Al-Jaber: "COP28" focuses on including everyone and achieving a radical shift in the climate action mechanism

The UAE plans to invest 184 billion dirhams in clean technologies globally over the coming years

Sultan Al Jaber and Suhail Al Mazrouei during the activities of the forum.

Wham

The Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber, stated that the long-term vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, 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.

Al-Jaber said, in a speech before the Global Energy Forum of the Atlantic Council, which began its work yesterday in Abu Dhabi, that "the UAE has invested 50 billion dollars (184 billion dirhams) in clean technologies worldwide over the past 15 years, and plans to invest 50 billion dollars (184 billion dirhams). billion dirhams) in the coming years.

For his part, the Minister of Energy and Infrastructure, Suhail Al Mazrouei, said in statements on the sidelines of the forum, "There is a necessary need for concerted global efforts and increased investments in the field of gas, to bridge the large gap in supply, which led to a rise in prices to (imaginary) levels." This affected the economies of many countries.

Climate change

In detail, the Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al-Jaber, 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 the mechanisms of climate action, in his first speech after being assigned the task of the appointed president for the 28th session of the Conference. Parties to the United Nations Framework Convention on Climate Change «COP28».

He said, "The UAE, as the host country for the Conference of the Parties (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 together within this collective effort."

In a speech before the Global Energy Forum of the Atlantic Council, which began its work yesterday in Abu Dhabi, as part of the activities of Abu Dhabi Sustainability Week, Al Jaber added, “The UAE deals with responsibility and full awareness of the importance of hosting the Conference of the Parties (COP28), 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 to assess the progress made in implementing the Paris Agreement, which the COP28 conference will witness, he added: “We do not need to wait for this evaluation to know its results, as we are very far from the right track, and the world is still lagging behind in implementing the main goal.” to (the Paris Agreement), which is to avoid the rise in the planet’s temperature exceeding the threshold of 1.5%,” explaining that “achieving this goal requires reducing global emissions by 43% by 2030.”

Economic benefits

Al Jaber 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 viewing 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), and made its nationally determined contributions, and developed a road map to achieve climate neutrality».

After noting that more than 70% of the UAE's economy has now become dependent on sectors other than oil and gas, Al Jaber said: "As the founding CEO of (Masdar), Chairman of its Board of Directors, and CEO of (ADNOC), I will continue to work to achieve vision and directives. Leadership to reduce emissions of current energy sources, 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 enrich the approach that we will follow in the Conference of the Parties (COP28) ».

He pointed out that «the long-term vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, 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 (184 million dollars). billion dirhams) in clean technologies globally over the past 15 years, and plans to invest an additional $50 billion (184 billion dirhams) in the coming years.

Qualitative evolution

He explained that «the UAE will focus during the Conference of the Parties (COP28) on achieving a qualitative development in the existing work system, and accelerating work paths to achieve the goals of 2030, through partnerships, solutions and outputs that contribute to a positive qualitative leap.” He said: «We will make sure that it is a conference of cooperation and synergy Efforts and building bridges of dialogue between the countries of the North and the South, and the inclusion of the government and private sectors, the scientific community, civil society, women, and youth.

We also aim for it 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, financing, and losses and damages.

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 during the next five years at rates that exceed their total growth rate over the past 20 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 for growth with low emissions, so we must reach it faster."

global efforts

In turn, the Minister of Energy and Infrastructure, Suhail Al Mazrouei, said, "There is a necessary need for concerted global efforts and increased investments in the field of gas to bridge the large gap in supply, which led to a rise in prices to (imaginary) levels, which affected the economies of many countries."

This came in a press statement by the minister, on the sidelines of the Global Energy Forum of the Atlantic Council.

And Al-Mazrouei indicated that “gas was chosen as a topic for discussions of the Atlantic Council at its current session for several reasons, including urging an increase in investments in it, and to achieve balance in the market to ensure fair prices, and finally to help reach carbon neutrality, which contributes to increasing the mix of renewable energy, especially in Our region in which solar energy projects diversify ».

He stated that «the assembled major gas producers agreed that there is a shortage of gas resources, which confirms the importance of expanding investments in this sector».

Al-Mazrouei also stressed, during a dialogue session within the activities of the forum, that "the world will continue to need natural gas for a long time, and there is a need for more investments to maintain security of supplies and acceptable prices during the global energy transition."

 Sultan Al Jaber:

• "The UAE views climate action as a basic pillar within its development plans."

Suhail Al Mazrouei: 

• «Increasing investments in gas to fill the gap in supply, which led to a rise in prices to (imaginary) levels».

$40 billion

The Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al-Jaber, called for doubling the financing allocated for adaptation in the countries of the South, to reach 40 billion dollars annually by 2025, to be able to achieve this progress, and also called for facilitating access to climate financing on concessional terms.

On the issue of “financing,” he added: “We have to ensure that every dollar of concessional financing is matched by two or three dollars of private sector investment.

In order to achieve this, we must respond to the call of the international community to the need to develop the work of multilateral development banks and international financial institutions. fix.

Follow our latest local and sports news and the latest political and economic developments via Google news