Cop28 President-delegate Dr Sultan Al Jaber has reaffirmed the need to reform climate finance and international financial institutions (IFIs).
Dr Al Jaber, also UAE Minister of Industry and Advanced Technology, made the comments during a virtual address at the meeting of G77 + China ministers and high authorities of environment, science, technology and innovation on Tuesday.
“With 80 per cent 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,” he said during a meeting in Havana, Cuba, on sustainable, inclusive and resilient development.
“That voice is all the more important now in light of the impacts, which are being felt the most in the global south.”
Cop28 in Dubai in November will deliver a plan of action that is ambitious and practical, “focused on results that address the needs of the global south”, Dr Al Jaber said.
He said Cop28 would “fast-track a just energy transition that triples renewables, doubles hydrogen production and increases energy efficiency while phasing down the use of fossil fuels”.
“We must safeguard energy affordability, accessibility and security, while maintaining socio-erconomic development,” Dr Al Jaber said.
Cop28 will produce a “plan of action that reignites momentum on each of the pillars of climate action, from mitigation to adaptation, finance and loss and damage”, he said.
On adaptation, “we need to double finance to $40 billion and allow for a truly global early warning system, built on the best technologies”, Dr Al Jaber told delegates.
“The single largest obstacle to success is finance, and the Cop28 Presidency is committed to addressing this issue in a real way.”
“There are encouraging signs that the long overdue $100 billion pledge will be fulfilled,” he said, while warning that “IFIs and MDBs are not distributing concessional finance anywhere near quickly enough.
“Climate finance needs to be more available, more accessible and more affordable.”
Dr Al Jaber told the audience that Cop28 would work to lower the level of risk, mobilising “the private sector ─ unlocking trillions of dollars in climate finance”.
For the first time, Cop28 “will address the impacts of climate change and livelihoods by putting food, health and nature at the heart of Cop”, he said.
He also reminded delegates that at Cop27, “The unity of the G77 was critical to delivering a historic outcome on loss and damage.
“Indeed, G77 countries can help us on each of the priority areas by pushing for unity and solidarity throughout the negotiations.”
“Cop28 will be the first Cop to host a G77 summit. We urge you to use this platform to shape ambitious outcomes and accelerated action.”
Dr Al Jaber said Cop28 would need G77’s help to deliver “a bold and transformative response to the global stocktake; to conclude the global goal on adaptation; to accelerate a balanced and just energy transition; and to finally deliver the scale and scope of climate finance that is needed for concrete results.”
He concluded with a call to unite, act and deliver.
“Let us work together to pave the way towards an inclusive, sustainable and resilient future for all.”