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UAE COP28 president-designate challenges rich nations to 'show the money' to combat climate change

COP28 will be hosted from November 30 to December 12 this year at Expo City Dubai

Published: Sat 12 Aug 2023, 6:00 AM

Updated: Sat 12 Aug 2023, 10:44 PM

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Photo: AP

Photo: AP

COP28 president-designate Dr. Sultan bin Ahmed Al Jaber has reiterated his call to donor countries to 'show the money' with regards to the long overdue $100 billion finance pledge to combat climate change.

Al Jaber, who is also the UAE Minister of Industry and Advanced Technology, made the call during his recent visit to Barbados to meet with Prime Minister Mia Motley and address the leaders of Caribbean Community.

Al Jaber said, “The peoples of the Caribbean have been on the front lines of climate change for longer than most. They have been facing some of the harshest climate impacts. And in a very real sense, their experience represents an early warning system for the rest of the world.”

“As a first step, I have called on donor countries to ‘show me the money’, when it comes to the long overdue $100 billion finance pledge,” underscored Al Jaber.

“I am also calling for deep, system-wide reform of IFIs (International Financial Institutions) and MDBs (Multilateral Development Banks) to make them more responsive to the climate and development needs of the 21st century," he added.

“In short, all forms of finance must be more available, more accessible, and more affordable,” Al Jaber pointed out.

Falling short

During COP15 in 2009, developed countries committed to a collective goal of mobilising $100 billion per year by 2020 to financially support developing countries cut their emissions and adapt to climate impacts.

The Organisation for Economic Co-operation and Development (OECD) has been measuring progress towards this goal and reported in 2020 that rich nations mobilised only $83.3 billion of climate finance, $16.7 billion short of the goal.

Fixing climate finance

Al Jaber highlighted the critical role climate finance will play in the global energy transition. He said 'fixing climate finance' is one of four of key 'Action Plan' for COP28, alongside 'focus on people', 'lives and livelihoods' and underpinning everything with 'full inclusivity'.

“We all know that the cost of capital has slowed the adoption of renewable energy in this region, alongside many other climate vulnerable regions of the world. That is why addressing the climate finance gap is so important and why I have made it a key priority for COP28,” Al Jaber explained.

“I am calling on all parties to double adaptation finance by 2025 and ensure that a substantial portion of all climate finance goes to adaptation in the future,” he continued.

Milestone moment

The UAE will host COP28 or the 28th meeting of the Conference of the Parties of the UN Framework Convention on Climate Change (UNFCCC) from November 30 to December 12 this year at Expo City Dubai.

COP28 UAE is hailed as a milestone moment when the world will take stock of its progress on the Paris Agreement signed on April 22, 2016 that set the goal to keep the rise in mean global temperature to well below 2°C above pre-industrial levels, and preferably limit the increase to 1.5°C to substantially reduce the effects of climate change.

The upcoming climate conference in Dubai will provide a comprehensive assessment of progress since adopting the Paris Agreement. It will also provide measures that are needed to be put in place to bridge the gaps in addressing climate change.

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