COP28 President Urges Unprecedented Global Action For UAE Consensus Implementation

In a compelling address at the Paris Headquarters of the International Energy Agency (IEA), COP28 President Dr. Sultan Al Jaber emphasized the necessity for “unprecedented action” by global stakeholders to implement the historic UAE Consensus, forged during COP28 with the ambitious goal of limiting the global temperature rise below 1.5°C.

During the event titled ‘Beyond COP28: Time to Unite, Act, and Deliver the UAE Consensus,’ attended by dignitaries including Fatih Birol, Executive Director of the IEA, Laurent Fabius, COP21 President, and John Kerry, U.S. Special Presidential Envoy for Climate, Dr Al Jaber commended the solidarity that overcame polarization, emphasizing the spirit of partnership that led to the UAE Consensus.

Dr Al Jaber urged all parties who signed the UAE Consensus to enhance their Nationally Determined Contributions (NDCs), stressing the need for comprehensive, economy-wide emission reduction targets covering all greenhouse gases aligned with scientific guidelines to keep the 1.5°C goal attainable. The COP28 President called for the adoption of technology, talent, and financial resources by all industries to scale up decarbonization efforts.

Highlighting the achievements of the UAE Consensus, including transitioning away from fossil fuels, tripling renewable energy capacity by 2030, and committing to end deforestation, Dr Al Jaber cautioned that focusing solely on the supply side of the energy equation could lead to energy turmoil. He emphasized the importance of addressing the demand side, including smart policy incentives for zero-carbon alternatives like hydrogen and substantial investments in grid infrastructure.

Finance emerged as a key enabler for climate action, with Dr Al Jaber calling for the activation of all available sources, including public, multilateral, and private funds. He emphasized the need for new models of blended finance to ensure comprehensive climate progress globally. COP28 successfully mobilized $85 billion in new pledges and commitments, launching ALTÉRRA, the world’s largest private investment vehicle for climate action.

Dr Al Jaber acknowledged the completion of the commitment by developed nations to mobilize US $100 billion a year in climate finance and advocated raising the bar to mobilize trillions rather than billions, especially with the upcoming New Collective Quantified Goal (NCQG) on climate finance to be agreed at COP29.

The UAE Consensus, now recognized as a landmark agreement, reaffirms the UAE’s global leadership in climate and development. Dr Al Jaber concluded by urging industries and countries to support the progressive agenda of the UAE Consensus and emphasized the role of the newly formed COP Presidencies Troika in maintaining momentum and implementing the historic agreement.

The event also saw Dr Al Jaber’s participation in the second plenary meeting of the UAE-France High-Level Business Council, reinforcing the importance of moving towards the implementation of the UAE Consensus. The Council, established in January 2023, aims to enhance bilateral business ties between the UAE and France, with a focus on impactful joint projects in climate action.

Dr Al Jaber highlighted the role of the Council and its members in driving economic, social, and climate progress, citing it as a platform to turn the unprecedented agreement of the UAE Consensus into concrete and unprecedented action. He concluded by calling on French companies, including TotalEnergies and Engie, to accelerate their efforts to meet the ambitious goals outlined in the UAE Consensus.