their recommendations for establishing a new framework for international climate finance, and a roadmap for implementation mechanisms during the (COP28) conference.. At the meeting, they agreed to take the necessary steps to establish a new framework for international climate finance, and to achieve tangible and substantial progress in (COP28) and beyond. In (COP29) and (COP30) conferences.
During the discussions, economists emphasized that the proposed financial framework should include a range of issues, including: addressing the debt problem in countries most vulnerable to the repercussions of climate change, the role of the private sector in providing more financing, and the need to accelerate the growth of these flows, to provide the total required investments annually. by 2030, amounting to $2.4 trillion, to address the repercussions of climate change in emerging markets and developing economies.
The road map will guide all institutions, including UN agencies, the International Monetary Fund, the World Bank, regional multilateral development banks, governments, and the private sector, to implement short- and long-term plans to achieve the goals of the Paris Agreement.
The agreement of leaders in the government, private and joint sectors on the COP28 roadmap will contribute to achieving tangible and substantive progress on the International Climate Finance Action Plan.
The participants in the meeting stressed that financing is an essential enabling factor to find the necessary solutions to support the transition to a climate-neutral future and enhance climate resilience, and that their work will mainly focus on accelerating the increase in international climate financing at the present time until the end of the current decade, to support emerging markets and mitigation and adaptation initiatives in economies. developing.
Sultan Al Jaber:
• “The (COP28) presidency is keen to cooperate with partners, to put climate action on the right track, with a focus on creating opportunities for sustainable economic and social growth.”
2023-08-16 22:05:24
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