UAE bid for COP28 focuses on financial alternatives in local weather motion

ABU DHABI, United Arab Emirates — The United Arab Emirates has launched a bid to host a landmark United Nations local weather change convention, in search of to tell apart itself as a world local weather chief in a area nonetheless dominated by fossil fuels. 

The UAE, one of many world’s largest producers of crude oil, is lobbying to host the Council of Events (COP28) world local weather summit in Abu Dhabi in November 2023. The occasion is held yearly and brings collectively world leaders to deliberate local weather coverage.  

“The local weather problem is daunting, however it is usually matched by huge alternative to drive financial progress and job creation,” Abdullah bin Zayed Al Nahyan, UAE Minister of International Affairs and Worldwide Cooperation stated in a press release.  

“As COP28 host, the UAE would leverage its expertise as a regional and world convener to mobilize all actors in attaining the Paris Settlement and reinforcing the compelling funding case for elevating ambitions,” he added. 

The UAE plans to extend its oil manufacturing capability to greater than 5 million barrels per day by 2030, and is establishing a coal fired energy plant. However, its pitch to host COP28 seeks to raise its efforts to make local weather motion a pillar of its home and international coverage and nationwide financial technique, based on a 19-page official doc reviewed by CNBC.   

Employees photographed strolling previous a piece of photo voltaic panels on the Mohammed bin Rashid Al-Maktoum Photo voltaic Park in Dubai on March 20, 2017.

STRINGER | AFP | Getty Photos

The UAE has already allotted greater than $1 billion in grants and low-interest loans for renewable vitality innovation to 70 nations. It plans to make use of the convention to deal with the financial advantages of accelerated local weather motion — a key consideration as nations emerge from the Covid-19 pandemic.  

The UK is about to host the COP26 summit in Glasgow, Scotland in November, billed as a very powerful because the signing of the Paris Accords in 2015. Below the UN regional rotation system, a yet-to-be-determined African nation is scheduled to host COP27 subsequent 12 months.

Regional Motion

Enjoying host for COP28 could be an achievement within the local weather sphere for the Center East — the world’s hottest, driest and most water-scarce area. By 2030, temperatures are anticipated to extend greater than twice the worldwide common. 

The UAE’s push additionally comes amid intensifying regional and world local weather diplomacy, which has been amplified by a change of administration within the U.S. and the coronavirus pandemic.  

U.S. Particular Presidential Envoy for Local weather, John Kerry, attended a local weather change-focused regional dialogue hosted by the UAE in April. The UAE local weather envoy, Sultan Al Jaber, is now working with the U.S. to coordinate efforts to ship motion on essential local weather points, together with decarbonization. 

The UAE additionally hosted each preparatory conferences for Secretaries-Common Ban Ki-moon’s and Antonio Guterres’ local weather summits in 2014 and 2019, and hosts a well-attended annual sustainability summit, the Abu Dhabi Sustainability Week. 

“By internet hosting COP28 within the UAE, we hope to leverage our expertise and capability to help and improve world local weather ambition, whereas maximizing the financial advantages each regionally and globally,” stated Hana Al Hashimi, spokesperson for the Workplace of the UAE Particular Envoy for Local weather. 

The UAE was the primary nation within the area to signal and ratify the Paris Settlement, and the primary within the area to decide to slicing emissions as a part of its Nationally Decided Contribution inside the accord. It is also house to the most important single-site photo voltaic facility on the earth, the area’s first inexperienced hydrogen plant, a large-scale carbon seize mission, the Abu Dhabi primarily based Worldwide Renewable Vitality Company and the renewable vitality firm, Masdar. 

“It is a proven fact that our prosperity as a rustic has been anchored by the blessing of a fossil gas financial system,” Masdar CEO Jameel Al Ramahi instructed CNBC on Tuesday. “Whereas we’re grateful to the blessing that now we have and the wealth that we created via fossil fuels, we’re additionally dedicated to the longer term,” he stated. 

“At a time when IRENA’s imaginative and prescient for the vitality system of the longer term is quick changing into the mainstream path to limiting temperatures to 1.5 levels, internet hosting COP will additional strengthen the UAE’s position within the world vitality transition,” Worldwide Renewable Vitality Company Director-Common Francesco La Digital camera instructed CNBC. 

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