COP28 President-Designate calls for fundamental financial reform

Financial and banking institutions need fundamental reforms to achieve climate and development goals at the same time, according to COP28 President-Designate, Dr. Sultan bin Ahmed Al Jaber.

Dr Sultan made the comments during his two-day visit to Washington, D.C., where he participated in the Spring Meetings of the World Bank Group and the International Monetary Fund (IMF). 

He highlighted the need to make financing “more available, accessible and affordable” to allow “sustainable growth and prosperity for all”, particularly in the global south.

Dr. Al Jaber also emphasised the need to apply a business mindset and action-oriented approach to the COP process in order to make transformational, inclusive progress.

His visit was part of a global listening and engagement tour to meet with and hear the views of a range of partners across government, civil society, youth, the private sector, and international organisations and non-governmental organisations (NGOs). 

Dr. Al Jaber said, “In the eight years since the Paris Agreement, we have seen how closely the goals of sustainable development and climate progress are interconnected. The impacts of climate change are clearly impeding development worldwide and the most vulnerable communities are affected the most – particularly the global south.

“A key factor for success is capital and finance. But not enough is getting to the people and places that need it most. Only 20 percent of clean tech investments are going to developing countries that make up over 70 percent of the global population and the least developed countries receive less than 2 cents on every dollar spent. Behind every number there are individual lives, people and communities who should have the right to fulfil their potential and contribute to sustainable global prosperity. The world needs to triple the amount of money by 2030 that is available for clean tech investment, adaptation finance and a just energy transition in emerging and developing countries.”

Dr. Al Jaber emphasised that the global south needs a new deal on climate finance that addresses development and climate needs at the same time.

“As the UAE prepares to host COP28, my team and I have spent the last three months listening to and engaging with a broad set of stakeholders across the global south. And what I hear over and over again is the fact that climate finance is nowhere near available, affordable or accessible enough.

"In terms of availability, we need to turn billions into trillions. When it comes to affordability, we need to deploy climate finance without burying the developing world in more debt. And on accessibility, we need to remove the bureaucratic hurdles that keep recipient countries waiting far too long to access the funds they desperately need.”

COP28 President-Designate calls for ‘Fundamental Reform’ of IFIs, MDBs to address needs of Global South#WamNews https://t.co/JkETeHblYY pic.twitter.com/ILQwbtrohP

— WAM English (@WAMNEWS_ENG) April 12, 2023