Environment, Forest and Climate Change Minister Saber Hossain Chowdhury said the success of the Loss and Damage Fund of COP28 hinges on its adequate capitalization and how promptly funds thereof can be disbursed to communities most impacted by loss and damage.
He also said the pledges on climate finance during COP28 need to be significantly built upon during this year to respond to the increasingly acute needs of the most vulnerable countries.
The minister said this in a pivotal session in the World Government Summit ‘Delivering the UAE Consensus Globally: From Agreement to Action' held on Monday in Dubai, UAE.
He further said it is essential to agree on a definition of climate finance and we must also ensure that the New Collective Quantifiable Goal is designed to deliver scaled-up financing aligned with needs and scientific assessment – for mitigation, adaptation and loss and damage.
Chowdhury said we must ensure there is appropriate follow-up and accountability in the implementation of GST outcomes.
“Any potential loopholes must be closed and our focus must be on actions that are strictly 1.5C aligned. For the first time in around three decades of the COP process, the UAE Consensus, under the able leadership of the UAE, yielded concrete commitments from nations around the world on transitioning away from fossil fuels,” he added.
Likewise, the success of the Global Stocktake outcome, with strong recognition of achieving 1.5°C and significant gaps on climate finance, will rely on countries’ commitments to the outcome and prompt action to address the ambition and implementation gaps to 1.5C.
The Environment Minister said other crucial areas such as the mitigation work programme and the work programme on just transition pathways need to step up in 2024 to contribute to the implementation of the GST outcomes and deliver activities that will contribute to realizing the objectives of the Paris Agreement and fostering inclusive climate action implementation.
Saber Hossain Chowdhury said the focus now is on the delivery of the UAE Consensus and translating its ambitious outcomes into tangible implementation that aligns fully with 1.5C and the needs of the most climate vulnerable members of our global community.
The Global Stocktake decision from COP28 has set a list of follow-up tasks for 2024 which will be crucial to guide timely implementation and for tracking progress on climate action to ensure accountability.
Dr Sultan Al Jaber, CoP 28 president & UAE special envoy to climate change; Kristalina Georgieva, Managing Director of the IMF; Muawieh Radaideh, Minister of Environment, Jordan; Simon Stiell, Executive Secretary of the UNFCCC; Mukhtar Babayev, COP29 President Designate and Minister of Ecology and Natural Resources of Azerbaijan also spoke on the occasion.