COP28 President commits to unlocking climate finance

In his first speech as President of the 28th Conference of Parties, Sultan Al Jaber, hit the right chords by announcing that his presidency is committed to unlocking climate finance.

He added that this commitment is to make sure that countries in the global south do not have to choose between development and climate change.

This position echoes the demands of the Bridgetown Initiative and many countries in the global south.

Mr Al Jaber described finance as the key success factor across the climate agenda and for too long, finance has not been available, accessible or affordable, hence his commitment.

“Let this be the year that climate finance meets the magnitude of the moment. Let this be the COP where we deliver on our promises from the $100 billion to the loss and damage,” he urged.

On loss and damage, he said he knows how important it is to the parties, particularly the most vulnerable. “What began in Sharm El Sheikh and was given critical momentum and traction in his country must now be delivered and actioned.”

Loss and damage were made part of the agenda at COP27 in Egypt and the establishment of a fund was agreed upon. The operationalisation of this fund has been discussed throughout 2023, and the discussion continues with the conference.

Some level of agreement has been reached on how the funds will be run, including housing the funds in the World Bank for a trial period of six months after which it will be reviewed.

A draft proposal from Mr Al Jaber seen last night adopted the recommendations of the committee which will be up for discussion during the conference.

He went further to tell participants that adaptation must be at the heart of actions to be taken.

“We must breach the finance gap and agree on a robust framework for the global goal. Let us put nature, lives and livelihoods at the core of our national plans. Let us finally face the issues that are critical to adaptation,” he said.

He said he wants this COP to maximise momentum on mitigation, adding that countries representing more than 85 per cent of the world’s economy are behind COP28’s goal of tripling renewable energy capacity by 2030. According to him, “This is how we will transition from unabated coal.”

Mr Al Jaber noted that the next two weeks will not be easy, however, the tasks before stakeholders are not only about negotiating text or putting words on paper but also about improving lives.

He charged world leaders to use the next two weeks wisely while taking a no-nonsense approach with no delays.

“Let us restore faith in multilateralism and deliver some good news to the world that really needs it,” he charged.

This year’s conference is happening at a time when the world is deeply troubled with wars, political instability, hunger, drought, and flooding amongst others.

“Let us rise above our differences and make a difference for future generations,” Mr Al Jaber pleaded.

This story was produced as part of the 2023 Climate Change Media Partnership, a journalism fellowship organized by Internews’ Earth Journalism Network and the Stanley Center for Peace and Security.