Dr. Sultan Al-Jaber, Minister of Industry and Advanced Technology in the UAE and President-designate of the Conference of the Parties “COP28”, confirmed that, in line with the vision of the country’s leadership, the presidency of the conference is keen to cooperate with partners to put climate action on the right track, in conjunction with focusing on creating opportunities for economic and social growth. sustainable.
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, the International Monetary Fund, and the International Monetary Fund. The Extended Credit Facility of the Poverty Reduction and Growth Trust, the International Finance Corporation, along with the COP28 and COP27 Chairs and the UN Climate Champions.
In his speech 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 divided opinions on the issue of climate finance for a long time, which led to delaying progress in addressing the repercussions of climate change and supporting the communities most vulnerable to its repercussions. Therefore, our COP28 action plan focuses on climate finance as the most effective enabler for the transition from the development stage In view of the importance of this topic, I would like to extend my sincere thanks and appreciation to all the participants in the meetings of the Independent High-Level Expert Group on Climate Finance, and I value their efforts and cooperation in developing a new framework for climate finance.
He added, “The new framework must be comprehensive, covering both sides of ‘adaptation’ and ‘reducing risks and damages’, stimulating the attraction of more capital from the private sector, and providing all forms of financing on easy terms and at an appropriate cost. It is also important to provide multiple development banks.” “The parties have sufficient capital to be able to provide more concessional financing, which contributes to reducing risks, and we must also explore new and innovative mechanisms to manage currency risk. I am confident that the gathered experts who have dedicated their time to this effort will find effective solutions to increase the availability of climate finance.” .
The participants will present their recommendations for establishing a new framework for international climate finance, and a road map for implementation mechanisms during the “COP28” conference, and agreed at the Wednesday meeting 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 the “COP28″ and beyond conferences. COP29” and “COP30”.
During the discussions, economists focused on the proposed new financial framework to include a set of topics, 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 investments required annually from now on. by 2030, amounting to $2.4 trillion, to address the repercussions of climate change in emerging markets and developing economies.
The roadmap will direct 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 corporate sectors on the COP28 roadmap will contribute to achieving tangible and substantive progress on the International Climate Finance Action Plan.
Participants in the meeting emphasized that financing is a key enabler 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 from the present until the end of the current decade to support emerging markets and mitigation and adaptation initiatives in developing economies.
Supporting an orderly, responsible and just transition in the energy sector in emerging markets and developing economies, and supporting countries most affected by climate change, is one of the main ambitions of the COP28 presidency, which cooperates with the Independent High-Level Expert Group on Climate Finance and the G20 High-Level Expert Group on Finance. International climate activities, and with Germany and Canada, to accelerate the fulfillment of donor countries’ commitment to provide $ 100 billion, and the presidency of “COP28” seeks to ensure that funding for adaptation is doubled by 2025, replenish the resources of the Green Climate Fund, and agree on financing arrangements for losses and damages in “COP28”.
The High-Level Independent Expert Group on Climate Finance develops and presents policy proposals and recommendations that support enabling investment and financing from the government and private sectors. The Paris Agreement and the Glasgow Pact, with the start of their implementation.
The presidency of “COP28” identified the development of climate financing mechanisms as one of the four pillars of the conference’s action plan, which also includes accelerating the achievement of an orderly, just and responsible transition in the energy sector, focusing on preserving people and life and improving livelihoods, and supporting all these pillars by fully including everyone. .
2023-08-16 13:26:47
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