COP28 President Dr Sultan Al Jaber has launched the COP28 UAE Declaration on a Global Climate Finance Framework (The Declaration) in response to the Global Stocktake, and to keep 1.5°C within reach and to meet the goals of the Paris Agreement.
The UAE Declaration is a chance to accelerate climate action by reforming climate finance, guiding new ways of delivering climate finance making it available, accessible, and affordable, COP28 President Dr Sultan Al Jaber said on Friday.
The declaration was described as a ‘landmark’ in climate finance and will be crucial in helping emerging economies with the large-scale investments needed to transition to a low-carbon and climate-resilient global economy.
It comes after the UAE’s announcement of a $30 billion private climate vehicle, aiming to mobilise $250 billion globally, which will establish a highway for private finance, a COP28 statement said.
COP28 President Dr Sultan Al Jaber said the declaration focuses on: “First on rebuilding trust, second on reframing climate investments as economic opportunities and third on scaling up climate finance.”
He said: “No single initiative will create the climate finance system we need. Together, we must build a holistic ecosystem of solutions.”
(Reporting by Imogen Lillywhite; editing by Seban Scaria)