• Mohamed Al Hussaini: The UAE is launching and activating national initiatives to enhance future readiness and achieve global goals related to climate change
• Mohamed Al Hussaini: Enhancing joint action and coordination is key in devising key climate finance-related tools and policies
• Mohamed Al Hussaini: The significant effects of climate change have underlined the need for urgent action at the centre of policy priorities and development ambitions and strategies
• Sultan Al Jaber: We must simultaneously focus on the policies and instruments that will leverage multiples of private finance for commercially-ready, pro-growth investments
• Sultan Al Jaber: Reform of multilateral development banks will be a core part of the COP28 outcomes, so that climate finance starts flowing at scale to the most vulnerable and fragile countries
• The session is organised in cooperation with the International Monetary Fund
• The session deliberates the role of public and private sectors, as well as regional and international institutions and organisations in mitigating climate finance impediments Dubai – United Arab Emirates, 13 February 2023: The Ministry of Finance (MoF), in cooperation with the International Monetary Fund (IMF), today held a high-level closed session on Climate Finance.
The session, which was held on the sidelines of the World Government Summit 2023 (WGS2023), sought to discuss the role of public and private sectors, as well as regional and international institutions and organisations in mitigating climate finance impediments. His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, chaired the session. His Excellency Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President-Designate; as well as Ms. Kristalina Georgieva, Managing Director of the IMF, participated in the session, along with Their Excellencies Ministers of Finance and Governors of Central Banks in Arab countries, and presidents and directors of regional and international financial institutions. His Excellency Mohamed Bin Hadi Al Hussaini emphasised the significance of enhancing dialogue and coordination in the field of climate finance, and previewing the best means of securing climate finance and investments to mitigate the repercussions of climate change. His Excellency said: “The UAE is committed to working on addressing climate change by launching and activating national initiatives to enhance future readiness and achieve global goals related to climate change. Enhancing joint action and coordination is key in devising key climate finance-related tools and policies to achieve these goals.” His Excellency Al Hussaini noted that the significant effects of climate change have underlined the need for urgent action at the centre of policy priorities and development ambitions and strategies.
“This requires us to continue the move from treaties to implementation, and this is where the UAE aims for COP28 to be an event of global solidarity and action, inclusive of diverse stakeholders, accountable for commitments, and actionable on solutions,” His Excellency said. His Excellency noted that “COP28 in the UAE will be a milestone moment where we will witness the World’s first Global Stocktake to assess progress to limit global warming to 1.5°C. This will not just reveal gaps between ambitions and reality but will also set the stage to taking effective action to get the world back on track by 2030.” His Excellency Dr Sultan bin Ahmed Al Jaber said: “Finance will be at the heart of COP28 as an enabler of 1.5, adaptation, and the response to loss and damage.
While countries deliver on existing commitments, we must simultaneously focus on the policies and instruments that will leverage multiples of private finance for commercially-ready, pro-growth investments like renewable and clean energy, climate-smart food production, and nature-based solutions. Reform of multilateral development banks will be also a core part of the COP28 outcomes, so that climate finance starts flowing at scale to the most vulnerable and fragile countries — an urgent priority in the face of growing climate disasters and stress.” The session deliberated ways to increase climate financing and investments, particularly in emerging and developing countries, and the role that the IMF can play to achieve this goal.
It also discussed financial architecture reforms that would support global economic stability; in addition to means of empowering emerging economies, the private sector, the International Financial Institutions (IFIs), and Multilateral Development Banks (MDBs) to increase their commitment to providing climate finance. WGS2023 will highlight six main themes across more than 110 sessions and forums. The summit will bring together more than 10,000 government officials and international experts from more than 140 countries and more than 80 international, regional, and governmental organisations.