Watch: UAE formally hands COP presidency over to Azerbaijan

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, today delivered his handover address as COP28 President on the first day of COP29 in Azerbaijan, concluding a landmark term defined by breakthrough progress across the climate agenda.

During the speech, he called on all parties to "prove once again that we can unite, act and deliver" over the next two weeks in Baku.

"By delivering the historic UAE Consensus, we accomplished what many thought was impossible," Dr Al Jaber said at a ceremony marking the official transfer of the Presidency to Mukhtar Babayev.

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Negotiators at COP28 had "proved that multilateralism can move the dial and make a difference," he told delegates. "In the end, determination conquered doubt and your hard work paid off with first after first for climate progress."

Dr Al Jaber said that despite COP29 being held at a time of complexity and conflict, "the United Arab Emirates will always choose partnerships over polarisation, dialogue over division and peace over provocation."

In his speech, the outgoing President said he had been "humbled by the experience" and thanked the many people who helped deliver the "historic, comprehensive and groundbreaking UAE Consensus," including President Sheikh Mohamed and the entire UAE leadership.

Since its inception at COP28 last year, the UAE Consensus has emerged as the defining point of reference for global climate ambition and sustainable development. It contains a series of firsts across the climate agenda, including agreement on a just, orderly and equitable energy transition and goals for tripling renewable energy capacity, doubling energy efficiency and ending deforestation by the end of the decade.

"Progress did not end when the gavel came down on the UAE Consensus," Dr Al Jaber said. "In the months since the end of COP28, the initiatives we launched have gathered pace." To date, 55 companies have joined the Oil & Gas Decarbonisation Charter (OGDC), covering 44 per cent of global oil production. The OGDC is "the most comprehensive private sector partnership on decarbonisation to date," he said.

Highlighting the importance of collaboration, Dr Al Jaber referenced a summit held earlier this month in Abu Dhabi that brought together leaders in climate, energy, artificial intelligence and in an integrated effort to drive low-carbon growth.

"When sectors work together, we can lift economies and lower emissions. We can make climate and socio-economic progress, and we can turn declarations on paper into decisive action on the ground," he said.

Progress has also been made in finance, with the Philippines being appointed as the host country for the Board of the Fund for Responding to Loss and Damage. The COP28 President called on Parties to contribute to the fund, which was operationalised and capitalised at COP28 last year. To date, more than $850 million has been pledged to the fund and funding arrangements.

ALTÉRRA, the world's largest climate-focused investment fund also launched at COP28, has placed $6.5 billion with impact investors – "a model that must be built on," Dr Al Jaber said.