Dr Sultan Al Jaber calls for solidarity before COP28 conference

Image: Twitter | Cop28

Dr Al Jaber, the UAE’s Minister of Industry and Advanced Technology, spoke at the Paris Summit for a New Global Financing Pact that was held from June 22 to June 23.

The two-day gathering in the French capital city aimed to overhaul the climate finance system that is targeted at countries most vulnerable to the impact of global warming.

Speaking to more than 40 global leaders, Dr Jaber recalled the “common vision” to make real and true climate progress based on the 2015 Paris Agreement. He underscored the need to create solidarity among the public and private sectors at the upcoming UN’s Cop28 gathering in the UAE at the end of the year. He promised that the climate conference would build on the ongoing progress achieved in France. Dr Jaber is the Cop28 President-designate.

Cop28 as a force multiplier

The Summit for a New Global Financing Pact saw French President Macron host 40 leaders, from countries most impacted and vulnerable to climate change, as well as institutional lenders, to debate changes to climate finance. Leaders like Janet Yellen, the US Treasury Secretary, Chinese Prime Minister Li Qiang, Brazil’s President Luiz Inacio Lula Da Lula were also present at the summit.

HE Dr Sultan Al Jaber Leads Climate Finance Reforms at Summit for a New Global Financing Pact#NewGlobalFinancingPact #YearOfSustainability #TodayForTomorrow #COP28UAE #COP28 #ClimateChange #ClimateChange@COP28_UAE@uaeclimateenvoy@ClimateEnvoy@UNFCCC@antonioguterres pic.twitter.com/k9vKrtJBPU

— UAE Forsan (@UAE_Forsan) June 24, 2023

Dr Jaber pointed out the widening gap between the developed countries and the global south. “The gap has widened between north and south, particularly when it comes to climate finance,” he said.

“We need transformational rather than incremental steps forward,” he said, and added that multilateral institutions can reduce the risk of lending to the countries worst-hit so that private sector funds can be unleashed, not just support from the World Bank and other international lenders.

“We must build on all the progress made in the pact,” said Dr Al Jaber.

“Our goal today must be to stop talking and start delivering.” He added, “Private capital is the force multiplier that can really change the game when it comes to effective climate finance.”

Dr Al Jaber took part in a panel with World Bank President Ajay Banga, and International Monetary Fund Managing Director Kristalina Georgieva.

“Our goal today must be to stop talking and start delivering,” stressed #DrSultanAlJaber during today’s roundtable discussion on Private Capital Mobilization, urging the world to start laying out an agenda on the key issue of making finance more available, accessible & affordable pic.twitter.com/Eg7vae4gXG

— COP28 UAE (@COP28_UAE) June 22, 2023

The summit managed to achieve confirmation that developed countries will hit the target of providing $100bn annually in climate finance to developing countries. Multilateral development banks committed to leverage “at least” $100bn a year in private sector capital while the World Bank said it would reframe the conditions for lending to bring in clauses that would allow vulnerable nations to suspend debt repayments when natural disaster strikes.

The final statement at the close of the summit, acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. This came alongside a plan to draw on more of their current assets, to the tune of $200bn over 10 years.

Read: COP28: Dr Sultan Al Jaber meets Ursula von der Leyen for climate talks in Brussels