Sultan Al Jaber0:00
It's indeed with great pleasure that I come back and have the opportunity to address this very distinguished and esteemed audience. Allow me first to start by conveying the high respect and greetings of His Highness, the President of the United Arab Emirates, to this high-level meeting and esteemed gathering, and relay his Highness's steadfast commitment to sustainable development and climate action. I'd also like to thank His Excellency, President of the Republic of Egypt, for graciously hosting this very important meeting. Under his steady guidance, COP 27 has put a global focus on a fair deal for climate finance in Africa. Allow me also to extend my greetings to all their excellencies, the presidents, heads of state, heads of government, vice presidents, prime ministers, and the chairperson of the African Union Commission. Also, allow me to thank my dear colleague, the President of the African Development Bank Group and the Governors of the African Development Bank, for inviting me to speak at this very important meeting. The AfDB has been at the forefront of the evolution that is very much needed in the architecture of MDBs and IFIs. The AfDB prioritized sustainable industrial growth in Africa and has been able to raise its clean tech investments from 9 to 45 percent of its portfolio in only four years. That is a remarkable achievement. Excellencies, by 2050, Africa's population will grow from 1.4 to 2.5 billion people, with an average age of just 19, the youngest of any region in the world. These young people have a right to a healthy, prosperous future, and there is no reason why they can't have it. Africa is rich in many things, but also very rich in clean energy sources, including wind, solar, hydro, and geothermal, and as such has a huge potential for low-carbon growth and sustainable socio-economic development. But one critical challenge stands in its way, and that is the lack of available, accessible, and affordable finance. And this lack of finance is putting the world's climate goals and Africa's sustainable development at real risk. Addressing this issue is one of the top priorities of the COP 28 presidency, and I am very keen to work with all parties to make practical and tangible progress and to ensure that such funds are made available, accessible, and affordable. But first, we need to acknowledge some basic realities. The 54 countries of Africa have done the least to cause climate change, contributing less than four percent of global emissions, yet they are suffering some of the worst consequences. The AfDB estimates that Africa loses up to 15 percent of its potential GDP as a result of climate-related impacts. At the same time, the climate finance gap is huge. When it comes to renewable energy, only two percent of the three trillion dollars invested worldwide over the last 20 years have made their way to Africa. Total climate finance for Africa currently stands at around 30 billion US dollars, when it needs to be at least 10 times that amount. But if we can shift the balance on climate finance to Africa, I believe this continent can become a defining force in low-carbon sustainable growth. Addressing the finance gap is a top priority for the COP 28 presidency. To my team, as a first step, developed nations need to live up to their historic responsibilities, and they must come through with the 100 billion dollars in climate finance they pledged over a decade ago. There are encouraging signals coming from donor countries on this front, which I hope will soon be followed by real and concrete actions. Donor countries also need to double their commitment to adaptation finance by 2025 to help build Africa's resilience. But to make transformational progress, we need to shift gears in mobilizing private finance. This is where the reform of IFIs and MDBs can make a big difference, by unlocking much more concessional finance, lowering risk, and attracting private capital. COP 28 is exploring additional parallel mechanisms to supercharge the flow of private finance to Africa. And by adopting policies and regulations that create a favorable investment climate for the private sector, African governments can build a robust pipeline of sustainable investment. Some of this, I know, is already happening in Africa. The AfDB is spearheading innovative blended public and private finance solutions to expand clean growth through Africa 50. And the UAE is leveraging over a billion dollars in investments in renewable projects across Africa through public and private partnerships. But progress is incremental, and what is needed here is big steps, transformational progress. Excellencies, mobilizing public and private finance for Africa will have game-changing results for development and climate goals. It will help deliver clean energy for the 600 million people who lack access to electricity and the almost 1 billion who lack access to clean cooking fuels. It will create new industries, new jobs, and for sure, sustainable growth. Excellencies, distinguished guests, and delegates, we do believe that there is great potential for Africa to set an example for low-carbon, high-growth, sustainable development. Finance is going to be a critical success factor. In fact, finance is the key to turn good intentions into real results. And this year of the global stocktake, we need every country and every stakeholder united in solidarity on this issue, alongside mitigation, adaptation, and of course, loss and damage. Addressing climate change is more than a set of numbers. It is more than meeting goals. It is about people who deserve a better future for their families. Delivering effective climate finance to Africa will help Africa develop, progress, and prosper. It will help put the world back on the right track to achieve the goals of the Paris Agreement, and it will enable an energy transition that leaves no one behind. And that is what we are committed to deliver at COP 28. Thank you.
