Cop28 should drive the world in the groove again to accomplish the objectives of the Paris Settlement on environmental change, the occasion’s chief general has told the World Monetary Discussion in Davos.
Majid Al Suwaidi stated that he was certain that the event, which will take place at Dubai Expo City in November and December of this year, would produce “big results.”
Following Cop27 in Egypt in November, Cop28 will be the second UN climate change conference to take place in the Middle East.
Mr. Al Suwaidi stated, “We are saying at the Cop of the Emirates that we need to take huge leaps forward because we need to get back on track.”
He said by uniting legislatures, the confidential area, common society and non-state entertainers, the meeting could “convey huge outcomes”.
He stated, “This is what we are really good at in the UAE.” We’ve generally united government and the confidential area to convey huge activities and that is certainly the thing we will do here.”
Priorities of Cop28 Mr. Al Suwaidi, who also serves as the UAE’s special representative to Cop28 in the Office of the Special Envoy for Climate Change, stated that the Emirates were “very excited with what we can do this year.”
He emphasized that Cop28 will host the global inventory, which will likely demonstrate that the world is not on track to meet the Paris Agreement’s goal of limiting global temperature rises to 1.5 degrees Celsius above pre-industrial levels. “Ambitious action in mitigation” was required, he stated.
The goal of supporting developing nations in their transition to low-carbon economies with $100 billion a year from wealthy nations has not been met in any way.
At a session moderated by CNN correspondent Larry Madowo, Mr. Al Suwaidi addressed attendees, “For that, it’s very clear that we need to deliver real, pragmatic outcomes, practical solutions, that will get us back on track to achieving less than 1.5°C and the financial targets of 100 billion or more.”
Delivering a global objective of assisting the world to adapt to the increasingly apparent effects of climate change is another area of focus.
“Before, the impacts of environmental change were seen off from here on out,” said Mr Al Suwaidi, previous UAE minister to Spain. Today, we witness it in the form of flooding, hurricanes, and tropical storms, and we observe that the poorest individuals suffer the most. We want to address this today and this checks out for everyone.”
Delivering on commitments made at Cop27 regarding loss and damage is another priority for Cop28. At the Sharm El Sheikh conference, an agreement was reached regarding how richer nations would support developing nations in addressing the harm caused by climate change.
“We really believe that this is the year when we need to get serious about figuring out how to improve the flow of funds into actual projects. What can we do to change things? He stated
He stated that “everybody is welcome” at “the Cop of the Emirates,” and that non-state actors, civil society, and business should all be given the opportunity to participate in Cop28.
“We cannot simply experience incremental change. He stated, “We need significant, step-change outcomes that can close this gap.”
“To change our trajectories and meet our 2030 goals, any policy decision, investment decision, or project decision must be made today.”
Jenny Davis-Peccoud, a partner at management consulting firm Bain and Company, was one of the panelists. She said that the best strategies for achieving climate goals varied by region.
Therefore, investing in renewable energy sources may be more beneficial in the Middle East than investing in nature-based solutions like afforestation, which would likely be of greater value in, say, Canada. She said that the Middle East’s clean energy was “a massive growth platform.”
“The Middle East actually has the potential to be a supplier of these kinds of technologies and energy, both to Asia and Europe, given its location. It’s very exciting as a growth platform,” she stated.
“The Middle East has started investing in renewables, and major projects are coming online, but actually, in terms of where the Middle East is currently compared to investment worldwide, it’s still a small percentage and really needs to accelerate.” “There’s definitely not enough investment yet.”
Acwa Power Company’s vice chairman and chief executive, Paddy Padmanathan, stated that the Middle East had demonstrated its capacity to make substantial investments to ensure the world’s energy security. Acwa Power Company is a Saudi Arabian company that has made investments in power and desalination plants.
He stated that this capability, in conjunction with new technology, would be used to invest in renewable fields like green hydrogen and reduce the carbon footprint of fossil fuels.
He stated, “Even though the Middle East is late to the party in terms of starting to implement big investments in renewable energy, now we’ve started, we’re doing it at scale.”
Citing current feasibility studies involving Europe, India, and Africa, he asserted that the region could become a significant contributor of renewable energy and related technology to other regions of the world.
He stated, “The Middle East will play a very dominant role in this energy transition, and it will do it because it must — it recognizes its responsibility — but also because it is a compelling value proposition.” The Middle East will play a dominant role in the transition.
“During this transition, the phrase “it’s going to be expensive” is frequently mentioned. It is the world’s most significant economic opportunity.
“In the past, we have gone through transitions. Winners and losers emerge from every transition. The losers will be those who delay, but the scope of the opportunity and the magnitude of the rewards will force everyone to jump in.”
In spite of what is perceived as a lack of green investment, he stated that significant sums of money could be prepared to invest in various projects. According to him, the required level of funding should be provided.
