Ahead of the conference in November

COP28 President-designate calls for progress in the development of international financial institutions

Sultan Al Jaber during his remote participation in the event «Creating an International Financial Architecture for the Future: Bridgetown 2.0». WAM

The Minister of Industry and Advanced Technology and President-designate of the Conference of the Parties (COP28), Dr. Sultan bin Ahmed Al Jaber, stressed that the vision of the UAE leadership on climate action is that it constitutes an opportunity for sustainable economic and social growth, pointing to the need to develop the performance of international financial institutions before the start of COP28 in November, so that all stakeholders around the world can lay a solid foundation for a successful climate summit.

This came during Sultan Al Jaber's remote participation in the event "Creating an International Financial Architecture for the Future: Bridgetown 2.0", organized by the Prime Minister of Barbados, Mia Mottley.

Mia Mottley announced the Bridgetown Initiative at COP27 last year, which called for a radical improvement of the global financial architecture and paving the way for a new financial system that injects financial resources in support of climate action and the United Nations Sustainable Development Goals.

In his speech, Sultan Al Jaber said: "The Bridgetown Initiative highlights that international financial institutions and multilateral development banks are unable to cope with the challenges of the 21st century, that climate finance is not sufficiently available, affordable and affordable for developing countries and emerging economies, and that when funds are allocated, they do not reach their desired destination due to red tape, putting climate goals and sustainable development at risk."

"There is a need to establish effective mechanisms to provide climate finance to developing and emerging economies to ensure that emission-intensive development pathways are avoided."

Al-Jaber explained that with only seven years to go until the goals of the Paris Agreement are achieved, the need for financing has become more urgent, stressing that the success of this agreement depends on finding successful solutions to provide the required climate finance.

Al-Jaber pointed out that increasing the volume of investments in the most needy countries, improving the ability to adapt to climate change and promoting sustainable development in a tangible way, depends on carrying out financial reforms that contribute to providing more soft loans at reasonable costs, and mobilizing the efforts of the private sector to finance emerging and developing economies.

"There are many ideas proposed, and there is a global consensus on the goals, but we need to translate them into practice, and implement them through positive thinking and practical mindset, and I firmly believe that the world has the determination and common will to make the necessary progress by COP28, lay the foundation for a successful climate summit, and restore confidence in the multilateral ecosystem, because protecting the planet and people, especially those most vulnerable to the repercussions of climate change, depends on the efforts we are making now," he said.

Sultan Al Jaber:

"The country's leadership's vision on climate action focuses on it being an opportunity for sustainable economic and social growth."