Dubai, In a dramatic turn of events at the COP28 summit, President Sultan Al Jaber found himself at the center of controversy on Day 5. Defending his role as the summit’s host, Al Jaber responded to criticism stemming from remarks on fossil fuels reported by The Guardian. During a news conference, he expressed surprise at the extensive coverage of what he deemed a misrepresentation of his comments.
The controversy revolves around Al Jaber’s statements during a November 21 online event, where he seemingly questioned the efficacy of phasing out fossil fuels to achieve the 1.5°C target. Despite being the host nation for COP28, the UAE is a major oil producer, adding complexity to the situation.
Al Jaber clarified, “We are here because we very much believe and respect the science. 43 per cent of global emissions must be reduced by 2030. That’s 22 gigatons. And we need to make that happen to keep 1.5’C within reach.”
The COP28 presidency, in collaboration with Saudi Arabia, launched the Oil and Gas Decarbonisation Charter (OGDC). This global industry charter aims to accelerate climate action across oil and gas sectors. Over 50 oil and gas companies, representing more than 40 per cent of global oil production, signed the charter, committing to net-zero operations by 2050 and other sustainability goals.
Amidst the controversy, Day 5 also saw crucial announcements and commitments. During the Global Climate Action Through Fostering Sustainable Finance event, the UAE Banking Federation pledged to mobilize AED 1 trillion (nearly $270 billion) by 2030.
COP28 President Al Jaber hinted at three upcoming declarations on hydrogen, cooling, and gender. Notably, the banking sector in the UAE collectively committed to mobilizing over $270 billion in sustainable finance.
In a bid to address climate-resilient debt, the UK announced the first-ever climate-resilient debt clauses in Africa, with Senegal. This move garnered support from 73 countries, issuing a call to action on the adoption of such clauses. The commitment involves pausing debt in the face of natural disasters.
France and Japan stepped forward to lead support for the African Development Bank’s breakthrough facility to leverage Special Drawing Rights (SDRs) for climate and development. Additionally, renewable energy firm ReNew Energy Global Plc signed an initial pact with the Asian Development Bank for funding amounting to $5.3 billion.
In a groundbreaking initiative, a consortium led by the Rockefeller Foundation launched the Coal to Clean Credit Initiative (CCCI). This pilot project aims to use carbon credits to retire a coal power plant in the Philippines before its natural retirement date.
The Arab Energy Fund, formerly known as APICORP, revealed plans to invest up to $1 billion over the next five years in decarbonisation technologies. This announcement aligns with the Middle East and North Africa’s focus on achieving net-zero goals.
As the summit progresses, the spotlight remains on global leaders and their commitments towards climate action. Stay tuned for further updates.