Implementing the UAE Consensus – the set of measures agreed on at COP28 that aim to keep the average global temperature rise below 1.5°C – is likely to require “unprecedented action”, according to COP28 President Dr. Sultan Al Jaber.
Al Jaber was commenting during an event at the Paris Headquarters of the International Energy Agency (IEA), which was attended by leaders including Fatih Birol, Executive Director of the IEA, Laurent Fabius, COP21 President and John Kerry, the United States Special Presidential Envoy for Climate.
“The UAE Consensus raised the bar and set a clear path to keep our north star of 1.5°C within reach,” he commented, adding that at COP28, “solidarity overcame polarization, inclusivity prevailed over finger-pointing and the spirit of partnership brought the best of humanity together”.
The role of industry
Al Jaber emphasised the importance of all industries utilising their technology, talent, and resources to achieve significant decarbonisation, in alignment with the UAE Consensus.
“All Parties who signed the UAE Consensus must work on enhancing their Nationally Determined Contributions (NDCs), ahead of the next cycle in 2025,” he said. “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.”
COP28 underscored the need for the oil and gas sector to intensify efforts, he added, with 40% of global oil production pledging to achieve zero methane emissions by 2030 and net zero emissions by or before 2050. While acknowledging these targets as a positive beginning, Dr. Al Jaber stressed the necessity for further progress.
The President of COP28 emphasised the pivotal role of finance in driving climate action, highlighting the necessity to activate all available sources of finance—public, multilateral, and private. He stressed the need for new models of blended finance, utilising concessional, catalytic, and investment funds to ensure equitable climate progress, particularly in the Global South.
Climate action
COP28 mobilised $85 billion in new pledges and commitments, as well as introducing ALTÉRRA, a major new private investment vehicle for climate action.
Al Jaber expressed the belief that this model has the potential to be replicated extensively to further accelerate climate initiatives.
“The world must raise the bar to address the challenges we face – mobilising trillions rather than billions,” he commented.
In his closing remarks, Al Jaber urged the industries and nations present to rally behind advancing the progressive agenda outlined in the UAE Consensus. He emphasised that COP28 had instilled a moment of hope amidst difficult circumstances and urged everyone not to squander it. Instead, he encouraged harnessing this positive momentum to achieve significant breakthroughs in climate action.
[Main photo: COP28]
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