Dr. Sultan, COP28 head, urges global banks to invest in climate action

Cop28 President-designate emphasizes the need for financial organizations to help fund measures to tackle the impacts of climate change.

Dr. Sultan Al Jaber, who is set to preside over Cop 28, has issued a clarion call to global banking leaders, emphasizing the imperative of substantial investments in combating climate change. 

He underscored that the scale of investment required to safeguard the planet necessitates “trillions, not billions.”

Elevating Ambitions in Climate Finance and Adaptation

In a virtual meeting with the presidents of nine multilateral development banks (MDBs) and the managing director of the International Monetary Fund (IMF), Dr. Al Jaber advocated for a substantial increase in ambitions concerning climate finance and adaptation.

Key Role of Multilateral Development Banks (MDBs)

Dr. Al Jaber highlighted the pivotal role that multilateral development banks (MDBs) play as financial institutions established by countries to support developing nations. 

He stressed that these institutions are instrumental in funding solutions for critical global challenges, including food and water security and the preservation of biodiversity.

Climate Finance as a Cornerstone of Cop28 Action Agenda

Dr. Al Jaber, who also serves as the UAE’s Minister of Industry and Advanced Technology, emphasized that addressing climate finance is a foundational element of the Cop28 Action Agenda. This underscores the global commitment to tackle climate change and its associated challenges.

Dr. Sultan Al Jaber’s impassioned plea serves as a reminder of the urgent need for substantial financial commitments to combat climate change, and highlights the central role that multilateral development banks are poised to play in achieving these critical goals.