COP28 president-delegate Dr. Sultan Al-Jaber has said that the private sector needs to play an important role in ushering in a new era for sustainable climate finance.
Al-Jaber made the call as he rang the bell at the New York Stock Exchange, ahead of the COP28 meeting in Dubai in November.
Collaboration needed
“Collaboration between the public and private sector will be key to making the much-needed new financial system a reality,” he said.
“Programs such as the $4.5 billion Africa green investment initiative set a clear example of how public, private and development capital can be deployed to mobilise further capital and deliver green projects.”
The COP 28 presidency will focus on delivering a new framework for global climate finance that is capable of delivering the $4.5 trillion necessary to reach urgent climate targets.
Additionally, it will focus on reinforcing domestic financial systems to enable the utilisationn of local finance in supporting the implementation of sustainable, long-term investments.
Financial architecture
“The existing global financial architecture is nowhere near where it needs to be, with the lack of available, accessible and affordable finance an obstacle to progress in the fight against climate change, Al-Jaber added.
“We need a truly inclusive approach towards tackling climate change, and both development banks and aid programs must help deliver this.”
COP28 UAE is scheduled to be held at Expo City Dubai from November 30 to December 12, 2023, and is anticipated to attract over 70,000 participants.
In accordance with the Paris Climate Agreement mandate, COP28 UAE will conduct the inaugural Global Stocktake—a thorough assessment of advancements made toward climate goals.
