Climate finance will be a major focus of the COP28 conference in Dubai in November, as per Majid Al Suwaidi, director-general of the COP28 Bureau.
In a televised interview with CNN, Majid Al Suwaidi said that financing should be more available and easier to access for developing countries.
Also the cost needs to be affordable.
Moreover, he spoke about having conversations around the world with a variety of stakeholders about the challenges they face.
He said that there is a desire to take action on climate change.
He said that there is a desire to take action on climate change.
But in many cases, this requires providing them with the financing to do so.
Especially in the developing world, which is struggling to overcome development challenges.
Regarding the achieved progress.
He said that the conversation initially focused on the commitment of developed countries to provide $100 billion annually.
In order to help developing countries in reducing climate change.
Moreover, he explained why those commitments have not yet been met.
Even the world has made progress on this issue due to the support of many countries like Canada and Germany.
At the recent Paris Finance Summit, countries clearly stated that they intend to fulfill their commitments to provide $100 billion this year.
However, he stressed that this amount is not enough.
Also the world needs to move from hundreds of millions to trillions of dollars in annual investments to address climate change.
This means that the world needs governments to provide more, and to engage the private sector.
Dr. Sultan Al Jaber has identified climate finance as one of four pillars of the conference’s work plan.
The UAE Presidency of COP28 has identified climate finance as one of four pillars of the conference’s work plan. The other three pillars are:
- Accelerating a just, equitable, and orderly transition in the energy sector.
- Focusing on protecting people, lives, and livelihoods.
- Ensuring that all stakeholders are fully engaged.
Eventually, the UAE Presidency is committed to working with all countries to develop a more effective global system for financing climate action.
The Presidency surely believes that climate finance is essential in achieving the goals of the Paris Agreement.
And also in building a more sustainable future for all.
While COP28 Presidency Hosted HLEG in Abu Dhabi to prepare for COP28 by promoting progress of international financing performance.
Read More:
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COP28 Enhances Abu Dhabi Climate Change Strategy.
UK Ambassador to the UAE: We support UAE Hosting For COP 28.
COP28 Agenda Included International Trade For the First Time.
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