COP28 President Dr Sultan Al Jaber said today that the world will only achieve the targets set in Dubai if decision makers take ‘unprecedented action’. He said the historic UAE Consensus agreed by world leaders in December is the thing ‘every government, business and industry’ should see as their green light to deliver transformative change.
“The UAE Consensus raised the bar and set a clear path to keep our north star of 1.5°C within reach,” Dr. Al Jaber said during an event at the International Energy Agency in Paris. “We must now turn an unprecedented agreement into unprecedented action. Now is the time for all stakeholders to step up.”
Dr Al Jaber added: “All Parties who signed the UAE Consensus must work on enhancing their Nationally Determined Contributions (NDCs), ahead of the next cycle in 2025. That work needs to start right now. They need to adopt comprehensive economy-wide emission reduction targets, that cover all greenhouse gases, are aligned with the science and keep 1.5°C in reach.”
Money talks
COP28 mobilised $85 billion in “new pledges and commitments” launching the “world’s largest private investments vehicle for climate action – ALTÉRRA” as well, a model that COP28 president says “can and should be replicated many times over”.
The world must raise the bar to address the challenges we face – mobilising trillions rather than billions.
Dr Al Jaber
“Finance is the key enabler for climate action, and every source of finance available – public, multilateral and private – needs to be activated,” he said. “We need new models of blended finance, leveraging concessional, catalytic and investment funds to ensure that climate progress fully extends to the Global South.”
Dr Al Jaber added: “COP28 created a moment of hope in challenging times. Let’s not waste it. Let’s harness this positive energy to drive breakthrough progress.”
COP28 coverage
We were in Dubai for COP28 and produced extensive coverage with our partners, Allied4Future, an organisation dedicated to delivering the types of financial systems the COP28 president is calling for.
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