The climate agreement reached at COP28, known as the UAE Consensus, requires “unprecedented action” from all stakeholders to become reality, says COP28 President Dr. Sultan Al Jaber during an event at the International Energy Agency (IEA) headquarters in Paris.
The historic set of measures aims to keep global temperatures below 1.5°C.
“The UAE Consensus raised the bar and set a clear path to keep our north star of 1.5°C within reach,” said Dr. Al Jaber.
“Solidarity overcame polarisation, inclusivity prevailed over finger-pointing and the spirit of partnership brought the best of humanity together,” which Dr. Al Jaber describes as key to achieving the UAE Consensus.
Attendees were asked to “keep this spirit alive” and continue building on the momentum achieved at COP28.
“The UAE Consensus set a new direction and a clear course correction. We must now turn an unprecedented agreement into unprecedented action. Now is the time for all stakeholders to step up” he added.
Countries are called to achieve this by enhancing their Nationally Determined Contributions (NDCs), reduce economy-wide emissions, cover greenhouse gas emissions as well as, prioritise investments in nature and adaptation.
Industries must leverage assets and balance sheets to decarbonise at scale, as outlined in the Consensus. The oil and gas industry are urged to increase efforts, Dr. Al Jaber said, highlighting that these targets are a good start and “must be built on.”
Furthermore, Dr. Al Jaber warned that the, “energy transition will lead to energy turmoil, if we only address the supply side of the energy equation.”
“It will require massive investment in grid infrastructure to deliver renewable energy to the end user. And it will require governments and all relevant parties to be honest and transparent about the costs and trade-offs involved,” he explained.
Dr. Al Jaber detailed that finance is the key enabler and that all available public, multilateral, and private finance sources must be activated.
“We need new models of blended finance, leveraging concessional, catalytic and investment funds to ensure that climate progress fully extends to the Global South,” he said.
“COP28 mobilised $85 billion in new pledges and commitments and launched the world’s largest private investment vehicle for climate action – ALTÉRRA. This model can and should be replicated many times over,” Dr. Al Jaber explained.
With the New Collective Quantified Goal (NCQG) on climate finance to be agreed upon at the next climate conference, “the world must raise the bar to address the challenges we face – mobilising trillions rather than billions.”
The UAE Consensus now stands as a landmark agreement that must be met with ‘unprecedented action’ by global stakeholders.
“COP28 created a moment of hope in challenging times. Let’s not waste it. Let’s harness this positive energy to drive breakthrough progress,” the COP28 president concluded.
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