COP28: UAE’s Dr Sultan Al Jaber rings NYSE bell to open trading on Wall Street

Dr Sultan bin Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and COP28 President-Designate, opened trading on Wall Street for the day on September 19 by ringing the iconic New York Stock Exchange (NYSE) bell, reported state news agency WAM.

In ringing the bell at one of the most landmark locations for the financial world, Dr Al Jaber aimed to send a message about climate finance – the private sector must play its role in ushering in a new era for sustainable and green finance to ensure the objectives of the Paris Agreement are met and the goal of 1.5 degrees C is kept within reach.

The NYSE welcomes Dr Sultan Ahmed Al Jaber, COP28 President-Designate, UAE Special Envoy for Climate Change, and Minister of Industry and Advanced Technology, and delegation in recognition of @COP28_UAE at the Expo City, Dubai. #UNGA78@UN_UAE | @UN https://t.co/0AoyIEQPZN

— NYSE ? (@NYSE) September 19, 2023

First COP President to ring NYSE bell

The first COP president to ring the NYSE bell, Dr Al Jaber urged the exploration of innovative and new mechanisms which lower risk and expand private investment in bankable clean projects.

“Collaboration between the public and private sector will be key to making the much-needed new financial system a reality. Programs such as the US$4.5bn Africa green investment initiative set a clear example of how public, private and development capital can be deployed to mobilise further capital and deliver green projects,” he said.

#DrSultanAlJaber is at the heart of the financial world, @NYSE, ringing the bell ?to a new era of climate finance, with a clear and decisive message: reform of the financial system is critical to ensuring the objectives of the Paris Agreement are met and 1.5 degrees C is kept in reach. pic.twitter.com/GNOqQpCoZZ

— COP28 UAE (@COP28_UAE) September 19, 2023

One of the COP28 Presidency’s key objectives is to ensure the world works collaboratively and effectively to deliver a new framework for global climate finance that is capable of delivering the $4.5tn necessary to reach urgent climate targets.

After the event, Dr Jaber and the city’s former mayor Michael Bloomberg unveiled a new programme for local leaders that will take place during this year’s climate summit in the UAE. Bloomberg, who is a UN special envoy for climate ambition, and Dr Al Jaber unveiled the COP28 Local Climate Action Summit, which will take place in Dubai from December 1-2.

Ahead of his visit to the NYSE, Fortune published an op-ed by Dr Sultan Al Jaber, in which he said, “Fixing climate finance is daunting but doable… I therefore call on all governments, development institutions, and business leaders to use these crucial next few months before COP28 to raise their ambitions and deliver on their pledges. They should also go further, and support fundamental reform of the global financial architecture to deliver climate finance at scale. The money is waiting to be unlocked.”

At the NYSE, the COP28 President-Designate highlighted the importance of restoring global trust through the delivery of previous commitments including the $100bn a year target for climate funding, the replenishment of the Global Climate Fund and operationalising the Loss and Damage Fund agreed at COP27.

#DrSultanAlJaber participated at the GFANZ roundtable in #NYC along with @KGeorgieva, Ajay Banga, @MarkCarney, @SecYellen & other experts. He highlighted the need to explore innovative new mechanisms to lower risk and expand private investment. pic.twitter.com/nDv5rC8Eok

— COP28 UAE (@COP28_UAE) September 20, 2023

“The existing global financial architecture is nowhere near where it needs to be, with the lack of available, accessible and affordable finance an obstacle to progress in the fight against climate change.” Dr Al Jaber said. “We need a truly inclusive approach towards tackling climate change, and both development banks and aid programmes must help deliver this.”

Also read: Dr Sultan Al Jaber calls for solidarity before COP28 conference