Dr. Sultan Al Jaber, the President-Delegate of COP28, reaffirmed the need for a significant overhaul of climate finance and international financial institutions (IFIs) during the G77 + China Ministers and High Authorities of Environment, Science, Technology, and Innovation meeting in Havana.

As the representative forum of the Global South, which comprises 80% of the world’s population, G77’s voice is pivotal in addressing climate change, particularly given the disproportionately severe impacts it experiences.

In his address, Dr. Al Jaber outlined an ambitious yet pragmatic plan for COP28. This plan aims to cater to the needs of the Global South and expedite a fair energy transition that would triple renewable energy production, double hydrogen generation, and improve energy efficiency, all while scaling down the reliance on fossil fuels. The goal is to ensure energy affordability, accessibility, and security, and to maintain socioeconomic development amidst this transition.

The COP28 action plan also aims to rekindle progress on all aspects of climate action, ranging from mitigation and adaptation to finance and loss & damage. For instance, Dr. Al Jaber called for a doubling of finance to $40 billion to facilitate a comprehensive global early warning system leveraging top-tier technologies. The President-Designate acknowledged that finance is the primary hurdle in these efforts, and thus committed the COP28 presidency to address this issue substantively.

He pointed out the positive indications of the $100-billion-dollar pledge being fulfilled but underscored the sluggish pace at which IFIs and multilateral development banks (MDBs) are disbursing concessional finance. To make climate finance more accessible, affordable, and available, COP28 will strive to lower risk levels and mobilize private sector investment, thereby unlocking trillions in climate finance.

First, COP28 will focus on the impacts of climate change on livelihoods by prioritizing food, health, and nature. The President-Designate recalled the pivotal role of G77 unity at COP27, which resulted in a landmark outcome on Loss & Damage. He invited the G77 nations to use the forthcoming summit as a platform to shape ambitious outcomes and expedite actions.

Dr. Al Jaber concluded by calling for unity, action, and delivery to lay the foundation for an inclusive, sustainable, and resilient future.