Sultan Al Jaber said that 'failure is not an option' at COP28

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, attributed "inclusivity" as a key factor for the success of the 28th edition of the UN Climate Change Conference, also called as COP28, held in Dubai.

The 13-day event, held between Nov. 30 and Dec. 12 last year, saw the largest number of stakeholders ever at any COP event as many world leaders, local leaders, religious leaders, NGOs and business people.

"The science told us that COP28 had to be a COP of action, a COP for all," the minister said, WAM reported. "This inclusive approach meant that it was the most well-attended COP of all time, with around 85,000 Blue Zone delegates and more than 545,000 visits to the Green Zone."

Al Jaber further noted that the COP28 Business and Climate Philanthropy Forum was a practical example of the event's inclusivity as it gathered more than 1,300 CEOs and leading philanthropists alongside Heads of State and Government from around the globe.

"Every voice counted. Every voice was heard. We hosted the largest youth delegate program in COP history, ensuring meaningful engagement, which resulted in the first Youth Global Stocktake and this momentum continues by establishing the position of Youth Climate Champion for future COPs," he added.

COP28 raised over $85 billion for climate action, including the $3.5 billion for the Green Climate Fund, more than $187 million for the Adaptation Fund and $129 million for the Least Developed Countries Fund.

The World Bank increased its funding for climate-related projects by $9 billion annually for 2024 and 2025, while multilateral development banks announced an increase of more than $22 billion toward climate action.

For the first time at a COP, an agreement was signed on transitioning away from fossil fuels in energy systems. In the event, over 133 countries have signed up to our global goal to triple renewables and double energy efficiency.

"All this adds to one real game-changer for climate finance, which is the UAE's launch of ALTÉRRA," Al Jaber noted.

ALTÉRRA, the world's largest private investment vehicle for climate action, with a $25 billion acceleration fund, expects to raise $250 billion globally by 2030 focused on climate change solutions.

Al Jaber lauded the vision, support and guidance of the Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of UAE, and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court to make this event a success.

He also appreciated the contributions of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Sheikha Maryam bint Mohamed bin Zayed Al Nahyan, Vice President of the Education and Human Resources Council, for the smooth conduct of the event.

The COP28 President also appreciated the media committee who helped to highlight the "UAE's excellence and experience in planning for the future, economic development and diversification, creating knowledge, skills and jobs and providing an exceptional model for sustainable socio-economic development."