• | 1:00 pm

Climate finance a major obstacle for solutions, says Sultan Al Jaber 

COP28 President-designate emphasized the need to double financial resources to reach $40 billion for adaptation

Climate finance a major obstacle for solutions, says Sultan Al Jaber 
[Source photo: Anvita Gupta/Fast Company Middle East]

Addressing a virtual conference of the G77 + China ministers and high authorities of environment, science, technology, and innovation on Tuesday, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and COP28 President-designate, emphasized the necessity to reform climate finance and international financial institutions (IFIs).

The President-designate acknowledged that finance remains the most significant obstacle to achieving success in addressing climate change, adding that the COP Presidency is “committed to addressing this issue in a real way.”

He further highlighted the importance of doubling financial resources to reach $40 billion for adaptation, adding that it is necessary to establish a comprehensive global early warning system supported by cutting-edge technologies.

“With 80% of the global population, the G77 provides an essential forum for the global south to deliver a united voice on the critical issue of climate change. That voice is all the more important now in light of the impacts, which are being felt the most in the global south.”

COP28, to be held in Dubai, will focus on results that address the needs of the global south and will deliver an ambitious plan of action to momentum across all pillars of climate action, including mitigation, adaptation, finance, and addressing loss and damage, said Al Jaber while addressing the meeting. 

He added that COP28 will “fast-track a just energy transition that triples renewables, doubles hydrogen production, and increases energy efficiency while phasing down the use of fossil fuels,” stressing the need to safeguard energy affordability, accessibility, and security while maintaining socio-economic development. 

More Top Stories: