COP28 President-designate calls on the private sector to lead the way in a new era of sustainable climate finance

by MMC
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The private sector is critical to reforming the financial system and providing available and accessible finance to emerging and developing markets.

It is necessary to restore confidence by reaching the target of $100 billion per year, replenishing the Global Climate Fund and operationalizing the Loss and Damage Fund.

NEW YORK/PRNewswire/ — This morning, COP28 President-designate Dr. Sultan Al-Jaber opened Wall Street trading for the day on the New York Stock Exchange (NYSE). Ringing the bell at the heart of the financial world, Dr Al-Jaber sent a clear and decisive message: the private sector must play its role in ushering in a new era of sustainable climate finance to ensure that the objectives of the Climate Change Agreement Paris are reached. reached and 1.5C remains within reach.

Dr. Sultan Al-Jaber is the first COP President to ring the NYSE bell.

Dr Al-Jaber urged the exploration of innovative and new mechanisms that reduce risks and increase private investment in bankable clean projects. “Collaboration between the public and private sectors will be essential to making the much-needed new financial system a reality. Programs such as the $4.5 billion Africa Green Investment Initiative provide a clear example of how public, private and development capital can be deployed to mobilize more capital and deliver green projects.” , did he declare.

A key goal of the COP28 presidency is to ensure the world works collaboratively and effectively to deliver a new global climate finance framework capable of delivering the $4.5 trillion needed to achieve climate goals urgent. There is also a need to strengthen national financial systems so that local finances can be used to help make clean, long-term investments.

Ahead of his visit to the NYSE, Fortune published an opinion piece by Dr. Sultan Al Jaber, in which he said: “Fixing climate finance is a daunting but achievable challenge… I therefore call on all governments, development institutions and business leaders to use these measures. It is crucial in the coming months, before COP28, to raise their ambitions and keep their commitments. They should also go further and support fundamental reform of the global financial architecture to provide climate finance at scale. The money is waiting to be released.

At the NYSE, the COP28 President-designate underlined the importance of restoring global confidence through compliance with previous commitments, including the target of $100 billion per year for climate finance, the replenishment of the Climate Fund and the implementation of the Loss and Damage Fund agreed at COP27. .

“The current global financial architecture is far from where it should be, with the lack of available, accessible and affordable finance posing a barrier to progress in the fight against climate change. » said Dr Al Jaber. “We need a truly inclusive approach to tackling climate change, and development banks and aid programs must help.

About COP28 UAE:
The UAE COP28 will be held at Expo City Dubai from November 30 to December 12, 2023. The conference is expected to bring together more than 70,000 participants, including heads of state, government officials, international industry leaders, representatives of the private sector, academics, experts and young people. , and non-state actors.

As required by the Paris Climate Agreement, COP28 in the UAE will present the first-ever global stocktake – a comprehensive assessment of progress towards climate goals.

The UAE will lead a process for all parties to agree on a clear roadmap to accelerate progress through a just and orderly global energy transition and a “leave no one behind” approach to climate action inclusive.

President of COP 28: “It’s time to transform climate finance”

COP28 media platform

Photo – https://mma.prnewswire.com/media/2215191/COP28_NYSE.jpg

SOURCE COP28

media@cop28.com, Nisar Hussain: +971 55 679 9325

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