Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, called on the appointed President of the Conference of the Parties (COP28) to adopt innovative climate financing mechanisms and benefit from the capital of the government, private and charitable sectors.
Dr. Sultan Al-Jaber’s remarks came during his participation in the Climate Finance Stimulus Forum held in the United Kingdom.
Also at the forum, the President-designate of COP28 said:
Climate change is a global problem that requires an effective global response, and all financial institutions must work within a new framework of cooperation and solidarity to enable climate finance to the extent necessary, on the desired scale, and at the speed that the world needs. Comprehensive action is required to attract capital from across the government, private and philanthropic sectors, and I commend the efforts of the United States and the United Kingdom to create the right environment for businesses and philanthropists to raise and catalyze the climate finance needed in preparation for COP28. Businesses and charities have announced important actions to increase climate finance for developing economies, and this is a critical step forward in supporting communities most vulnerable to the effects of climate change. There is an urgent need to increase climate finance from billions to trillions of dollars in order to achieve global goals on climate, biodiversity and sustainable development. Britain’s King Charles III’s leadership in coordinating and catalysing private sector efforts internationally in recent years has been instrumental, and his Sustainable Markets Initiative will be key partners for the business and philanthropic forum at COP28. The World Bank’s Private Sector Investment Lab initiative is a significant addition to our efforts in this regard, and I look forward to including the Lab’s applicable recommendations in the COP28 climate finance agenda. He stressed the need for a radical development of international financing institutions and multilateral development banks, and explained that in order to invest the required amounts, new mechanisms must be adopted to mitigate risks and stimulate the private sector to work in the field of climate on a large scale. Thanks to the vision of leadership, the UAE is facing global challenges with a positive mindset and innovative means, and is keen to cooperate with partners who adopt the same visions, ideas and directions in climate action to achieve sustainable development and build a better future for everyone everywhere. COP28 will host, for the first time, a high-level forum for commercial companies and charitable institutions to focus on overcoming the difficulties that impede the achievement of the desired progress in climate action, presenting successful models, and identifying opportunities for cooperation, joint creativity, and accelerating achievement. The role of US and UK leadership is critical to delivering on climate finance pledges and attracting more capital. The $100 billion in annual climate finance pledged in 2009 must be committed, and recent indications are encouraging that it will be met. The initiatives put forward by the institutions that attended the forum offer opportunities for progress. The funding announced today by some of the leading private sector players and global philanthropic organizations is what we need to achieve in preparation for the launch of COP28.
Minister Sultan Al Jaber conveyed the greetings of the UAE leadership to both US President Joe Biden and Britain’s King Charles III, and a number of British government ministers, senior investors and representatives of charitable institutions met during the forum to discuss opportunities for providing climate financing, especially for developing economies.
2023-07-13 09:04:06
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