UAE Industry and Advanced Technology Minister and COP28 president-designate, Sultan bin Ahmed Al Jaber, has asked world leaders to act and start delivering on climate finance reforms and scale up technology development ahead of COP28.

According to Al Jaber, current climate investment, particularly in emerging and developing economies, remains insufficient to meet the goals of the Paris Agreement.

“We need a major course correction, and we need it now. We must stop talking and start delivering,” he said in a statement received here on Tuesday.

Al Jaber met with King Charles III, ministers in the United Kingdom government, and industry leaders across tech and finance during the London Climate Action Week 2023 last month.

Climate finance is nowhere near “available enough, accessible enough, and affordable enough” especially for countries in the Global South, he highlighted.

He further said that to cut emissions by 43 percent in the next 7 years, the world will need a holistic ecosystem that connects policy, technology, finance, and people.

He emphasized that connecting policy, technology, finance, and people is essential to keep 1.5C within reach.

According to him, supportive policies are also needed to stimulate the adoption of clean energies and incentivize decarbonization.

COP28 UAE will take place at Expo City Dubai from November 30 to December 12, 2023. The conference is expected to draw over 70 thousand 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 road map to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action. (ANTARA)