His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance

The United Arab Emirates, under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is steadfast leading international climate finance efforts, leaving no stone unturned to protect our planet and improve lives and livelihoods. The country aims to boost its efforts to promote sustainable solutions to climate challenges, achieve the UN Sustainable Development Goals, and highlight the vital role of governments and the international community in improving the quality of life of people and supporting the transition to a green economy and clean energy, while maintaining economic growth, increasing global awareness of climate change, and unifying efforts to achieve economic development that transforms challenges into opportunities.

The UAE’s financial sector is committed to making achievements that reflect the efforts to combat climate change at all levels and are in line with the country’s strategy to reduce emissions, and efforts to achieve Net Zero by 2050, and to overcome all challenges and obstacles facing the financial aspects of climate action.

In 2023, the Year of Sustainability, which culminated in hosting COP28, the most prominent global climate event, we are at an unprecedented crossroads for all countries of the world to intensify efforts and facilitate the global transition towards a green economy as quickly as possible, achieve sustainability, economic diversification, and increase growth. This global gathering presents an ideal opportunity for implementing the commitments and goals of the Paris Agreement. It also discusses the climate change connection to macroeconomic risks and capital flows, the most important financing gaps, and fiscal policy measures to confront challenges, ensure the transition to green economy, and support efforts to develop sustainable finance.

In line with its status as the country adopting the most important climate finance tools and policies, and in order to ensure a better and sustainable future for humanity, the UAE is committed to actively participating in global initiatives and events. Last March, the Ministry of Finance participated in a workshop with the COP28 Presidency on the economic impacts of climate change on the sidelines of the G20 meetings, as well as organised for the presence of COP28 representatives in a number of financial pathway working teams that discussed climate and investment technologies. It also coordinated with the COP28 Presidency team in preparing the agenda and hosting finance ministers from G20 countries and beyond in Finance Day on December 4 on the sidelines of COP28, including several financial events, most notably the finance ministers high-level roundtable on ‘Scaling up Climate Finance’.

The Ministry of Finance represents the UAE in many local and international events, in addition to coordinating with international financial organisations to unify global efforts to enhance climate action, achieve a sustainable low-carbon future, and encourage climate finance operations. Throughout the past year, the ministry discussed with the International Monetary Fund several topics on the sidelines of the World Government Summit 2023, such as climate finance, and the role of the public and private sectors and international and regional organisations in confronting the challenges and obstacles of climate finance. The ministry also participated in the first meeting of the G20 Sustainable Finance Working Group 2023. On the sidelines of the Joint Annual Meeting of Arab Financial Institutions, the ministry participated in a high-level workshop on climate finance issues to support the sustainable transition.

In conclusion, we are working diligently with all stakeholders to create a common vision and cooperative environment on climate finance, which has become an urgent need considering the accelerating challenges of climate change. Through COP28, we are keen to create and enhance a cooperative environment in which we exchange the best and most innovative practices, help formulate climate action policies, highlight innovative models for mobilising private finance, mobilise local resources, and explore ways to provide local climate-related finance. In addition, we seek to mobilise collective efforts and joint initiatives to build a sustainable and comprehensive system, strengthen communication channels to enhance sustainable climate finance, develop mechanisms and innovate solutions to expand the scope of climate finance, and harness the consensus of all parties to provide finance to countries and communities most in need, to achieve sustainable development that protects humanity and the planet.