Around 85 per cent of the world’s economies, including the G20, have endorsed the global goal of tripling renewable energy and doubling energy efficiency by 2030 as the governments around the world push to achieve their net zero targets to deal with global climate threat.
This was stated by Dr Sultan Al Jaber, President-Designate of COP28, while delivering a speech during the Mena Climate Week in Riyadh, Saudi Arabia.
He stressed that a fair, just, equitable and well-managed energy transition is essential for economic and climate progress.
“There are no simple solutions. We cannot unplug the energy system of today before we build the new system of tomorrow. It is simply not practical or possible. We must meet the energy demands of today while providing access to the 800 million people without energy,” he told the conference.
The UAE will host the next edition of the global climate change conference COP28 at Expo City, Dubai, from November 30 to December 12, bringing global leaders, think tanks and policymakers to discuss challenges facing the world in dealing with climate change, which has become the most pressing issue for the entire world.
“We must rapidly build the clean energy system of the future, while we decarbonise the system of today. To do this we must ramp up renewables,” said the COP28 president-designate.
He asked the world to keep its old promise of a $100 billion pledge made over a decade ago as well as make the fund for loss and damage.
“Donors must double adaptation finance and replenish the Green Climate Fund… old institutions, like the World Bank and the IMF, that were built for the realities of the last century, must update their charters for the climate realities of today.”
He urged the private sector to step up to invest not just in the opportunities of the Global North, but in the needs of the Global South.
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