Securing 100 billion euros is the first of many steps needed to support the countries of the South

– The President of COP28 congratulated President Emmanuel Macron for once again bringing the world together to promote a new agreement to standardize the financial sector.
– Summit demonstrates “the will to move from words to deeds
– For those countries that have contributed least to climate change, financing for climate action remains unavailable, inaccessible and unaffordable. Changing this equation requires trillions in private investment, not just a few billion in multilateral loans.
– Low-income countries receive only 2% of clean energy investments, and less than 10% of the $120 billion required annually.
– Dr. Sultan Al Jaber, COP28 President-designate, met with world political leaders such as Emmanuel Macron, President of France, Luiz Inácio Lula da Silva, President of Brazil, Mia Motley, Prime Minister of Barbados and Antonio Guterres, Secretary General of the United Nations, at the Summit for a New Global Financial Deal in Paris .
– COP28 will bring together all those capable of making a positive difference: governments, businesses, NGOs and, above all, the financial community.
– Climate change makes no distinction between North and South. It is a global problem that requires a truly global solution. It does not discriminate between peoples or countries. It is a global challenge that will require a global response from everyone, working together, only in unity and solidarity.”

PARIS , June 25, 2023 /PRNewswire/ — COP28 President-designate Dr. Sultan Al Jaber addressed the Summit for a New Global Financial Compact in Paris and hailed progress in unlocking climate finance, while calling on delegates to go further.
At the Summit for a New Global Financial Pact in Paris , the COP President met with key world and climate leaders, including Emmanuel Macron , President of France , Luiz Inácio Lula da Silva , President of Brazil , Mia Motley , Prime Minister of Barbados and Antonio Guterres , Secretary General of the United Nations , to discuss climate finance reform.
The summit, led by President Macron and Barbadian Prime Minister Mia Motley, focuses on global financial reform, directing more financial resources towards climate action and support for the most vulnerable communities.
Clean energy investments in low-income countries account for less than 2 percent of global investments in the sector, and less than 10 percent of the $120 billion annual baseline requirement, the president-elect said at the summit.
“We need to get everyone around the table in the financial community, and use all the tools at our disposal,” he said. “We need to take a comprehensive and holistic approach to a global challenge, see climate action as an opportunity not a burden, and act in concert with a common purpose.”
On the subject of financing, Dr. Al Jaber reiterated the need for developed countries to live up to their historic commitment to provide financing for developing countries, adding that “donor countries are finally moving closer to their promise to provide 100 billion euros in climate action financing for the countries of the South. And, I repeat, this must be achieved this year. But let’s be realistic: this is like using a Band-Aid to treat a problem that requires major surgery.”

“For the countries that have contributed least to climate change, climate finance remains unavailable, inaccessible and unaffordable,” asserted Dr. Al Jaber. “Changing this equation requires many trillions in private investment, not just a few billion in multilateral loans.”
Discussing how to unlock more private capital, Dr. Al Jaber argued that “The key to attracting more private finance and capital is simply to mitigate risk. Radically increasing the level of concessional financing is one of the keys to unlocking business investment.”
While the summit focused on financial reform, Dr. Al Jaber attended a roundtable on mobilizing private capital organized by Ajay Banga, President of the World Bank Group, Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero and UN Special Envoy for Climate Action and Finance, and Kristalina Georgieva, Managing Director of the International Monetary Fund.

Speaking at the roundtable, Dr. Al Jaber said, “Climate finance is far from sufficiently available, accessible and affordable, especially for countries in the South. To make financing more available, we need to find ways to attract much more private capital into the investment pool. Private capital is a force multiplier that can make a real difference to effective climate financing. To make financing more accessible, we need to simplify, accelerate and standardize access to climate funds across all international financial institutions and specialized funds. And to make financing more affordable, we need to promote transparency and price discovery. We need to give all market participants the tools and mechanisms to narrow the gap between perceived and actual risk when it comes to investing in emerging and developing economies. We need to change the discourse of seeing climate finance as a burden, and recognize it as an economic opportunity.”
After a round table on voluntary carbon markets, Dr. Al Jaber stated that “Voluntary carbon markets have the potential to be a powerful catalyst for financing decarbonization efforts across industries, cities and entire economies, particularly in emerging and developing economies. To realize their potential, we need to increase the credibility of carbon markets and ensure that the highest standards of integrity are firmly in place. This can only be achieved by governments, organizations and civil society working together to create an enabling regulatory environment, establish fair rules and raise universal standards. By working together, acting in unity and focusing on integrity, the value of this vital tool in our collective decarbonization efforts will increase.”
The President-Elect also attended a session organized by the Leaders Partnership for Forests and Climate, focusing on forestry and nature conservation.
During his trip, Dr. Al Jaber also held private meetings with numerous industry leaders, including: H.E. Anne Tvinnereim, Norwegian Minister of International Development, Patrick Pouyanne, CEO of Total, Catherine MacGregor, CEO of Engie, Agnes Pannier-Runacher, French Minister of Energy Transition, Larry Fink, CEO of Blackrock, Bruno le Maire, French Minister of Economy and Finance, and Madame Colonna, French Minister of Foreign Affairs.

Dr Al Jaber concluded his three-day visit with further meetings, including with Nirmala Sitharaman, India’s Finance Minister, Simon Stiell, Executive Secretary of the UNFCCC, Fatih Birol, Executive Director of the IEA, and John Kerry, the US President’s Special Envoy for Climate.
In his closing remarks, Dr. Al Jaber underlined the urgency of acting now and achieving what has been agreed: “We know what we are trying to solve, and we know the gaps that need to be filled. To do this, we need to be pragmatic and focus on the ‘how’. Let’s turn our words into real, tangible action. Let’s work together to achieve our common goal. Climate change makes no distinction between North and South. It is a global problem requiring a truly global solution. It does not discriminate between peoples or countries. It is a global challenge that will require a global response from all of us, working together only in unity and solidarity. If we truly act as one, we can instill the necessary pace and scope for action and hope.”

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Notes to editors:
COP28 in the United Arab Emirates:
– COP28 in the UAE will take place at Expo City Dubai from November 30 to December 12, 2023. The conference is expected to bring together over 70,000 participants including heads of state, government representatives, international business leaders, private sector representatives, academics, experts, youth and non-state actors.
– As required by the Paris Climate Agreement, COP28 in the UAE will present the first-ever global stocktake – a comprehensive assessment of progress towards climate goals.
– The UAE will lead a process for all parties to agree on a clear roadmap to accelerate progress towards a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.
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