COP 28: Al Jaber, Georgieva and Carney’s joint statement

“Climate change is one of the most critical macroeconomic and financial policy challenges that IMF members face in coming decades. Capital is among the most important enablers of climate action, but not enough is getting to the people and places that need it most (…) we need a major shift to harness public and, especially, private financing. That includes substantially more concessional finance that can lower risk and drive private sector finance more efficiently to emerging and developing countries. It also requires that both the public and private sector’s finance all components of the energy transition, including both the scaling of clean energy and the managed phaseout of fossil fuels on an accelerated time frame. To achieve this objective, all countries need robust climate policies that accelerate the green transition, and stronger mechanisms to promote cooperation and risk-sharing among stakeholders.” (Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President-Designate, and Mark Carney, UN Special Envoy for Climate Action and Finance and Co-Chair of the Glasgow Financial Alliance for Net Zero (GFANZ).

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• Source: https://thisisoliver.co/2023/04/13/cop-28-al-jaber-georgieva-and-carneys-joint-statement/