Сountries of the Global South, including Russia and other BRICS states, reportedly back the UAE presidency of the United Nations Framework Conference on Climate Change (COP28) and recognize the nation's in-depth expertise and experience in implementing green energy projects around the world.
The UAE is one of the global leaders in the renewable energy sector, having already invested more than $50 billion in clean energy technologies worldwide. The country plans to invest the same amount in renewable energy domestically and globally over the next decade.
In January, Sultan Al Jaber, head of the Abu Dhabi National Oil Company (ADNOC) and UAE Special Envoy for Climate Change, was named as president of the COP28. Announcing his appointment, the authorities highlighted his key role in developing renewable energy in the kingdom that are aimed at reducing dependence on oil revenues.
In 2006, Al Jaber created the Masdar company, Abu Dhabi’s pioneering renewable energy initiative, which aims to become the world's second-largest investor in renewable energy projects by 2030.
Al Jaber, who is also the country's minister of industry and advanced technology, is the first CEO ever to serve as president of the summit. According to the COP28 website, he brings "sound business acumen, a deep understanding of economics" and decades of experience in the energy sector, including both renewable and traditional energy. Moreover, he has experience in international diplomatic negotiations on measures to combat climate change as he participated in over 11 COPs.
In November, Sharm El-Sheikh of Egypt hosted the 27th United Nations Climate Change Conference (COP27), dubbed "the African COP." The event resulted in the signing of the "loss and damage" agreement, according to which developed and major developing countries agreed to create a fund designated to provide compensation for poorer states affected by the climate change fallout.