The COP28 Presidency launches the “Charter for the Transition to Climate Neutrality”

Weather of Arabia - Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and President of the Conference of the Parties COP28, announced that the conference presidency is striving to ensure the participation of all actors in the field of climate action. It also seeks to strengthen the role of the private sector and direct it towards taking effective measures to confront the effects of climate change. The Presidency aims to unite efforts among all parties and groups of society in order to build a better future for humanity and planet Earth.

This was done on the occasion of the issuance of the “Climate Neutrality Transition Charter,” which aims to encourage companies in the private sector to take effective measures to confront the effects of climate change and commit to enhancing transparency and integrity in implementing pledges related to achieving climate neutrality.

Dr. Al Jaber explained that the private sector's effective participation in its resources and expertise, and its commitment to it within the framework of COP28, is considered a matter of great importance to support the ongoing efforts and achieve the ambitious goals in the field of climate change, set by the conference presidency. He stressed that companies can benefit from their capabilities and resources to promote general environmental goals, and provide the necessary support to find comprehensive solutions that include all aspects of the conference’s action plan, which includes:

• Accelerate the achievement of an orderly, responsible, fair and rational transition in the energy sector.
• Developing climate financing mechanisms.
• Protecting people and nature and improving lives and livelihoods.
• Ensure everyone is fully included.

Dr. Sultan stressed that the “Climate Neutrality Transition Charter” represents great support for the ability of companies to take effective measures to achieve climate neutrality, and he is monitoring their progress in this context through commitment to supervisory mechanisms and the follow-up program.

He stressed the importance of constructive, cooperative relations between the COP28 presidency and the private sector, through consultation and development of many aspects of the conference’s action plan. He called on all qualified institutions in the private sector to join and sign this pledge as soon as possible.

Al Jaber added that the COP28 presidency has called for adopting a cooperative approach to achieve the goal of reducing emissions by 43 percent over the next seven years, through various contributions coming from various forms of capital, whether governmental, private, or charitable, with the aim of effectively supporting the achievement of this goal. .

He emphasized that philanthropy plays a prominent role in that mission, as they can enhance public awareness of climate issues and provide risk-free financing for climate action projects and initiatives. In addition, these institutions are flexible and able to provide a quick solution, especially when collaborating with funding agencies from both the government and private sectors.

He explained that funding allocated to climate action currently represents less than 2 percent of total charitable donations (which amounted to $810 billion in 2021), which is an extremely low rate compared to the scale of the current environmental challenge. He expressed his hope that a greater number of philanthropic leaders would participate effectively in COP28 to discuss the challenges of climate change and support reaching appropriate solutions to these challenges.

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