'New Paradigm In Climate Finance': COP28 President-Designate Commends India's Energy Transition Vision
The UAE and India shared a "vision for embracing an energy transition in line with sustainable socio-economic development," Al Jaber said during the 'From G20 to COP28' special forum in Abu Dhabi.
COP28 President-designate Dr Sultan Al Jaber extended commendations to India on Sunday for its noteworthy energy transition vision during a special forum, 'From G20 to COP28,' held in Abu Dhabi. The UAE and India share a common commitment to an energy transition aligned with sustainable socio-economic development, said Al Jaber, underscoring the potential for economic growth through a joint focus on renewables, news agency PTI reported.
The annual climate change negotiations, COP28, scheduled to commence on November 30 in Dubai, will address pressing global environmental issues. Dr Al Jaber asserted that COP28 aims to frame climate action as an opportunity for growth, emphasizing ambitious and balanced outcomes across mitigation, adaptation, and means of implementation.
Expressing gratitude for India's leadership in delivering the G20 Delhi Declaration, Al Jaber particularly lauded Prime Minister Narendra Modi's commitment to multilateralism, as reported by PTI. Under Modi's guidance, countries representing 85% of the global economy have agreed to the COP28 global goal of tripling renewable energy capacity and doubling energy efficiency by 2030, it said.
According to the report, the COP28 President acknowledged the imperative for a "new paradigm" in climate finance to facilitate low-carbon development across the global south. Stressing the need to rebuild trust between north and south, Al Jaber called for the fulfillment of unmet promises, including the USD 100 billion pledge, replenishment of the green climate fund, and the operationalization of the fund for Loss and Damage at COP28, it added.
Calling for a rebalancing of climate finance to prioritize adaptation alongside mitigation, Al Jaber highlighted the current disparity where "for every USD 10 spent on mitigation, only USD 1 goes to adaptation," the report said. He concluded by asserting that COP28 presents an opportunity to demonstrate the effectiveness of multilateralism and urged a collective effort to replace discord with solidarity in climate deliberations. The COP28 President's overarching message was clear: it is time to bring positivity to climate discussions and restore hope through united climate action.
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