COP28 chief sets agenda for $100 billion fund, pushes for 'low carbon' technologies

"The incoming president of the UN's COP28 climate summit has set the agenda for a 'top-up' on global climate finance, finally reaching the promised $100 billion to help poorer countries adapt to climate change, a goal that eluded his predecessors. Sultan Al Jaber, president-designate of COP28 and head of the National Petroleum Corporation of Abu Dhabi, told the Petersberg climate dialogue in Berlin on Tuesday that the priority was to “mobilize” private finance and reform international financial institutions.” “He also remained focused on developing technologies to reduce emissions, and not for the gradual end of fossil fuel production. "In a pragmatic, fair and well-managed energy transition, we must laser-focus on phasing out fossil fuel emissions while gradually introducing viable and affordable carbon-free alternatives," he said. Jaber has been on a "listening tour" since his appointment in January and has met with climate leaders and ambassadors in China, the US and Paris in recent weeks. He noted that "expectations are high, confidence is low." "We need to make climate finance more affordable, more affordable and more affordable to support delivery across each climate pillar," he said. "The public, multilateral and private sectors must be mobilized in new and innovative ways on the critical issue of climate finance." His efforts were praised by Mia Mottley, Prime Minister of Barbados, who spearheaded reform of the World Bank and multilateral development banks, which will also be the focus next month. summit in Paris, which will be hosted by French President Emmanuel Macron. In a video, Mottley told the Berlin audience that Jaber's consensus-building efforts were necessary to provide a "tipping point for the world" at the COP28 summit in Dubai. She said that access to finance for developing countries must be accompanied by access to technology and growth opportunities. Mottley suggested three "no-frills" ways to raise finance to help poorer nations deal with climate change and fund growth, including a tax on oil and gas company revenues, plus a $100-per-tonne carbon tax on shipping and a stamp duty on financial transactions. Of the 100 billion dollars for the adaptation fund promised at the UN summit in Copenhagen 14 years ago, developed countries collected only 83.3 billion dollars by the target date of 2020, according to the OECD.