During the Mena Climate Week held in Riyadh, Saudi Arabia, Dr. Sultan Al Jaber, President-Designate of COP28, emphasized that approximately 85 percent of the world's economies, including the G20, have thrown their support behind the ambitious global goal of tripling renewable energy and doubling energy efficiency by 2030. This widespread endorsement comes as governments worldwide intensify their efforts to achieve net-zero emissions targets in response to the pressing global climate threat.
Dr. Al Jaber stressed the paramount importance of a fair, just, equitable, and well-managed energy transition to drive both economic and climate progress. He acknowledged the complexity of the challenge, highlighting that abruptly dismantling the current energy system is impractical and infeasible. Instead, he emphasized the need to meet the world's current energy demands while simultaneously providing access to energy for the 800 million people who currently lack it.
The United Arab Emirates (UAE) is set to host the upcoming global climate change conference, COP28, at Expo City in Dubai from November 30 to December 12. This gathering will bring together global leaders, think tanks, and policymakers to address the formidable challenges posed by climate change, which has emerged as the most urgent issue on the global agenda.
Dr. Al Jaber underscored the urgency of scaling up renewable energy deployment to build the clean energy system of the future while simultaneously reducing carbon emissions from the existing energy infrastructure. He called upon the international community to honor its longstanding commitment to provide $100 billion in climate finance, a promise made over a decade ago. Additionally, he urged increased funding for climate-related loss and damage.
Furthermore, Dr. Al Jaber emphasized the need for donors to double their financial support for climate adaptation efforts and replenish the Green Climate Fund. He highlighted the necessity for established institutions such as the World Bank and the International Monetary Fund (IMF) to update their charters to align with the contemporary climate realities.
In closing, Dr. Al Jaber called upon the private sector to play a more significant role by investing not only in the opportunities presented by the Global North but also in meeting the needs of the Global South
