COP28 President Dr Sultan Al Jaber, on 1 December, when addressing global leaders at the World Climate Action Summit (WCAS), launched the COP28 UAE Declaration on a Global Climate Finance Framework (The Declaration) in response to the Global Stocktake and to keep 1.5-degrees Celcius within reach and to meet the goals of the Paris Agreement.
“We all know that climate finance is not available, accessible or affordable enough. This is impacting lives and livelihoods across the Global South,” he said, “The Declaration is a framework for financing a new climate economy.”
Al Jaber described the Declaration as an opportunity to “accelerate climate action by reforming climate finance”, emphasising its significance as a blueprint for guiding innovative approaches to climate finance, aiming to make it more accessible and affordable. The goal is to facilitate large-scale investments in emerging economies, supporting their transition to a low-carbon and climate-resilient global economy.
The COP28 President believes the Declaration will be crucial in bridging the trust gap between the Global North and Global South. It builds on the momentum generated by initiatives like the Bridgetown Initiative, Accra-Marrakech Agenda, Paris Pact for People and Planet, G20 New Delhi Leaders’ Declaration, and the African Leaders Nairobi Declaration on Climate Change and Call to Action.
The UAE announced a USD 30 billion commitment to the largest private climate vehicle to operationalise the Declaration and create a pathway for private finance. The ambitious goal is to mobilise USD 250 billion of private-sector investment by 2030.
The Declaration also encompasses significant achievements this year, including replenishing the Green Climate Fund, the anticipated fulfilment of the decade-old USD 100 billion goal in 2022, and the early capitalisation of Loss and Damage. It builds on the work of the Independent High-Level Expert Group on Climate Finance (IHLEG), co-chaired by Nick Stern and Vera Songwe, which produced a second flagship report at the request of the COP28 and COP27 Presidencies. The President urged collective efforts to follow the Declaration’s blueprint, take ideas to scale, and build a new climate economy together. (nsh)
Banner photo: COP28 President Dr Sultan Al Jaber. Source: UN Climate COP28 webcast screenshot
