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Tag: COP28

  • President Ramkalawan addresses the 28th session of the Conference of Parties of UNFCC World Climate Action Summit

    President Ramkalawan addresses the 28th session of the Conference of Parties of UNFCC World Climate Action Summit

    02nd December 2023

    1st December 2023, Dubai UAE: The President of the Republic of Seychelles, Mr. Wavel Ramkalawan during his address at the Twenty-eighth session of the Conference of Parties of UNFCC (COP28).to which he led a Seychelles delegation, highlighted the urgency for collective action and the need for commitments made to be honoured as part of efforts to mitigate the heightened threats of climate change particular vis-à-vis Small Island Developing States (SIDS) like Seychelles.

    “In our shared pursuit of a sustainable future, the urgency of our deliberations here in Dubai cannot be overstated. As parties to the convention, we committed to deliver on commitments such as the USD100 billion promise, Scaling up Adaptation Finance, New Collective Quantified Goal on Finance and most recently the Loss and Damage Fund.

    “We are yet at another COP and I am disheartened to state that most of these commitments are yet to be fulfilled despite the urgency required to address the climate crisis” President Wamkalawan added.

    The President joined over 170 world leaders for the World Climate Action Summit (WCAS) being held during the United Nations Climate Change Conference – COP 28High-level segment, where he delivered his National Statement earlier yesterday afternoon.

    The summit echoed the critical need for World Leaders to implement and transform key climate related decisions into concrete actions and credible plans.

    “As Leaders, I call for your unwavering shift in political-will that will translate into concrete actions so as to confine global temperature rise within the critical threshold of 1.5 degrees Celsius.

    “Small Island Developing States are on the frontline of climate change, facing rising sea levels, coastal erosion, increased frequency of extreme weather events, and the loss of vital ecosystems. Whether we are high income, low income or among the Least Developed countries, our specificities are the same and what the industrialised nations emit have a direct impact on our coastlines and livelihoods. We are simply islands floating in the ocean, and therefore we must be treated as a unique and separate category when it comes to assisting us. I call on SIDS to unite and support each other” said President Ramkalawan.

    Speaking to the summit, the Head of State also emphasised the real life negative effects affecting the small island archipelago as well as the enormity of the financial burdens inflicted on such a small nation as Seychelles.

    “As I speak, my country is experiencing devastating impacts of climate change, specifically damage to the coastline and critical coastal infrastructure caused by higher tides, frequent storm surges and heavy rainfall.

    “Coupled with other impacts, these are endangering the livelihoods of my people and our Islands. A recent comprehensive survey only on the main populated granitic islands of Seychelles conducted by our technical team estimated around USD 22 million is needed for road infrastructure works and other measures to mitigate coastal erosion.

    “Our updated NDC highlighted a further USD600 million will be required over the next 10 years, for both mitigation and adaptation sector, translating to 5% of GDP annually or 10% of the annual budget. If we are to add the disaster happening to our coralline outer islands, that figure could be doubled, let alone tripled.

    “Like many SIDS, 90 per cent of the country’ infrastructure and human activities occur along its low-lying coastal areas and are thus vulnerable to the impacts of climate change.

    “The current trajectory means Seychelles’ economy stands to be severely undermined, whereby forcing us to divert much needed finance to environment protection, instead of investing in education, health, sports, agriculture, food security, modernisation and giving our people a better standard of living” stressed President Ramkalawan.

    He further placed emphasis on the critical need for the Loss and Damage Fund created last year and the Multi-Dimensional Index (MVI) initiative to take into consideration the true vulnerabilities of all SIDS fairly, rather than penalising them for their High-income status. He further highlighted the climate change plight where SIDs are battered by climate change and severe increased threats to their very existence.

    “My point is simple: Don’t categorise islands into economic bands but treat all islands in the same manner and allow all of us to have access to the Loss and Damage Fund. We all lose from the damage you cause, yet we clean up our emissions and help mop up those of industrialised nations.

    The message is loud and clear: Seychelles is a committed partner that can be trusted. We believe in what we preach and we walk the talk. The evidence is there. However, we cannot do it alone. We need the financial support of the whole world. The metaphorical hourglass is dwindling. COP 28 presents a pivotal call to action to build climate resilience before the last grain of sand slips away. In unity and determination, let us seize this moment to reverse our course and forge a sustainable and resilient future for generations to come. Let’s not leave anyone behind”, concluded the President.

