Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and president of COP28, urged nations to unite, act, and deliver at COP29 in Baku, Azerbaijan.

He emphasized the importance of building on the UAE Consensus, describing it as the roadmap to achieving the goals of the Paris Climate Agreement. At the pre-COP session, Al Jaber stated that amid ongoing geopolitical tensions, there is a need to rediscover a common purpose across all aspects of the climate agenda.

He added that financing is a top priority for delegates, following the “triple A” framework under the UAE Consensus, which aims to make finance more available, accessible, and affordable. Prioritizing funds for the most vulnerable communities is crucial, he said, as it allows them to build resilience and recover from climate impacts.

Dr. Al Jaber further explained that the New Collective Quantified Goal (NCQG) on Climate Finance, set to be adopted at COP29, must provide the necessary means to implement the UAE Consensus, with the agreed amount reflecting the magnitude of the challenge.

Additionally, he called for the prompt finalization of negotiations on Article 6 of the Paris Agreement, which pertains to the establishment of carbon markets. He stated that robust, high-integrity carbon markets are urgently needed to stimulate investment in both mitigation and adaptation.

Speaking on the upcoming round of Nationally Determined Contributions (NDCs) due by February, he stated that they must align with agreements to keep the 1.5 degrees Celsius target achievable while providing significant opportunities for socioeconomic development. He emphasized that they should encompass the entire economy, cover all greenhouse gases, and leverage climate action as a catalyst for sustainable economic growth.

According to a recent International Energy Agency (IEA) report, the world is projected to add over 5,500 GW of renewable energy capacity by 2030, nearly triple the amount added from 2017 to 2023. Al Jaber cited the International Renewable Energy Agency (IRENA), which indicated that achieving the goal of tripling capacity within this decade will require tripling investments to $1.5 trillion annually.