COP28 to ‘supercharge’ climate finance by ‘mobilising’ private investors

The president of the upcoming COP28 Summit in the Middle East, later this year, said there are plans to 'supercharge' the global climate finance space.

'Mobilising' private investors and introducing reforms within finance powerhouses will be COP28's key priorities, with the aim to hit $100bn for a long-promised fund to assist poorer countries in their journeys to net zero, according to Sultan Al Jaber, the president-designate of COP28.

“We must supercharge climate finance, making it more available, more accessible and more affordable to drive delivery across every climate pillar,” he said. 

“Public, multilateral and private sectors must be mobilised in new and innovative ways on the critical issue of climate finance.”

Al Jaber, who is also head of Abu Dhabi's National Oil Company, told delegates at the Petersberg Climate Dialogue, which took place yesterday, that another important objective of COP28 will be to further develop emission-reducing technologies. 

He told attendees at the event in Berlin that “on a pragmatic, just and well-managed energy transition, we must be laser-focused on phasing out fossil fuel emissions, while phasing up viable, affordable zero-carbon alternatives."

Part of his preparative work has been a 'listening tour' around the world, Al Jaber revealed, as he said he met with movers and shakers within the global climate community, as well as ambassadors in Washington and Beijing.

Al Jaber did acknowledge that “expectations are high, [but] trust is low."