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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  • COP28 President-elect Dr. Sultan Al Jaber is the first president of the COP to ring the bell of the New York Stock Exchange.
  • The private sector is critical to reforming the financial system and providing available and accessible finance to emerging and developing markets.
  • Restoring the necessary trust through meetings 100 billion dollars an annual target, the replenishment of the Global Climate Fund and the implementation of the Loss and Damage Fund.

NEW YORK, September 19, 2023 /PRNewswire/ — This morning, the COP28 President-elect, Dr. Sultan Al Jaber opened its doors on Wall Street for the day at 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 $4.5 billion Africa The Green Investment Initiative provides a clear example of how public, private and development capital can be deployed to mobilize more capital and deliver green projects,” he said.

One of the COP28 The main objectives of the presidency are to ensure that the world works collaboratively and effectively to establish a new global climate finance framework capable of achieving the goals. $4$0.5 billion is needed to meet urgent climate goals. There is also a need to strengthen national financial systems so that local finances can be used to help make clean, long-term investments.

Before his visit to the NYSE, Fortune published an opinion article by Dr. Sultan Al Jaberwhere he said: “Fixing climate finance is a daunting but achievable task… I therefore call on all governments, development institutions and business leaders to leverage these crucial measures in the coming months before COP28 to raise their ambitions and keep their promises. 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 The President-designate stressed the importance of restoring global confidence through compliance with previous commitments, including the 100 billion dollars an annual target for climate finance, the replenishment of the Global 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. Al Jaber said. “We need a truly inclusive approach to tackling climate change, and development banks and aid programs must help.”

About COP28 UAE:

  • COP28 The UAE will take place at Expo City Dubai from November 30-December 12, 2023. The conference is expected to bring together more than 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth and non-state actors.
  • As required by the Paris Climate Agreement, COP28 The UAE will present the first-ever global stocktake – a comprehensive assessment of progress on 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.
  • COP28 President: “It’s time to transform climate finance”
  • COP28 Media center

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

SOURCE COP28

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