Wednesday 3 May 2023

COP28 Chief looks to mobilise $100bn climate finance

COP28 President Sultan Al Jaber has set a goal to ‘supercharge’ the delivery of $100 billion (£79.8bn) in climate finance.

This figure was agreed on previously in 2009 for helping less developed nations battle the impacts of climate change – but its implementation has not yet been successful.

Mr Al Jaber said: “We must supercharge climate finance, making it more available, more accessible and more affordable to drive delivery across every climate pillar. Public, multilateral and private sectors must be mobilised in new and innovative ways on the critical issue of climate finance.”

Reportedly, only $83.3 billion (£66.5bn) of the $100 billion (£79.8bn) was raised by 2020 – the original target set 14 years ago.

“The real value of this commitment has eroded over time,” the COP28 Chief said.

“I am requesting donor countries to provide a definitive assessment on the delivery of this commitment before COP28.”

In addition to mobilising climate finance, the Sultan has also said that “phasing up viable, affordable zero-carbon alternatives” is a priority before the conference, which will be held this November in Dubai.