2023-06-23 21:41:50
During his participation in the Global Financial Compact Summit led by the French President
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, appointed President of the Conference of the Parties (COP28), confirmed that the conference presidency works in accordance with the directives of the leadership in the UAE by focusing on building bridges of communication and cooperation with the international community and working with partners who adopt the same visions, ideas and directions, to achieve tangible progress. In the file of climate finance, especially for the countries of the Global South.
This came in his speech at the New Global Financial Pact Summit in Paris, which was held under the leadership of French President Emmanuel Macron and Barbados Prime Minister Mia Motley, with the aim of developing the global financial structure, directing more financial resources towards climate action and supporting communities most vulnerable to the repercussions of climate change.
During the summit; Sultan Al-Jaber met a number of global political and climate action leaders, including French President Emmanuel Macron, Brazilian President Luiz Inacio Lula da Silva, Barbados Prime Minister Mia Motley, and United Nations Secretary-General Antonio Guterres. He said we need to bring all stakeholders in the financial community to the negotiating table, take a comprehensive and holistic approach to this global challenge, view climate action as an opportunity rather than a burden, and work together to achieve our common goal.
Regarding financing; He said, “Donor countries are finally close to fulfilling their promise to provide $100 billion in climate finance to countries in the global south; I repeat, this must be fulfilled this year.
He pointed out that for the countries that cause the least climate change, climate finance remains insufficiently available, accessible or affordable, and changing this requires trillions of dollars in private investment, in addition to billions of dollars in multilateral loans.
As part of the summit’s focus on developing financing; Dr. Sultan Al-Jaber attended a roundtable on raising and stimulating private capital, hosted by Ajay Banga, President of the World Bank Group, Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero Emissions and UN Special Envoy on Climate Action and Finance, and Kristalina Georgieva Managing Director of the International Monetary Fund.
Al-Jaber said during the meeting that climate finance is not available in an adequate and affordable manner, and cannot be obtained easily, especially for countries in the Global South. Therefore, better provision of climate finance requires examining the necessary mechanisms to attract more capital from the private sector and direct it to Climate investment.
He explained that in order to provide financing at a reasonable cost, the principle of transparency and the ability to “discover the financing price” must be strengthened, and all market participants must have the tools and mechanisms that narrow the gap between the expected risks and the actual risks of investing in emerging and developing economies, and we need to change A narrative that views climate finance as a burden or a loss rather than an economic opportunity.
on voluntary carbon markets; He said: Voluntary carbon markets can be a powerful enabler for financing efforts to reduce carbon emissions across entire industries, cities and economies, especially in emerging and developing economies; In order to take full advantage of the potential of carbon markets, it is necessary to enhance their credibility, and ensure that the highest standards of integrity are applied.
Sultan Al-Jaber also attended a session hosted by the Forest and Climate Leaders Partnership, which focused on afforestation and nature conservation. He also held bilateral meetings with a number of ministers, officials and leaders of the industrial sector, including Anne Pyatt, Norwegian Minister of International Development, Patrick Pouyanne, CEO of Total, and Catherine MacGregor, CEO of Engie, Agnès Panet-Ronach, French Minister of Energy Transition, Larry Fink, CEO of BlackRock, Bruno Le Maire, French Minister of Economy, Finance and Industrial Sovereignty, and Catherine Colonna, French Minister of Foreign Affairs.
Sultan Al-Jaber concluded his 3-day visit with additional meetings with India’s Finance Minister Nirmala Sitharaman, UNFCCC Executive Secretary Simon Steele, Fateh Birol, Executive Director of the International Energy Agency, and John Kerry, US Presidential Special Envoy for Climate.
In his closing speech to the summit, he stressed the necessity of action and achievement, saying: We know what we are trying to find solutions for, and we know the existing gaps. our common goal; The repercussions of climate change do not differentiate between the North and the South, as it is a global problem that requires a truly global response. (wam)
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