UAE Minister of Industry and Advanced Technology and President of COP28, Dr. Sultan bin Ahmed Al Jaber, praised the importance of the "Alterra" fund launched during COP28 while handing over the presidency of COP29 to Mukhtar Babayev, the appointed president.
The "Alterra" fund, according to Al Jaber, is the largest global fund to stimulate climate action financing. He noted that the fund is a model to build upon, having already invested $6.5 billion in collaboration with a group of major investment companies to support clean energy projects across five continents. He pointed out the adoption of a new collective financing goal at "COP29," which enhances the implementation of the "UAE Agreement" provisions.
It is worth noting that the "UAE Agreement," since its adoption during "COP28," has become a reference framework for global climate ambition and sustainable development. The "UAE Agreement" encompasses unprecedented measures and achievements across all climate action goals, with the most significant being the commitment to achieving an organized, responsible, fair, logical, and realistic transition in the energy sector. It sets goals to triple the global production capacity of renewable energy sources, double energy efficiency, and reduce deforestation by 2030.
Troika of the COP presidencies
Dr. Al Jaber explained that "COP28" has opened new horizons and achieved unprecedented accomplishments in the field of climate action, the most notable of which is the establishment of the "Troika of COP Presidencies," which serves as a pioneering model for cooperation and coordination between the presidencies of "COP28," "COP29," and "COP30" and for stimulating global efforts.
He emphasized that in order to uphold the legacy of the "UAE Agreement," the troika will continue to mobilize efforts across all multilateral platforms, including the United Nations system and the G20, and he urged all parties to adhere to the roadmap the troika has laid out for the 1.5-degree mission.
He said that history will judge the success of the "UAE Agreement" through tangible practical measures for its implementation, not through the commitments contained within its texts. He emphasized the importance of adopting a positive mindset and applying it across the entire work system, calling for a focus on achieving tangible accomplishments and results rather than just words and promises.
Making use of technology
Dr. Sultan Al Jaber emphasized the necessity of leveraging the latest technologies, including artificial intelligence, to drive low-emission growth and human development and to ensure the preparation of personnel equipped with the skills and knowledge needed to develop the green economy.
He also applauded the advancements in climate finance and the choice of the Philippines to host the board of the "Loss and Damage Response Fund."
