The UAE plans to invest around $54 billion in renewables over the next seven years as part of efforts to reach net zero emissions by 2050.
Sultan Al Jaber, COP28 President-Designate, addressed unlocking climate finance with a focus on developing economies during his meeting with US President Joe Biden and King Charles III in the UK.
Al Jaber said: “The leadership of the US and UK is crucial to both fulfill climate finance pledges and mobilize further capital.”
“We must deliver on the $100 billion of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled,” he affirmed.
Al Jaber also noted that 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.”
During his visit, 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.
“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.”
Al Jaber indicated: “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.”
