11.08.2023,
8041 Zeichen
Bridgetown, Barbados (ots/PRNewswire) - COP 28 President-Designate
Dr. Sultan Al Jaber has visited Barbados to meet with Prime Minister
Mia Motley and address distinguished leaders of the Caribbean
Community (CARICOM). In his speech, Dr. Sultan Al Jaber reaffirmed
the COP28 Presidency's commitment to support communities most
vulnerable to the impacts of climate change and to push the
international community to close the climate finance gap and address
social and economic development in-step with climate action.
* COP28 President-Designate, Dr. Sultan Al Jaber, has visited
Barbados, meeting with Prime Minister Mia Motley and addressing
leaders of the Caribbean Community (CARICOM).
* In his address, Dr. Sultan Al Jaber acknowledged the significant
impact climate change has already had on the region and stressed
the COP28 Presidency's vision for a paradigm shift in global
efforts to reduce climate change and support regions, like the
Caribbean, that are most vulnerable to its impacts.
* "The peoples of the Caribbean have been on the front lines of
climate change for longer than most. You have been facing some of
the harshest climate impacts. And in a very real sense, your
experience represents an early warning system for the rest of the
world."
* "Last month I laid out the COP28 Presidency's vision… Fast
tracking a just, equitable and orderly energy transition; Fixing
climate finance; Focusing on people, lives and livelihoods; And
underpinning everything with Full inclusivity."
* "Many of you will be familiar with the global goal I have called
for to triple renewable energy capacity by 2030."
* Right here in Barbados, the Bridgetown and Bowmanston Solar Power
plants are expected to displace 1000 tons of CO2 and save nearly
400,000 dollars in diesel fuel costs every year.
* "Addressing the climate finance gap is so important and why I
have
made it a key priority for COP28."
* "As a first step, I have called on donor countries to "show me
the
money", when it comes to the long overdue 100-billion-dollar
finance pledge."
* "I am also calling for deep, system-wide reform of IFIs and MDBs
to make them more responsive to the climate and development needs
of the 21st century."
* "We need to ensure the right balance between mitigation finance
and adaptation finance. This region knows only too well the human
and economic costs of too little finance for climate adaptation
and resilience."
* "I am calling on all parties to double adaptation finance by 2025
and ensure that a substantial portion of all climate finances
goes
to adaptation in the future."
Dr. Al Jaber said: "The peoples of the Caribbean have been on the
front lines of climate change for longer than most. You have been
facing some of the harshest climate impacts.
And in a very real sense, your experience represents an early warning
system for the rest of the world."
In his address to CARICOM, the COP28 President-Designate emphasized
the critical role climate finance will play in the global energy
transition, reminding those present that 'fixing climate finance' is
one of four of his key 'Action Plan' priorities for COP28 alongside
'focus on people', 'lives and livelihoods' and underpinning
everything with 'full inclusivity'.
"As a first step, I have called on donor countries to "show me the
money", when it comes to the long overdue 100-billion-dollar finance
pledge. I am also calling for deep, system-wide reform of IFIs and
MDBs to make them more responsive to the climate and development
needs of the 21st century. In short, all forms of finance must be
more available, more accessible, and more affordable," added Al
Jaber.
Dr. Sultan Al Jaber also praised the work of The Bridgetown
Initiative, which he noted was "a wake-up call for the global
community to make good on past promises and modernize a financial
architecture that was built for the last century." Spearheaded by
Barbados, The Bridgetown Initiative seeks to facilitate access to
international financing, an effort that aligns with the COP28
Presidency's own commitment to modernize global financial
infrastructure to support climate action.
In his speech, the COP28 President-Designate also highlighted that
Barbados represents "a living example of renewable energy's potential
not only to deliver carbon free power, but to lower energy costs and
create new avenues for economic growth." He noted that the Bridgetown
and Bowmanston Solar Power plants are expected to displace 1,000 tons
of CO2 and save nearly 400,000 dollars in diesel fuel costs every
year. The UAE itself has partnered on carbon and cost-saving projects
across 16 Caribbean nations through the Abu Dabi Fund for Development
and Masdar. However, Dr. Sultan Al Jaber noted that the cost of
capital is proving a stumbling block to progress.
"We all know that the cost of capital has slowed the adoption of
renewable energy in this region, alongside many other climate
vulnerable regions of the world. That is why addressing the climate
finance gap is so important and why I have made it a key priority for
COP28," Al Jaber added.
Dr. Sultan Al Jaber also warned of the importance of striking the
"right balance" between mitigation finance and adaptation finance,
noting this will be critical as world leaders begin outlining the
parameters for a new, collective goal for finance during COP28, and
beyond. "This region knows only too well the human and economic costs
of too little finance for climate adaptation and resilience. That's
why I am calling on all parties to double adaptation finance by 2025
and ensure that a substantial portion of all climate finance goes to
adaptation in the future," Dr. Sultan Al Jaber said.
During his visit to Barbados, Dr. Sultan Al Jaber also announced that
the UAE will host a meeting of the Independent High-Level Expert
Group (IHLEG) on Climate Finance in August. The two-day meeting will
bring together world-leading economists, private sector leaders, the
COP28 Presidency and the UN Climate Change High-Level Champions and
will prepare the ground ahead of COP28, ensuring the event delivers
tangible action on international finance reforms.
During his stay in Barbados, the COP28 President-Designate held a
bilateral meeting with several other dignitaries, including the
Minister of Foreign Affairs and Foreign Trade and the Minister of
Energy and Business Development. He also conducted a tour of the
island, visiting key ecological sites and climate adaptation
projects, including the energy-efficient, hurricane resilient homes
of the Home Ownership Providing Energy (HOPE) project and the sea
defense installation at Holetown, which is designed to protect the
local community from rising sea levels.
Dr. Sultan Al Jaber's visit to Barbados follows a trip to Brazil,
where he delivered remarks at the Amazon Summit and Collaboration for
Sustainable Development and urged leaders to build on President
Lula's achievements in reducing deforestation.
Notes to Editors 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."
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