Dr Sultan Al Jaber, the President-designate of Cop28, has expressed his approval of the news that wealthier countries have reportedly reached the long-awaited $100 billion annual climate finance goal. This announcement comes just days before Cop28 is set to begin. The move has been deemed “extremely encouraging” by Dr Al Jaber, following Thursday’s report by Reuters that the Organisation for Economic Co-operation and Development (OECD) stated that developed nations had met the goal in 2022.
The $100 billion goal, which was pledged in 2009 to aid poorer countries in dealing with climate change, was originally supposed to be met in 2020. Dr Al Jaber expressed gratitude to Germany, Canada, and the OECD for their ongoing support in reaching this milestone, emphasizing that it will allow the focus to shift towards a decisive global stocktake decision and ensure that the 1.5ºC target remains attainable.
Less affluent nations have consistently stressed that they are unable to finance the transition to renewable energy or cope with extreme weather events associated with climate change without support from wealthier nations. Dr Al Jaber has previously stated that “trillions” of dollars will be necessary.
While the OECD has stated that the preliminary data suggests the goal has been met, it has not yet been verified. Germany and Canada played a crucial role as co-chairs in the international effort to attain the target.
This development serves as another positive development for Cop28, following the agreement on loss and damage finance reached in October. The Abu Dhabi deal saw negotiators establishing guidelines for the fund aimed at helping poorer countries manage the severe impacts of climate change. The blueprint will be brought to Cop28 for consideration in formalizing the fund’s operation.
Cop28 will take place from November 30 to December at Expo City Dubai, with more than 70,000 attendees expected. The news was last updated on November 19, 2023.
Rephrase the title:Dr Sultan Al Jaber welcomes $100bn climate finance goal being met
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