Reform of multilateral financial institutions must for climate action, says Dr Al Jaber

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COP28 President-Designate met key stakeholders and discussed climate change and finance with political leaders in France. (WAM)
  • The UAE minister stressed on the need to deploy all necessary resources to transform the global energy systems.
  • Dr. Al Jaber emphasized the need for ambitious reforms across international financial institutions and multilateral development banks.

PARIS, FRANCE  –  COP28 President-Designate Dr. Sultan Al Jaber met French President Emmanuel Macron and outlined his vision on the need to reform multilateral financial institutions to unlock capital for clean technologies and adaptation efforts.

During his meeting with Macron, Dr. Al Jaber emphasized the need for ambitious reforms across international financial institutions.

The UAE minister highlighted his desire to work with the French President on the Summit for a New Global Financial Pact, scheduled to take place in Paris in June 2023.

Dr. Al Jaber said, “This will be a critical milestone ahead of COP28…We need to define clearly how the political momentum generated in June can lead to real action at COP28. This includes an emphasis on mobilizing private finance, scaling up concessional financing, and advancing carbon markets.”

The COP28 President-Designate met International Energy Agency (IEA) Executive Director Fatih Birol; former Prime Minster of France and COP21 President Laurent Fabius; Minister of the Economy, Finance and Recovery for France Bruno Le Maire; and Minister of Energy Agnès Pannier-Runacher.

During these meetings, he stressed on the need to deploy all necessary resources to transform the global energy systems and deliver on pledges made in 2015 with the signing of the Paris Climate Agreement.

During a roundtable hosted by the IEA and attended by Ambassadors representing Organization for Economic Co-operation and Development (OECD) countries and developing economies comprising 80 percent of all global emissions, Dr. Al Jaber emphasized on the opportunity for all sectors to come together to deliver progress.

He said, “We need all segments of society – governments, private sector and civil society –  working together, driving in the same direction. There is no room for division. Progress is made through partnership, not polarization.”

He added, “We can ignite the greatest leap in human and economic development since the first industrial revolution if we act together, act smart and act now.”

Dr. Al Jaber said, “Our intention is to begin by delivering on each and every one of the pillars of the Paris Agreement.”

He also called on the NGO community to join with the COP28 Presidency.

Dr. Al Jaber said, “We want your ideas, your thoughts, your networks, your research, your data and your passion. […] We believe that constructive conversations will help us tackle climate change more effectively and build a better future for all.”

UAE Minister of Community Development and COP28 Youth Climate Champion Shamma Al Mazrui joined Dr. Al Jaber in Paris.

Al Mazrui met with various stakeholders and emphasized the need for all parties to have a seat at the table and contribute to the COP28 agenda.

She said, “What the world needs at COP28 is not just a Conference of the Parties, but a Conference of all Parties. We need everyone to join forces now – from our universities and cities to civil society organizations and nature groups, as well as every single sector of government and industry.”

Dr. Al Jaber’s trip to Paris built upon the strong partnership between the UAE and France in the field of energy transformation and climate finance.

The UAE and France are collaborating on numerous energy and sustainability projects.

In February 2023 the UAE and France launched a partnership to decarbonize high emitting industries, which will be unveiled at COP28.

In July 2022 the UAE and France signed the Comprehensive Strategic Energy Partnership (CSEP), which focuses on enhancing energy security, energy affordability and decarbonization, and progressive climate action ahead of COP28.

Dr. Al Jaber’s visit to France is the latest in his global listening tour, which has seen the COP28 President-Designate visit the United States, Germany and India.

Visits to other countries, including developing countries and small islands states, are also planned.