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COP28 Presidency rings in new era of climate finance on second day of UN General Assembly

Story Highlights
  • COP28 President-Designate, Dr. Sultan Al Jaber, kicks off program of activities on second day of 78th session of UN General Assembly by ringing opening bell at New York Stock Exchange.
  • President-Designate and UN Special Envoy Michael R. Bloomberg announce COP28 Local Climate Action Summit – first formal summit designed to bring subnational leaders into COP program and process.
  • Dr. Al Jaber also attends Earthshot Prize Innovation Summit alongside Prize founder HRH Prince William, Prince of Wales.
  • Dr. Al Jaber addressed high-level, private discussion on private capital mobilization in emerging and developing markets (EMDEs).
  • COP28 Presidency attending United Nations General Assembly in New York this week to advance its Action Agenda and consult with world leaders on delivering transformational change at climate summit in UAE.
  • COP28 President-Designate joined by wider Presidency team to advance agenda across technology, private sector involvement, and nature-based solutions.

COP28 President-Designate, Dr. Sultan Al Jaber, today rang the famous opening bell at the New York Stock Exchange to help raise awareness of climate finance in the US business community, as he began a program of activities on the second day of the United Nations General Assembly.

This week, the COP28 Presidency is attending the 78th session of the General Assembly, and New York Climate Week, to advance its Action Agenda and consult with world leaders from politics, business and other sectors on how to deliver progress at COP28, being held in the UAE at the end of this year.

In addition to his engagement at the New York Stock Exchange, a major focus on the Dr. Al Jaber’s day was announcing the greater involvement of cities and sub-national decision makers in COP28. He joined Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions, to announce the COP28 Local Climate Action Summit – the first formal summit designed to bring subnational leaders into the COP program. 

Hosted by the COP28 Presidency and Bloomberg Philanthropies, the COP28 Local Climate Action Summit will convene subnational climate leaders, such as mayors, governors, business executives, non-government organization heads, and more, into the heart of the COP process.

The role of local leaders in climate action is a key focus area for the COP28 Presidency’s Action Agenda, under the pillar of full inclusivity.

The President-Designate also attended the second Earthshot Prize Innovation Summit today, alongside Earthshot Prize founder HRH Prince William, Prince of Wales, and other distinguished guests. The Earthshot Prize is a global environmental prize to discover, accelerate, and scale ground-breaking solutions that can help put the world firmly on a trajectory toward a stable climate.

Continuing his focus on finance for the day, Dr. Al Jaber also attended a high-level roundtable on climate finance, organized by the International Monetary Fund (IMF), the World Bank and the Glasgow Financial Alliance for Net Zero (GFANZ), which focused on private capital mobilization in emerging and developing markets (EMDEs).

Other attendees included Mark Carney, Co-Chair GFANZ and UN Special Envoy for Climate Action and Finance, Kristalina Georgieva, Managing Director, IMF, Ajay Banga, President of the World Bank, Larry Fink, CEO of BlackRock, Janet Yellen, US Treasury Secretary, and Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt.

Dr. Al Jaber also held a series of one-on-one consultations and discussions with high-level figures, including Alok Sharma, former President of COP26, the Managing Director of the International Monetary Fund, Kristalina Georgieva and Costas Simitis, the former Prime Minister of Greece.

The President-Designate is being accompanied in his visit to New York by the wider COP28 Presidency team, including COP28 Director-General, Ambassador Majid Al Suwaidi, COP28 CEO H.E. Adnan Amin, UN Climate Change High-Level Champion H.E. Razan Al Mubarak, and UN Youth Climate Champion H.E. Shamma Al Mazrui.

Ambassador Al Suwaidi delivered a speech at the International Emissions Trading Association’s opening ceremony on harnessing the power of markets and collaboration in scaling high-integrity voluntary carbon markets.

H.E. Razan Al Mubarak delivered opening remarks at a roundtable hosted by the Bezos Earth fund and SalesForce to amplify the science-based goal of accelerating finance, policy, and technology to restore and protect 15 million hectares of mangroves by 2030. She also spoke at an event hosted by the Women’s Environment and Development Organization to share insights into the gender outcomes she is prioritizing as the UN Climate Change High level Champion for COP28.

Notes to Editors COP28 UAE:   

•COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.

• As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.

• The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.”


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