In a speech to the Global Energy Forum of the Atlantic Council

Al Jaber:: The UAE aims to host a conference that achieves a radical shift in the climate action mechanism

 Sultan Ahmed Al-Jaber, Minister of Industry and Advanced Technology, stressed the importance of applying a comprehensive and practical approach that leads to accelerating the paths of confronting the repercussions of climate change and achieving a radical shift in climate action mechanisms, in his first speech after being assigned the task of the appointed president for the twenty-eighth session of the Conference of the Parties to the Convention. United Nations Framework Convention on Climate Change COP 28.

In a speech before the Global Energy Forum of the Atlantic Council, he said that the UAE deals with responsibility and full awareness of the importance of hosting the COP28 Conference of the Parties and that it will focus on contributing to achieving global ambitions and accelerating climate action, stressing the urgent need to make progress in implementing the goals of the Paris Agreement.

With regard to the first global outcome of the assessment of progress made in implementing the Paris Agreement, which COP28 will witness its completion, he added: “We do not need to wait for this assessment to know its results, as we are very far from the right track, and the world is still lagging behind in implementing the main objective of the Paris Agreement, which is Avoiding the rise in the planet’s temperature exceeding the threshold of 1.5 degrees Celsius,” explaining that achieving this goal requires reducing global emissions by 43 percent by 2030.

He stressed that despite the obvious challenges and threats posed by climate change, there are significant economic benefits to investing in clean energy and climate action, pointing to the success story of the UAE in considering climate action as a cornerstone of its development plans.

He added that the UAE, which hosts the headquarters of the International Renewable Energy Agency (IRENA), is the first country in the region to sign and ratify the Paris Agreement, submit its nationally determined contributions, and set a road map for achieving climate neutrality.

Pointing out that more than 70 percent of the UAE's economy is currently dependent on sectors other than oil and gas, His Excellency said: "In my capacity as the founding CEO of Masdar Company, Chairman of its Board of Directors, and CEO of ADNOC, I will continue to work to achieve the leadership's vision and directives to reduce emissions from sources." current energy, while continuing to invest in the development of the clean energy system of the future, and we will use our experience, ambition and close partnerships to inform our approach to COP28.”

He pointed out that the long-term vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” in the field of sustainable economic and social development is a fundamental pillar of the UAE’s regional and global leadership in climate action and its role as a global supporter of clean energy, as the UAE invested $ 50 billion in technologies. clean world over the past 15 years, and plans to invest an additional $50 billion in the coming years.

He explained that the UAE will focus during the COP28 conference on achieving a qualitative development in the existing work system, and accelerating the work paths to achieve the 2030 goals, through partnerships, solutions and outputs that contribute to bringing about a positive quantum leap, and he said: "We will make sure that it is a conference of cooperation, concerted efforts and building bridges of dialogue." between the countries of the North and the South, including the government and private sectors, the scientific community, civil society, women, and youth.We also aim to be a practical conference that contributes to taking actual steps, raises ambitions, and moves us from setting goals to implementing them on issues of mitigation, adaptation, and financing. losses, and damages.”

In the field of "mitigating" the repercussions of climate change, His Excellency Dr. Sultan Ahmed Al Jaber called for expanding the adoption of renewable, nuclear and hydrogen energy sources, carbon capture solutions and energy efficiency enhancement, as well as oil and gas production with the lowest possible carbon emissions, and benefiting from new technologies.

He stated that wind and solar energy recorded a record growth of 550 gigawatts between 2020 and 2022, and that they are on their way to grow over the next five years at rates that exceed their total growth rate over the past twenty years.

He said, "Given the developments in the markets, we are currently passing through a watershed stage in the history of the energy sector. The future will be low-emissions growth, so we must reach it faster."

He pointed to the world's need to triple the production of renewable energy, from 8 to 23 terawatt-hours by 2030, and to more than double the production of low-carbon hydrogen, to reach at least 180 million tons, for use in sectors whose emissions are difficult to mitigate. .

He also stressed the need to develop food and agricultural systems, given that the agricultural sector is responsible for a third of global emissions.

He stressed the need to continue focusing on reducing emissions, not reducing growth and progress rates, pointing to the need for more investment in agricultural technology, and the adoption of smart solutions in the use of water and food production to achieve the transition in the vital agricultural and food systems sector, in parallel with other sectors, and the need to undertake With this in an accelerated time frame he can meet the impending deadline.

With the world population expected to reach 9.7 billion people by 2050, he pointed out the need to increase energy production by 30 percent compared to current levels, and the need to provide hydrocarbon energy sources with the lowest possible number of emissions as long as the world is still dependent on them.

Regarding "adaptation", he indicated the need to do more to protect communities most vulnerable to the repercussions of climate change, and ecosystems, in the face of harsh climate fluctuations and the deterioration of biodiversity, and to ensure the ability of the global food system to withstand the volatile weather patterns that threaten farmers in around the world.

He also stressed the importance of investing in nature-based solutions, such as mangroves, as effective solutions in storing carbon, protecting coasts, and preserving the components of the natural environment.

He called for doubling the funding allocated for adaptation in the countries of the South, to reach $40 billion annually by 2025, to be able to achieve this progress, and called for facilitating access to climate finance on concessional terms.

On the issue of "financing", he added: "We must ensure that every dollar of concessional financing is matched by two or three dollars of private sector investment. To achieve this, we must respond to the call of the international community to develop the work of multilateral development banks and international financial institutions," pointing out that The UAE, in its capacity as Chair of the Development Committee of the World Bank and the International Monetary Fund, intends to play a proactive and supportive role in supporting this goal and in stimulating action on this reform.

On the subject of "losses and damages", His Excellency Dr.

Sultan Al-Jaber Al-Alam to help the communities most affected by the repercussions of climate change in order to rebuild after climate-related disasters, benefit from the progress achieved at the Sharm El-Sheikh Conference, and activate the work of the Compensation Fund for Loss and Damage.

Concluding his speech, His Excellency said that the UAE, as the host country for COP28, will benefit from its position as a link between north and south, east and west, and will be keen to listen to everyone, build bridges of dialogue and communication, and bring points of view closer together within this collective effort.

He said, "In coordination with Her Excellency Sister Shamma Al Mazrouei, Climate Pioneer for Youth, and Her Excellency Sister Razan Al Mubarak, Climate Pioneer, we will work side by side with the United Nations Framework Convention on Climate Change to move from ambition to action, and we will also mobilize the efforts of the private sector to achieve greater impact."

And he extended an open invitation to all parties, including governments, the private sector, and civil society, to work together in a framework of cooperation, communication, and exchange of experiences and best practices, to achieve a qualitative leap on the path of tangible progress and achievement, and to reach climate neutrality that allows for the achievement of the most radical transformation in the markets, as it will be. The most important and largest development on the economic and human levels since the first industrial revolution.

It is worth noting that the Global Energy Forum of the Atlantic Council is held annually as part of the Abu Dhabi Sustainability Week. Emirates, Abu Dhabi National Oil Company "ADNOC", and Mubadala Investment Company.

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