Today's Edition
BAKU (WAM)
The UAE Pavilion at COP29 theme on Thursday held eight sessions on ‘Climate Finance’ discussing how the global transition towards a net zero and climate-resilient future can be accelerated for all.
The sessions featured a broad range of UAE climate action leaders and partners including the Global Climate Finance Centre (GCFC), clean energy company Masdar, its WiSER programme for women in sustainable change, HSBC, the Global Islamic Finance Programme, and the Mohamed bin Rashid School of Government.
Mobilising Climate Finance for the Global South was moderated by Shaima Gargash, Director of Energy and Sustainability at the Ministry of Foreign Affairs of the UAE, and Mercedes Vela Monserrate, Chief Executive Officer of the Global Climate Finance Centre, considered how South-South collaboration, particularly in Africa Green initiatives, is bringing real climate solutions through “bankable projects” which can unite policy with investment.
The Global Climate Finance Framework discussion with Majid Al Suwaidi, ALTÉRRA CEO and COP28 Director-General and Special Representative, explored actions to meet climate finance needs, accelerate access to investment and contribute to economic growth.
He explained how ALTÉRRA has assigned $5 billion of catalytic capital for the Global South and that “the framework has grown exponentially since inception and has filled a gap that previously existed. The path from billions to trillions can only happen when the financial community becomes involved in relevant conversations and the private sector in a very meaningful way.”
The UAE as a Climate Finance Hub with Al Suwaidi showcased the UAE’s growing ecosystem of financial institutions and climate-tech innovators, with Green Bonds and Renewable Energy Financing explored by Masdar and key UAE banking partners.
Bruce Johnson, Director, Corporate Finance and Treasury, at Masdar, explained how Masdar's ambitious vision to become a powerhouse in renewable energy has seen it downstreaming the proceeds from its annual green bonds to fund sustainable energy projects.
Facilitated by Amy Brachio, EY’s Global Vice Chair, Sustainability, the UAE/Climate Changemaker Majlis with WiSER encouraged open dialogue on how to make innovative climate finance solutions work for everyone through equitable social and environmental impacts, an emerging theme of COP28.
Bringing marginalised groups “into the problem-solving process” was discussed along with “models to strengthen climate resilience and access to financing”.
Reem Al Mussabeh, Serial Tech Entrepreneur, Youth Advocate and WiSER Pioneer, advocated how “mentorship, capacity building, and awareness are also very important – to build the foundation and scale it up for more impactful solutions”.
HSBC and global thought leaders discussed socially inclusive transitions in Financing the Just Transition Across the Global South.
The Global Islamic Finance Programme for Climate, Nature, and Development talked about how blended finance could offer access to the $3 trillion global asset pool that is Islamic finance, with Policy and Finance in Bridging the Adaptation Gap in MENA discussed by the Mohamed bin Rashid School of Government and HSBC.
