COP28 President-Designate advances innovative climate finance, leveraging public, business and philanthropic capital – World News Network


Dubai [UAE], July 13 (ANI/WAM): Sultan Al Jaber, COP28 President-Designate, has participated in high-level discussions on climate finance with US President Joe Biden and H.M King Charles III, alongside leading investors and philanthropists, in a visit to the UK to advance innovative climate finance to deliver climate action and a just energy transition.
During his visit, Al Jaber attended a forum on Climate Finance Mobilisation convened by the UK Secretary of State for Energy Security and Net Zero, the Rt Hon. Grant Shapps MP and the US Special Presidential Envoy for Climate, John Kerry.
The forum was attended by UN Special Envoy for Climate Action and Finance, Mark Carney, as well as private sector and philanthropic leaders from finance, sustainability, and climate action. Dr. Al Jaber encouraged all parties to set their ambitions high ahead of COP28 and continue to galvanise UK and US-based businesses and philanthropists to do the same.
Dr. Al Jaber said, “The leadership of the US and UK is crucial to both fulfil climate finance pledges and mobilize further capital. We must deliver on the $100bn of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled. However, we need to mobilise trillions, not billions, of dollars if we are to reach our climate, biodiversity and SDG targets.
“To achieve this we need to mobilise capital at all levels, public, business and philanthropic. Capital and finance are critical enablers of climate action. But to unleash its power, it must be available, accessible and affordable throughout the world.”
Dr. Al Jaber added, “Climate change is a global problem that requires a global solution. All financial actors must work within a new framework of solidarity to enable climate finance at the scale, scope and speed that the world needs. As an outcome of today’s meetings, I am pleased to announce that COP28 will host a High-Level Business & Philanthropy Delivery Forum, during the World Climate Action Summit. The forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for co-creation, collaboration, and acceleration.”
Dr. Al Jaber restated his call for major reform of international financial institutions and multilateral development banks, and added “To invest the amounts required, we must build the right risk mitigation instruments that incentivize private sector action at scale. This is not a time for incremental reform. We need a holistic approach underpinned by collaborative frameworks.”
Discussing the announcements made by organisations in attendance, Dr. Al Jaber continued, “Initiatives like the Climate Finance Mobilisation Forum provide a key avenue for progress. The funding announced today by some of the world’s leading private sector actors and philanthropists is exactly what we need to see ahead of COP28.”
During his visit, Dr. Al Jaber also welcomed progress on the World Bank’s Private Sector Investment Lab which will be charged with developing solutions to address barriers to private sector climate finance. Dr. Al Jaber said, “Capital is a key enabler of climate action, and catalyzing private investments is a key priority for the COP28 Presidency. I look forward to actionable recommendations coming out of the Private Sector Investment Lab that can be integrated into COP28’s climate finance agenda.”
He concluded that “The UK and US are home to two of the largest financial markets in the world. Their action and the funding announced today is vital to keep 1.5C within reach and must be replicated on a global scale.” (ANI/WAM)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


Please enter your comment!
Please enter your name here

Share post:




More like this

Agreement reached to withdraw Indian military personnel from Maldives: President Mohamed Muizzu – World News Network

Maldives President Mohamed Muizzu has conveyed the Indian government's assurance to honour and respect the desire of the Maldivian people to abstain from accommodating foreign military presence within the country.

“Bharat is a statement of independence”: Jaishankar emphasises building strong ‘Bharat’ narrative – World News Network

The EAM emphasised that beyond politics and linguistic nuances, 'Bharat' holds economic significance, encapsulated in the concept of 'Aatmanirbhar Bharat.' This, he noted, reflects resilience, self-sufficiency, and the expression of talent.

Pak: 4 held in Lahore for illicit kidney trade; 90 victims identified – World News Network

Efforts are currently underway to apprehend the doctor allegedly involved in the scandal. The arrested individuals are expected to face legal consequences for their involvement in the illicit kidney trade.

COP28 sets table for sustainable food driving Climate Action – World News Network

The 28th Conference of the Parties (COP28) is full of innovative initiatives that embody the UAE's commitment to raising public awareness of the importance of climate change and the need to adopt sustainable community practises that support climate action.
Send this to a friend