Dr. Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology of the United Arab Emirates, confirmed as the President-Designate of (COP28), the urgent need to increase climate financing from billions to trillions of dollars to achieve global climate, biodiversity, and sustainable development goals.
“To achieve these goals, it is necessary to mobilize and stimulate capital at all governmental, private, and charitable levels because capital and financing are crucial enabling factors in climate action,” Dr. Al Jaber said during the “Climate Finance Stimulus Forum” held in the United Kingdom.
He emphasized the importance of providing $100 billion annually in climate financing, which was pledged in 2009, noting that recent indicators are encouraging and indicate that this commitment will be met, according to the Emirates News Agency (WAM).
The president of “COP28” proclaimed that climate change is a global problem that requires a genuine global response, and all active financial institutions should work within a new framework of cooperation and collaboration to enable climate finance to the necessary extent and desired scope and at the speed the world needs.
Al Jaber announced that the “COP28” will host a high-level forum to support the role of businesses and charitable institutions in climate action, focusing on overcoming the obstacles that hinder desired progress, showcasing successful models, identifying opportunities for collaboration and joint innovation, and accelerating achievement.
He emphasized the need for a radical overhaul of international financial institutions and multilateral development banks and clarified that in order to invest the required amounts, new mechanisms must be adopted to mitigate risks and encourage the private sector to work in the climate field on a wide scale.
Source: Bahrain News Agency