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COP28 President Dr. Sultan Al Jaber told an audience in Baku on
            26 October that he was determined to take a “business unusual
            approach” to “close a massive emissions gap” and deliver climate
            outcomes at COP28.

            Speaking just 34 days before the UAE hosts the world for the COP28 global
            climate summit, Dr. Al Jaber was in Azerbaijan for the inauguration of Masdar’s
            Garadagh Solar Park. While in Azerbaijan, Masdar, which Dr. Al Jaber chairs,
            signed agreements for two further solar projects and one onshore wind project
            with a total capacity of 1GW. This is part of the first phase of a 10GW pipeline of
            renewable energy projects that Masdar is developing in Azerbaijan.

            The inauguration of the Garadagh Solar Park was overseen by President of Azerbaijan, HE
            Ilham Aliyev. The 230MW Garadagh Solar Park will power more than 110,000 homes and reduce carbon emissions
            by 200,000 tonnes a year. Addressing the audience, Dr. Al Jaber said, “this event perfectly illustrates the practical
            action needed to turn the goals of the Paris Agreement into tangible reality.”
            Dr. Al Jaber continued, “while investment in renewable energy continues to grow, with a record 500GW added
            globally this year, the world must triple renewable energy capacity by 2030 to keep 1.5 within reach.”
            Addressing the scale of the climate challenge, Dr. Al Jaber said that “Paris unified the world around a common goal,
            but since then, we have not seen enough action to close a massive emissions gap.”

            To deliver on these global targets, Dr. Al Jaber continued, “we need innovative approaches to climate finance to
            ensure a pipeline of viable projects can be developed and delivered in record time.”

            Dr. Al Jaber noted that Garadagh was achieved through a partnership between Masdar and the Abu Dhabi Fund for
            Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan’s
            International Co-operation Agency.

            “This is a great example of multilateral and bilateral institutions coming together from around the world in innovative
            blended finance to deliver real results, especially across the Global South. This is a catalytic model for project finance
            that Masdar has developed over nearly two decades to successfully deliver renewable energy projects in over 40
            countries,” he said.

            Speaking of the importance of investments in grid infrastructure to enable the tripling of global renewable energy
            capacity, Dr. Al Jaber also noted that “by connecting the electricity grid to Georgia, Hungary and Romania, this
            country will be a regional exporter of renewable and low carbon energy.”
            Concluding his remarks, Dr. Al Jaber spoke of how his Presidency of COP28 would be underpinned by inclusivity and
            a focus on action.

            “I have seen how new technologies combined with strong political will and results-driven private enterprise can make
            game-changing progress for the climate and our economies,” He said. “And I have learned that it is critical to bring
            everyone to the table to be part of the solution. This is the spirit of inclusivity I want to bring to COP28. I want to bring
            the world together to focus on solutions and results. A little less conversation, a lot more action. This is the business
            unusual approach I am determined to take.”
            The four pillars of the COP28 Presidency’s Action Agenda are fast tracking the energy transition, fixing climate
            finance, focusing on people, lives, and livelihoods, and fostering inclusivity.

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