Find out how the UAE is contributing to protecting lives and achieving sustainable living in light of climate change
The issue of climate change is witnessing an escalation in the global community, and it is considered one of the biggest challenges facing humanity in the twenty-first century. In order to meet this challenge, many countries and international institutions are working to enhance climate financing and contribute to developing sustainable solutions to the problems of climate change. The United Arab Emirates plays a pioneering role in this field, as it seeks to strengthen bridges of communication and cooperation with the international community through its initiatives and commitments.
Bridges of communication and cooperation
The United Arab Emirates is working at the helm of the COP28 conference, where Dr. Sultan Ahmed Al-Jaber, Minister of Industry and Advanced Technology, is the appointed president of this conference. Al-Jaber stressed during his speech at the New Global Financial Compact Summit in Paris that the conference presidency works according to the directives of the leadership in the Emirates It focuses on enhancing communication and cooperation with the international community.
Developing the global financial architecture
The New Global Financial Compact Summit in Paris aims to develop the global financial architecture, direct more financial resources towards climate action and support communities most vulnerable to climate change. Al-Jaber attended this summit and met a number of global political and climate action leaders, including French President Emmanuel Macron and President Brazilian Luiz Inacio Lula da Silva, Mia Motley, Prime Minister of Barbados, and Antonio Guterres, Secretary-General of the United Nations.
Working together to achieve progress
The UAE stresses the need to bring stakeholders in the financial community to the negotiating table, and to adopt a comprehensive approach to addressing global challenges. It believes that climate action represents an opportunity for development rather than a burden, and that joint cooperation can achieve tangible progress in the climate finance file, especially for countries in the global south.
Commitment to climate finance
The UAE stresses the importance of developed countries fulfilling their historical commitment to financing developing countries, and Al-Jaber indicates that donor countries are finally close to fulfilling their promise to provide $ 100 billion in climate financing to the countries of the global south, and stresses the need to achieve this in the current year, and that we must realize These efforts are a temporary aid to mitigate the effects of climate change.
Climate finance challenges
Al-Jaber points out that climate finance is still not available in sufficient, affordable or affordable terms for countries that cause less climate change, and indicates that achieving this requires a fundamental change in private sector investments, in addition to providing financing through multilateral loans.
Attracting private capital
Al-Jaber points out that increasing financing and attracting private capital requires reducing risks related to climate investments. Increasing concessional financing is an important solution to providing commercial investment and supporting climate projects.
Climate finance development
The UAE participates in efforts to develop climate finance by attending international financial meetings and summits, and Al-Jaber participated in a roundtable meeting on raising and stimulating private capital, hosted by the President of the World Bank Group, the United Nations Special Envoy for Climate Action and Finance, and the Director-General of the International Monetary Fund.
Sustainability and climate change
The UAE affirms its strong commitment to sustainability and combating climate change, and works to enhance international cooperation in this field, and seeks to direct more financial resources towards climate action and support for communities most vulnerable to climate change.
Al-Jaber stressed in the meeting the need to provide climate financing in a better and more effective way, and stressed the importance of attracting more capital from the private sector and directing it to climate investment, and indicated that facilitating and accelerating the process of obtaining climate financing, and setting unified and transparent standards, will help achieve this. He also stressed the need to provide financing at a reasonable cost and to enhance transparency in the process of determining the costs of climate financing.
Al-Jaber also spoke about the importance of voluntary carbon markets in financing efforts to reduce emissions, especially in emerging and developing countries, and called for strengthening the credibility of these markets and achieving the highest standards of integrity through cooperation between governments, organizations and civil society.
Al-Jaber praised the Forest and Climate Leaders Partnership session, which focused on afforestation and nature conservation.
During his visit to Paris, Al-Jaber met with a number of ministers, officials and leaders of the industrial sector, including the Norwegian Minister of International Development, the President of Total, the CEO of Engie, the French Minister of Energy Transition, the Chairman of BlackRock, the French Minister of Economy and Finance and the French Minister of Foreign Affairs.
The participation of Al Jaber and the UAE in these meetings reflects their strong commitment to combating climate change and strengthening international cooperation in this field.
The UAE stresses the importance of international cooperation in facing the challenges of climate finance and the development of the global financial structure, and urges the gathering of stakeholders and joint action to achieve tangible progress in the field of climate finance. More sustainable and environmentally friendly.
