- Private sector is critical for financial system reform and to providing available and accessible funding for emerging and developing markets.
- Restoration of trust needed through meeting $100bn a year target, replenishment of the Global Climate Fund and operationalizing the Loss & Damage Fund.
New York: This morning, the COP28 President-Designate, Dr. Sultan Al-Jaber opened trading on Wall Street for the day at the New York Stock Exchange (NYSE). In ringing the bell at the heart of the financial world, Dr. Al-Jaber had a clear and decisive message: the private sector must play their role in ushering in a new era for sustainable climate finance to ensure the objectives of the Paris Agreement are met and 1.5C is kept 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 which lower risk and expand private investment in bankable clean projects. “Collaboration between the public and private sector will be key to making the much-needed new financial system a reality. Programs such as the $4.5bn Africa green investment initiative set a clear example of how public, private and development capital can be deployed to mobilize further capital and deliver green projects,” he said.
One of the COP28 Presidency’s key objectives is to ensure the world works collaboratively and effectively to deliver a new framework for global climate finance that is capable of delivering the $4.5tn necessary to reach urgent climate targets. There is also a need for domestic financial systems to be strengthened so local finance can be used to help deliver long-term clean investments.
Ahead of his visit to the NYSE, Fortune published an op-ed by Dr. Sultan Al Jaber, where he said, “Fixing climate finance is daunting but doable… I therefore call on all governments, development institutions, and business leaders to use these crucial next few months before COP28 to raise their ambitions and deliver on their pledges. They should also go further, and support fundamental reform of the global financial architecture to deliver climate finance at scale. The money is waiting to be unlocked.”
At the NYSE, the COP28 President-Designate highlighted the importance of restoring global trust through the delivery of previous commitments including the $100bn a year target for climate funding, the replenishment of the Global Climate Fund and operationalizing the Loss and Damage Fund agreed at COP27.
“The existing global financial architecture is nowhere near where it needs to be, with the lack of available, accessible and affordable finance an obstacle to progress in the fight against climate change. Dr. Al Jaber said. “We need a truly inclusive approach towards tackling climate change, and both development banks and aid programs must help deliver this.”
About COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, young people, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a just and orderly global energy transition and a “leave no one behind” approach to inclusive climate action.