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COP28 UAE: Dr Al Jaber discusses climate finance with Joe Biden, King Charles III

US and UK leadership is crucial to fulfil both climate finance pledges and mobilise further capital, said the President-Designate

Published: Thu 13 Jul 2023, 1:04 PM

Updated: Thu 13 Jul 2023, 2:29 PM

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Photo: Supplied

Photo: Supplied

Dr Sultan Al Jaber, COP28 President-Designate, discussed unlocking climate finance with a focus on developing economies during his meeting with US President Joe Biden and King Charles III in the UK.

The meeting was part of the Climate Finance Mobilisation Forum, convened by the UK Secretary of State for Energy Security and Net Zero, Grant Shapps, and the US Special Presidential Envoy for Climate, John Kerry. The forum was attended by UN Special Envoy for Climate Action and Finance Mark Carney, as well as private sector and philanthropic leaders from finance, sustainability, and climate action.

Dr Al Jaber encouraged all parties to set their ambitions high ahead of COP28 and continue to galvanise UK and US-based businesses and philanthropists to do the same.

“The leadership of the US and UK is crucial to both fulfil climate finance pledges and mobilise further capital. We must deliver on the $100 billion of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled.”

Dr Al Jaber noted that climate change is a global problem that requires a global solution. “All financial actors must work within a new framework of solidarity to enable climate finance at the scale, scope and speed that the world needs.”

To help raise global ambition, COP28 will host a High-Level Business and Philanthropy Delivery Forum. “The forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for co-creation, collaboration, and acceleration.”

Dr Al Jaber restated his call for major reform of international financial institutions and multilateral development banks. “To invest the amounts required, we must build the right risk mitigation instruments that incentivize private sector action at scale. This is not a time for incremental reform. We need a holistic approach underpinned by collaborative frameworks.”

During his visit, Dr Al Jaber also welcomed progress on the World Bank’s Private Sector Investment Lab, which will be charged with developing solutions to address barriers to private sector climate finance.

“Capital is a key enabler of climate action, and catalysing private investments is a key priority for the COP28 Presidency. I look forward to actionable recommendations coming out of the Private Sector Investment Lab that can be integrated into COP28’s climate finance agenda.”

Dr Al Jaber added: “The UK and US are home to two of the largest financial markets in the world. Their action and the funding announced today is vital to keep 1.5C within reach and must be replicated on a global scale.”

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