Paris, February 21, 2024 – Dr. Sultan Al Jaber, the President of COP28, emphasized the need for unparalleled efforts from governments, businesses, and industries worldwide to actualize the groundbreaking UAE Consensus. The consensus, a set of measures established at COP28, aims to restrict the global temperature rise below 1.5°C.
Speaking at the International Energy Agency (IEA) headquarters in Paris, Dr. Al Jaber asserted that the UAE Consensus has set a clear path toward the crucial goal of limiting the temperature increase. The event, titled 'Beyond COP28: Time to Unite, Act, and Deliver the UAE Consensus,' witnessed participation from ministers, ambassadors, industry executives, and leaders such as Fatih Birol, Executive Director of the IEA, Laurent Fabius, COP21 President, and John Kerry, the United States Special Presidential Envoy for Climate.
Reflecting on the success of COP28, Dr. Al Jaber highlighted the spirit of partnership that brought nations together. He urged stakeholders to sustain this spirit and capitalize on the momentum gained, emphasizing that turning the unprecedented agreement into action is now imperative.
According to Dr. Al Jaber, signatories of the UAE Consensus must enhance their Nationally Determined Contributions (NDCs) immediately, adopting comprehensive emission reduction targets aligned with scientific recommendations. The COP28 President called upon industries to utilize their technology and resources for large-scale decarbonization, specifying the oil and gas sector's commitment to zero methane emissions by 2030 and net zero by or before 2050.
The UAE Consensus outlines a roadmap to maintain the 1.5°C target, achieving significant milestones in renewable energy, fossil fuel transition, and ending deforestation. Dr. Al Jaber cautioned that addressing the demand side of the energy equation is essential to prevent energy turmoil, emphasizing smart policy incentives for zero-carbon alternatives like hydrogen.
Acknowledging finance as a key enabler for climate action, Dr. Al Jaber stressed the activation of all available finance sources, including public, multilateral, and private. He revealed that COP28 mobilized $85 billion in new pledges and commitments, introducing the world's largest private investment vehicle for climate action – ALTÉRRA.
With the commitment to mobilize US $100 billion annually in climate finance achieved, Dr. Al Jaber called for raising the bar to address global challenges, emphasizing the need to mobilize trillions instead of billions.