Cop28: Dr Sultan Al Jaber welcomes $100bn climate finance goal being met

President-designate of the crucial talks said it would help everyone focus on ambitious decisions

Dr Sultan Al Jaber, Cop28 President-designate, said the development was 'extremely encouraging'. Chris Whiteoak / The National

Cop28 President-designate Dr Sultan Al Jaber has welcomed the announcement that wealthier countries have reportedly hit the overdue $100 billion annual climate finance goal.

Dr Al Jaber said the move was "extremely encouraging" with just days to go until Cop28 begins.

His comments followed Thursday’s announcement, reported by Reuters, that the Organisation for Economic Co-operation and Development (OECD) said developed nations hit the $100 billion goal in 2022.

The pledge was made in 2009 and aimed to help poorer countries deal with climate change. It was supposed to have been met in 2020.

"I want to thank Germany, Canada and the OECD for their continued support in getting us here as it will enable us to focus on an ambitions decision on the global stocktake and ensure that we keep 1.5ºC within reach," said Dr Al Jaber.

Less wealthy countries have repeatedly said they cannot fund the switch to renewable energy or deal with extreme weather events scientists believe are linked to climate change without support from wealthier nations. Dr Al Jaber has already said that "trillions" rather than billions will be needed.

The OECD said the goal looked to have been met but the data was "preliminary and, as yet, unverified", Reuters said. Germany and Canada were the co-chairs of an international drive to ensure the target was met.

The news is a further boost for Cop28 following the framework deal on loss and damage finance in October.

That deal in Abu Dhabi saw negotiators agree on a series of guidelines regarding the contentious fund that aims to assist poorer countries deal with the harsh impacts of climate change. The blueprint will be considered at Cop28 with a view to bringing the fund into formal operation.

Cop28 runs from November 30 to December at Expo City Dubai.

Organisers say more than 70,000 attendees are expected.