Cop28 president-designate commends achievement of $100 billion climate finance goal

The President-designate of the critical talks said it would benefit everyone to focus on ambitious decisions.

Welcoming Progress

Dr. Sultan Al Jaber, the Cop28 President-designate, has expressed his appreciation for the reported attainment of the long-awaited $100 billion annual climate finance target by wealthier nations. This development, heralded as “extremely encouraging,” arrives just before the commencement of Cop28.

Key Announcement

Following Thursday’s disclosure by Reuters, the Organisation for Economic Co-operation and Development (OECD) confirmed that developed nations fulfilled the $100 billion commitment in 2022. 

This milestone, originally pledged in 2009 to assist less affluent countries in addressing climate change, had been overdue since 2020.

Acknowledgment and Gratitude

Dr. Al Jaber extended gratitude to Germany, Canada, and the OECD for their persistent support in achieving this milestone. 

He emphasized the importance of this accomplishment in facilitating a comprehensive decision on the global stocktake and maintaining the ambitious target of limiting global warming to 1.5ºC.

The achievement of the $100 billion annual climate finance goal signifies a crucial step toward fulfilling commitments made to aid vulnerable nations in combating climate change. 

Dr. Al Jaber’s appreciation underscores the collaborative efforts necessary to address climate challenges and sets a positive tone for Cop28 discussions and actions.