    Prior to attending the COP28 High-Level National Statement segment, President Ramkalawan attended the opening ceremony held in the morning where he was welcomed at the Dubai Expo City site by His Highness Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of Abu Dhabi and the United Nations Secretary General António Guterres.

    SOURCE

    (State House News Alert)

     

     

  • COP28 UAE kicks off, as global climate action takes centre stage

    COP28 UAE kicks off, as global climate action takes centre stage

    BY GULF BUSINESS
    NOVEMBER 30, 2023

    Leaders must deliver in Dubai – the message is clear, said UN Climate Change executive secretary Simon Stiell on the eve of COP28

    The United Nations Climate Change Conference COP28 opens today, with a strong call to speed up collective climate action.

    The conference takes place in the hottest year ever recorded in human history

    COP28 will run from November 30 to December 12 at Expo City Dubai, offers a global platform to agree on climate commitments and curb the worst impacts of climate change, according to a statement released by United Nations Climate Change.

    This year’s COP marks the conclusion of the global stocktake, the first assessment of global progress in implementing the 2015 Paris Agreement.

    The global stocktake lists actions on how to speed up emissions cuts, build resilience to climate impacts, and provide the support and finance needed for the transformation. It will be a catalyst in meeting the Paris Agreement’s goals, as nations prepare to submit revised national climate action plans by 2025.

    The world is not on track to limiting temperature rise to 1.5°C by the end of this century. while countries are developing plans for a net-zero future, and the shift to clean energy is gathering speed, the transition is nowhere near fast enough yet to limit warming within the current ambitions, the UN Climate Change said.

    A report recently published by UN Climate Change shows that national climate action plans (known as nationally determined contributions, or NDCs) would collectively lower greenhouse gas emissions to 2 per cent below 2019 levels by 2030, while the science is clear that a 43 per cent reduction is needed.

    In a message shared on the eve of the event, UN Climate Change Executive Secretary Simon Stiell said: “It’s great that over 160 world leaders are coming, but COP28 cannot be just a photo-op.  Leaders must deliver in Dubai – the message is clear.

    “They must agree to triple renewable energy this decade, and double energy efficiency. Developing nations – who did least to cause the crisis – have been starved of climate justice and resilience for too long. Last year’s COP in Egypt delivered an historic Loss & Damage Fund.  This year’s cop in the UAE must put meat on the bone of this fund. That means putting real money on the table.  Table scraps won’t cut it. More broadly – COP28 in Dubai must show that finance is the great climate enabler. It needs to flow to developing in countries in torrents, not trickles, to boost climate resilience right now.”

    Climate finance is the key to transformation

    Climate finance stands at the heart of this transformation. Replenishing the Green Climate Fund, doubling financial resources for adaptation and operationalising the loss and damage fund are key to keeping 1.5°C within reach while leaving no one behind.

    “The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert. COP28 must turn it into a reality,” Stiell added.

    Progress on climate finance at COP28 will be crucial to build trust in other negotiation areas and to lay the groundwork for an even more ambitious ‘New Collective Quantified Goal’ for climate finance, which must be in place next year. It will also set the stage for a just and inclusive transition to renewable energy and the phasing out of fossil fuels, United Nations Climate Change said in a statement.

    In the face of rising conflicts and tensions worldwide, Stiell emphasised the need for collaborative efforts to combat climate change, an area in which nations can work together effectively to ensure a sustainable future both for people and the planet.

    “We don’t have any time to waste. We need to take urgent action now to reduce emissions. At COP28, every country and every company will be held to account, guided by the north star of keeping 1.5°C within reach,” said COP28 President Dr Sultan Al Jaber.

    “All parties should be prepared to deliver a high ambition decision in response to the global stocktake that reduces emissions while protecting people, lives and livelihoods,” Al Jaber added.

    Egyptian Minister of Foreign Affairs and COP27 President Sameh Shoukry said: “We need to start delivering on climate justice and provide the needed tools that we already agreed upon in Sharm el-Sheikh for funding loss and damage, including the establishment of a fund. One of the major outcomes that have to come out of COP28 is for the fund to be fully operationalised and funded.”

