Dr. Sultan Al Jaber, the Cop28 President-elect, Kristalina Georgieva, the managing director of the International Monetary Fund, and Mark Carney, the UN special envoy for climate action and finance and co-chairman of the Glasgow Financial Alliance for Net Zero, co-chaired a roundtable discussion on climate action and finance on Tuesday at the IMF.
Government officials, representatives of international financial institutions, development banks, philanthropic organizations, and representatives of private financial institutions that are dedicated to net zero were also present.
According to a statement released jointly by Ms. Georgieva, Dr. Al Jaber, and Mr. Carney, working together can help scale up climate financing and offer access to the billions of resources required to accomplish climate targets.
According to them, the world can achieve its climate goals by accelerating public-private financing collaboration.
“Capital and finance are among the most important enablers of climate action and sustainable economic development, but not enough is getting to the people and places that need it most. For vulnerable communities, across the global south, climate finance is nowhere near available, affordable or accessible enough,” said Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology.
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According to him, only 20% of investments in clean technology go to developing nations, which account for more than 70% of the world’s population, with the least developed nations receiving fewer than two cents on every dollar spent.
“Behind every number, there are individual lives, people, and communities who should have the right to fulfill their potential and contribute to sustainable global prosperity,” Dr Al Jaber said.
“The world needs to triple the amount of money by 2030 that is available for cleantech investment, adaptation finance and a just energy transition in emerging and developing countries.”
Story adapted from National News
