COP28 President Calls For Global Unity To Achieve UAE Consensus Goals

The United Arab Emirates has taken a significant step towards combating climate change with the introduction of the UAE Consensus at COP28. This ambitious set of measures has been designed to limit the global temperature rise to below 1.5°C. Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology and President of COP28, has underscored the urgency for global stakeholders to take unparalleled action to adhere to the Consensus. He advocates for a unified approach, emphasizing solidarity, inclusivity, and partnership to leverage the momentum garnered at COP28.

Under the UAE Consensus, signatory parties are mandated to enhance their Nationally Determined Contributions (NDCs) and establish comprehensive emission reduction targets that are in line with scientific recommendations. A notable aspect of the Consensus is its call for the oil and gas industry to achieve zero methane emissions by 2030 and net-zero emissions by 2050. Despite these ambitious targets, Dr. Al Jaber believes that even more rigorous goals are necessary.

The Consensus also outlines commitments for transitioning away from fossil fuels, tripling renewable energy capacity by 2030, and halting deforestation. Dr. Al Jaber highlighted the importance of addressing both supply and demand aspects of the energy sector, including policy incentives and grid infrastructure improvements, to facilitate this energy transition.

Finance plays a crucial role in climate action, with Dr. Al Jaber pointing out that trillions of dollars are needed, far surpassing the billions currently mobilized. In line with this, the COP28 Presidency has successfully mobilized $85 billion and launched ALTÉRRA, which stands as the world’s largest private investment vehicle dedicated to climate action.

Furthermore, the establishment of the COP Presidencies Troika aims to ensure continuity between COP sessions and bolster international cooperation. This initiative seeks to translate the commitments made at COP28 into tangible outcomes.

During his visit to Paris for the UAE-France High-Level Business Council meeting, Dr. Al Jaber lauded French companies like Total Energies and Engie for their contributions towards energy transition. He encouraged them to intensify their efforts in alignment with the objectives of the UAE Consensus.

The UAE Consensus is hailed as a pivotal agreement that reaffirms the UAE's leadership role on the global climate agenda. It calls for an unprecedented level of action from all involved parties to achieve significant progress in climate action.

With inputs from WAM