The 28th United Nations Climate Change Conference must open up to the private sector “to an unprecedented extent” in order to be successful in the global energy transition and to provide the missing billions of dollars, defended the future Emirati President of COP28 on Monday in Abu Dhabi. .
A month before the conference, Sultan Al Jaber once again expressed the opposite opinion of those who fear that negotiations on the fight against climate change will be hampered by the massive presence of polluting industries at the huge economic fair organized on the sidelines of the negotiations.
More than 70,000 participants are expected at COP28 in Dubai from November 30th to December 12th, a record.
“Inclusivity is a fundamental principle of COP28. This includes opening up to the private sector on an unprecedented scale,” said Sultan Al Jaber, also chairman of UAE oil and gas company Adnoc.
He was speaking at the start of the two-day discussion with around 70 ministers from around the world who came together to clarify difficult points in negotiations on the first global assessment of the Paris Agreement. Its most ambitious goal of limiting warming to 1.5°C since the pre-industrial era is currently at risk.
At COP28, “decision makers from the financial sector will be with us… personalities from the technology sector will be with us… leaders from all major industrial sectors of the global economy will be with us,” defended Sultan Al Jaber.
This captain of the hydrocarbon industry, as always, reminded rich countries, historical polluters, of their obligation to finance the adaptation and ecological transition of developing countries.
Rich countries have not yet made good on their promise to provide $100 billion in aid annually and need to give additional signals to hope for an ambitious final deal at the COP.
However, this public aid falls far short of the needs, which are estimated at several billion.
“We must transform international financial institutions, create carbon markets and encourage private investment to turn billions into trillions,” Sultan Al Jaber added. “This is how we restore trust” between North and South
“More than 20 oil and gas companies responded to the COP28 call to end methane emissions by 2030,” he recalled, as an example of industry mobilization in parallel with negotiations between countries.
Regarding the latter, Sultan Al Jaber alluded: “I know that there are strong opinions on the idea of including “language on fossil fuels and renewable energy” in the final COP28 agreement.”