COP28 President calls UAE Declaration chance to “Accelerate climate action by reforming climate finance”

COP28 President calls UAE Declaration chance to “Accelerate climate action by reforming climate finance”

The Declaration will help to guide new models of delivering climate finance that make it available accessible, and affordable. This will be crucial in helping emerging economies with the large-scale investments needed to transition to a low-carbon and climate-resilient global economy. 

The Declaration will help to bridge the trust gap between the Global North and Global South and will build on the momentum created by existing initiatives, such as the Bridgetown Initiative, the Accra-Marrakech Agenda, the Paris Pact for People and Planet, the G20 New Delhi Leaders’ Declaration and the African Leaders Nairobi Declaration on Climate Change and Call to Action.  

To operationalize the Declaration and establish a highway for private finance the UAE announced its $30 billion commitment to the largest private climate vehicle, with the aim of mobilizing $250 billion of private-sector investment by 2030.

The Declaration captures the achievement of other outcomes this year, including the replenishment of the Green Climate Fund, the expected delivery of the decade-old $100 billion goal in 2022, and the early capitalization of Loss and Damage.

Dubai: COP28 President Dr. Sultan Al Jaber today addressed global leaders at the World Climate Action Summit (WCAS), where he unveiled the