COP28 President-Designate advances innovative climate finance, leveraging public, business and philanthropic capital during meetings with UK Government, King Charles III and President Biden

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13 Jul, 2023, 08:12 GMT

Dr. Sultan Al Jaber, COP28 President-Designate, met with US President Joe Biden, His Majesty King Charles III, UK Government Ministers and Leading Investors and Philanthropists to discuss unlocking climate finance with a focus on developing economies.
The meeting was part of the Climate Finance Mobilization Forum, led by the UK Secretary of State for Energy Security and Net Zero and the US Special Presidential Envoy for Climate.
Dr. Al Jaber said, "The leadership of the US and UK is crucial on both fulfilling climate finance pledges and mobilizing further capital. We must deliver on the $100bn of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled."
"Climate change is a global problem that requires a global solution. All financial actors must work within a new framework of solidarity to enable climate finance at the scale, scope and speed that the world needs."
"We must now take holistic action to mobilize capital from all sectors, public, private and philanthropic. I welcome the US and UK's efforts to create the right enabling environment for business and philanthropy to mobilize climate finance at the scale required ahead of COP28."
"Today, representatives from leading business and philanthropic organizations came together to announce significant action to increase innovative and catalytic climate finance for developing economies. This is a significant step forward for those living on the frontlines of climate change."
"To help raise global ambition, COP28 will host a High-Level Business & Philanthropy Delivery Forum. This forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for co-creation, collaboration, and acceleration. This will be the first time that business and philanthropy will be meaningfully and inclusively integrated into the Official Leaders' Programme."
"His Majesty King Charles's leadership in convening and mobilizing the global private sector has been critical in recent years, and we are delighted that his Sustainable Markets' Initiative will be one of the key delivery partners for the Business & Philanthropy Delivery Forum at COP28."
"The World Bank's Private Sector Investment Lab is also a strong complement to our efforts. I look forward to actionable recommendations coming out of the Private Sector Investment Lab that can be integrated into COP28's climate finance agenda."

WINDSOR, England, July 13, 2023 /PRNewswire/ -- Dr. Sultan Al Jaber, COP28 President-Designate has participated in high-level discussions on climate finance with US President Joe Biden and H.M King Charles III, alongside leading investors and philanthropists, in a visit to the UK to advance innovative climate finance to deliver climate action and a just energy transition.

This image opens in the lightbox — During his visit to London, COP28 President Designate Dr. Sultan Al Jaber met with US President Joe Biden, His Majesty King Charles III, UK Government Ministers and Leading Investors and Philanthropists to discuss unlocking climate finance with a focus on developing economies.

During his visit, Dr. Al Jaber attended a forum on Climate Finance Mobilization convened by the UK Secretary of State for Energy Security and Net Zero, the Rt Hon. Grant Shapps MP and the U.S. Special Presidential Envoy for Climate, John Kerry.

The forum was attended by UN Special Envoy for Climate Action and Finance, Mark Carney, as well as private sector and philanthropic leaders from finance, sustainability, and climate action. Dr. Al Jaber encouraged all parties to set their ambitions high ahead of COP28 and continue to galvanize UK and US-based businesses and philanthropists to do the same.

Dr. Al Jaber said, "The leadership of the US and UK is crucial to both fulfil climate finance pledges and mobilize further capital. We must deliver on the $100bn of annual climate finance promised in 2009, and I have been encouraged by recent assurances that this pledge will be fulfilled. However, we need to mobilize trillions, not billions, of dollars if we are to reach our climate, biodiversity and SDG targets. To achieve this we need to mobilize capital at all levels, public, business and philanthropic. Capital and finance are critical enablers of climate action. But to unleash its power, it must be available, accessible and affordable throughout the world."

Dr. Al Jaber added, "Climate change is a global problem that requires a global solution. All financial actors must work within a new framework of solidarity to enable climate finance at the scale, scope and speed that the world needs. As an outcome of today's meetings, I am pleased to announce that COP28 will host a High-Level Business & Philanthropy Delivery Forum, during the World Climate Action Summit. The forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for co-creation, collaboration, and acceleration."

Dr. Al Jaber restated his call for major reform of international financial institutions and multilateral development banks, and added, "To invest the amounts required, we must build the right risk mitigation instruments that incentivize private sector action at scale. This is not a time for incremental reform. We need a holistic approach underpinned by collaborative frameworks."

Discussing the announcements made by organizations in attendance, Dr. Al Jaber continued, "Initiatives like the Climate Finance Mobilisation Forum provide a key avenue for progress. The funding announced today by some of the world's leading private sector actors and philanthropists is exactly what we need to see ahead of COP28."

During his visit, Dr. Al Jaber also welcomed progress on the World Bank's Private Sector Investment Lab which will be charged with developing solutions to address barriers to private sector climate finance. Dr. Al Jaber said, "Capital is a key enabler of climate action, and catalyzing private investments is a key priority for the COP28 Presidency. I look forward to actionable recommendations coming out of the Private Sector Investment Lab that can be integrated into COP28's climate finance agenda."

He concluded that, "The UK and US are home to two of the largest financial markets in the world. Their action and the funding announced today is vital to keep 1.5C within reach and must be replicated on a global scale."

COP28 UAE:

COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a 'leave no one behind' approach to inclusive climate action.
The Climate Finance Mobilisation Forum was convened by the UK Secretary of State for Energy Security, the Rt Hon. Grant Shapps MP and the U.S. Special Presidential Envoy for Climate, John Kerry.
The Forum was attended by COP28 President-Designate, Dr. Sultan Al Jaber, in addition to: