COP28 President-Designate called on the international Community to deliver on Climate Finance at African climate ministerial meeting

COP28 President-Designate: Intl Community must come through with the $100bln Pledge

ADDIS ABABA – COP28 President-Designate Sultan Al Jaber called on the international community to unite on climate finance, referring to progress at a recent meeting of major global economists in UAE, Abu Dhabi.

COP28 President-Designate made the call at the African Ministerial Conference on the Environment (AMCEN) Summit in Addis Ababa this week.

The AMCEN unites environment ministers from across the continent and provides political guidance and coordinates policy positions among its 54 member states. Ethiopia will chair AMCEN in 2024.

In his remarks, Al Jaber stated his vision and priorities for COP28, especially the need for adaptation financing and acceleration of the energy transition.

He further highlighted the need for urgent action to put the world back on track to achieve the goals of the Paris Agreement and keep the ambition of 1.5 within reach.

“With just over 100 days before the world gathers in Dubai for COP28, both the science and common sense are telling us that our collective response to climate change is nowhere near good enough,” Al Jaber.

Dr. Al Jaber not only recognized Africa’s position at the frontline of climate impacts but also its performance and potential as a leading force in the energy transition.

He said, “When it comes to transitioning to an energy system free of unabated fossil fuels, Africa has many lessons for the rest of us.”

“Here in Ethiopia, almost 100 per cent of the country’s energy comes from renewable hydropower…,” he continued.

“Across this great continent, a young and growing population is seizing the potential of other clean energy sources from wind to solar and choosing low carbon economic growth.”

However, Al Jaber also acknowledged that a chronic lack of available, accessible and affordable climate finance is holding back Africa’s potential, noting that barely one-tenth of global climate finance finds its way to the continent.

As such, the COP28 President-Designate highlighted the urgent need to reform international climate finance.

“First, the international community must come through with the 100-billion-dollar pledge they made over a decade ago,” He said, “I will continue to press donor countries to ensure delivery no later than this year”.

“Next, the entire global financial architecture from IFIs to MDBs needs modernizing. They were built for the second half of the last century. They urgently need to be upgraded to meet the needs of this one.”

Al Jaber was also clear on his call on his action on Loss and Damage, stating: “We must operationalize the fund and funding arrangements for Loss and Damage, and early pledges are vital to ensure we live up to the commitments made at Sharm El Sheikh”.

In making these remarks, he referred to a meeting of the Independent High-Level Expert Group (IHLEG) that united world-leading economists in Abu Dhabi for two days of talks on the 15 and 16 August.

A detailed report, including a clear roadmap on how to implement recommendations, is scheduled to be presented to world leaders at COP28.

COP28 UAE will take place at Expo City Dubai from Nov 30 to Dec this year and the host nation will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach per the Paris Climate Accord.