During his participation in the "Climate" meeting in Japan

Sultan Al-Jaber calls for "radical reform" of international financial institutions

Sultan Al Jaber met with the Ministers of Energy, Environment and Climate of the G7. WAM

The Minister of Industry and Advanced Technology, President-designate of COP28 and UAE Special Envoy to Japan, Dr. Sultan Ahmed Al Jaber, met with Japanese Prime Minister Fumio Kishida and Foreign Minister Yoshimasa Hayashi in Tokyo, where he held discussions on climate action and the importance of building on the strategic partnership between the UAE and Japan, which currently chairs the Group of Seven, in preparation for COP28.

He participated in the G7 Ministerial Meeting on Climate, Energy and Environment in Sapporo, where he delivered a speech in which he stressed the importance of the Group providing a successful model for providing adequate, affordable and affordable climate finance to support a logical, pragmatic, gradual and equitable transition in the energy sector.

He explained that the world is far from the right track to meet climate commitments, which requires a radical and comprehensive correction through the topics of mitigation, adaptation, loss and damage, and financing, reaffirming the keenness of the COP28 presidency to cooperate and work closely with the Group of Seven to make a qualitative leap in the paths of climate action.

"We will make sure that COP28 focuses on practical aspects, uniting efforts, joining hands and including everyone, because we need to move in the direction

himself in order to reach our goals, to make partnerships and not to separate, and to consolidate agreement and not division."

He invited attendees and participants to work together to adopt an agenda that contributes to achieving a qualitative leap during the conference in a way that supports climate action in conjunction with sustainable economic and social growth, leaving no one behind.

The ministerial meeting on climate, energy and environment is part of a series of Group of Seven ministers' meetings being held in Japan this month in preparation for the upcoming Group of Seven summit in Hiroshima in May.

On the sidelines of the meeting, Dr. Sultan Ahmed Al Jaber held bilateral meetings with ministers and officials of energy, climate, economy and industry from India, Indonesia, Japan, Canada, France, Germany, the United Kingdom and the United States of America, during which he stressed the need for more climate finance to enable a fair and logical transition in the energy sector in emerging economies.

He called on the Group of Seven to agree on a new climate finance mechanism to make progress on mitigation, adaptation, loss and damage.

"We need to reach a more equitable financing agreement for the Global South that does more than just provide the resources needed to those who need them most. "Developed countries must first fulfill their pledges made more than a decade ago to provide $100 billion to developing countries."

He pointed to the need to triple the amounts allocated to investment in clean technology, adaptation financing, and equitable transition in the energy sector in developing and emerging economies by 2030, explaining that "climate finance is currently not available either adequately, easily or at an appropriate cost," and stressed the need for a radical reform of international financial institutions to achieve climate and development goals simultaneously.

He stressed that the availability of climate finance is one of the most important enablers of implementing the necessary measures, stressing the need to develop the performance of international financial institutions.

"The countries of the Global South are still waiting for developed countries to commit to providing $100 billion for climate finance, which they pledged more than 10 years ago, and these countries are demanding to develop the performance of international financial institutions and multilateral development banks radically and effectively," he said, adding: "Let me speak to you today transparently and frankly, let's save the $100 billion, and we are keen to close the deficit by June and finish this stage to move to the completion of fundamental reforms that contribute to reducing the The dangers of climate change, providing more affordable capital, and attracting more capital from the private sector."

He also stressed the need to intensify work to advance towards the goals of the Paris Agreement, adding: "We need to triple renewable energy production capacity by 2030, and six times by 2040, and we need government legislation to stimulate and market viable alternatives in emission-intensive sectors and industries, such as the production and use of hydrogen fuel, and carbon capture technologies, and we need to continue to reduce the carbon intensity of existing energy sources to ensure energy security during the transition phase in the sector."

He said that «the global energy system will include in the coming decades both low-emission hydrocarbon resources, clean and renewable energy of various sources, and peaceful nuclear energy, and we must increase investment in reducing emissions and raising the efficiency of all energy sources, and remember that our opponent is emissions and not energy, we need more energy with the lowest percentage of emissions to ensure sustainable economic and social development».

He stressed the need for solidarity and cooperation in climate action, saying that "the radical transformation that the world needs will only be achieved by including everyone, so that no one remains on the sidelines," and stressed that "COP28 will be keen to unite the efforts of the North and the South, governments and industrial sectors, scientific fields and civil society, and we look forward to the Group of Seven adopting policies and taking the necessary actions to reach a climate compact agreement. "We must maintain the 1.5°C target and ensure sustainable economic and social development for all people, and we must remember that our goal is to reduce emissions, not slow down growth and progress."

He explained that climate action does not have a "one-size-fits-all" solution, because there are different needs and capacities for different regions and countries, and that liquefied natural gas, for example, is an important transitional fuel in Asia.

The President-designate of COP28 praised Japan's prominent role in advancing climate action through the completion of the Kyoto Protocol in 1997, the first international treaty to set binding targets for reducing greenhouse gas emissions.

Sultan Al Jaber:

"We will ensure that COP28 focuses on uniting efforts, building partnerships and consolidating consensus."