    High-level COP28 events

    The World Climate Action Summit (WCAS), hosted by UAE President Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, will convene Heads of State or Government on December 1-2 , when the first part of the COP28 high-level segment will also take place.

    A resumed high-level segment will take place on December 9-10.

    The COP28 Presidency will hold open consultations on thematic areas, inviting inputs from the broad mix of stakeholders attending the conference. Consult the COP28 UAE Thematic Program

    SOURCE

    Culf Business

  • Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    Global Milestone: CIBAFI Announces, in conjunction with COP28, Adoption of Islamic Sustainability Roadmap in Collaboration with IFSB and AAOIFI

    30th November 2023, Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE.

    In alignment with COP28, this roadmap underscores CIBAFI’s commitment, alongside other key infrastructure organizations, to enhance the role of the Islamic financial services industry in promoting sustainability and addressing global climate-related risks. The roadmap comprises initiatives and projects by these three organizations aimed at guiding the industry towards sustainable development.

    Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized the importance of this initiative, stating, “Our commitment to sustainability has been ongoing for several years. This initiative, announced in conjunction with COP28 in the UAE, marks a significant step in normalising the role of Islamic finance in promoting sustainability. This collaboration would not have been possible without the coordination and support from the Central Bank of the UAE.”

    The signing of the declaration by the secretaries general of the three organizations was witnessed by H.E Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials from COP28.

    H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “This declaration issued by the Islamic Finance Infrastructure Organisations tends to foster Islamic sustainable finance globally, as it sets clear roadmap and objectives to support Islamic finance industry to integrate further sustainability considerations in their businesses and activities.  The CBUAE is pleased to have supported in the success of these discussions as part of its commitment to promoting sustainability and in keeping with the UAE’s vision of becoming an Islamic finance hub.”

    The Islamic Finance Infrastructure Organizations’ Declaration on the Roadmap for Islamic Sustainable Finance is a landmark, fostering collaboration among key players. This empowers the Islamic finance industry to contribute significantly to global sustainability goals.

    SOURCE

    CIBAFI
  • UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    UAE announces $4.5bn initiative to support deployment of clean energy in Africa

    COP28 President-Designate Dr Sultan Al Jaber has announced a UAE finance initiative that will provide $4.5bn to help tap Africa’s clean energy potential.

    The announcement was made during his keynote address at the inaugural African Climate Summit in Nairobi, Kenya.

    The landmark initiative brings together vital public, private, and development capital from UAE institutions, ranging from Abu Dhabi Fund for Development (ADFD) and Etihad Credit Insurance (ECI) to Masdar and AMEA Power.

    Africa50, which is an investment platform established by African governments and the Africa Development Bank, has also joined the UAE finance initiative.

    Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities.

    Call to climate action

    The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.

    The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.

    In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.

    These include restoring the financial sustainability of local utilities and modernising basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures.

    During his address, the COP President Designate said: “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”

    He added: “The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”

    Action agenda

    Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s ‘Action Agenda’.

    In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 per cent of the global total, and less than a quarter of the $60bn a year the continent needs by 2030.

    The initiative aims to right this imbalance by bringing together key stakeholders to fast track the development and delivery of infrastructure, generation and distribution solutions.

    UAE finance initiative to be part of Etihad 7

    The initiative will be part of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA).

    Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

    ADFD is supporting with $1bn of financial assistance to address basic infrastructure needs, offer finance solutions and increase mobilisation of private investments. The ECI is providing $500m of credit insurance to de-risk and unlock private capital.

    Masdar, active in 22 countries in Africa, is committing an additional $2bn of equity as part of the new initiative. Masdar will mobilise an additional $8bn in project finance and through its Infinity Power platform.

    Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.

    AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilising $5bn, of which $1bn will come from equity commitment, and $4bn from project finance.

    Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to enable additional private sector investment. The COP28 Presidency has also called on international financial institutions and foundations to join the effort.

    The announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first ‘Global Stocktake’ of climate progress since the 2015 Paris Agreement.

    Credit(Gulf Times)