COP28: I’m committed to unlocking climate finance for developing nations, says Al-Jaber

Sultan Al-Jaber, COP28 president, says he will work to ensure that climate finance is unlocked for developing countries during his tenure. 

In his opening remarks at the start of the conference holding in Dubai, Jaber said developed countries should not be made to choose between development and climate action.

He said despite being a key success factor for the climate agenda, finance has not been made accessible over time. 

“Excellencies, dear friends, we all know that a key success factor across the climate agenda is finance and for too long finance has not been available, accessible or affordable,” the COP28 president said. 

“This presidency is committed to unlocking finance to ensure that the global south does not have to choose between development and climate action. 

“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP that we deliver on our promises from the $100 billion to loss and damage.

“And on loss and damage, I know how much this issue means to the parties, particularly to the most vulnerable.

“What began in Sharm El-Sheikh and what was given critical momentum and traction in Abu Dhabi earlier this month must now be delivered in action here in Dubai.”

He said countries must not lose sight of the 1.5C target and also should not lose time at delivering the most ambitious global stocktake at the conference.

“I ask you all to work together, be flexible, find common ground, come forward with solutions and achieve consensus and never lose sight of 1.5 because that is what I am going to stay laser focused on,” he said.

Jaber added that adaptation must be at the heart of the negotiations to bridge the finance gap and agree on a robust framework for the global goal. 

He encouraged countries to put nature, lives and livelihoods at the core of their national plans.

FOSSIL FUEL COMPANIES MUST LEAD THE WAY

Jaber also asked countries to look for ways to include the role of fossil fuels in the negotiations. 

He said his presidency would be one that actively engages with fossil fuel companies because the world needs to go the unconventional way for collective action.  

“We must look for ways and ensure the inclusion of the role of fossil fuels. I know there are strong views about the idea of including language on fossil fuels and renewables in the negotiation text,” he said.

“We collectively have the power to do something unprecedented. In fact we have no choice but to go the very unconventional way.

“Today many oil and gas companies are committing to zero emissions by 2030 for the first time and many national oil companies have adopted net-zero 2050 targets for the first time and I’m grateful that they have stepped up to join this game-changing journey.”