In a pivotal discussion session hosted by the Presidency of the Conference of the Parties (COP28) alongside esteemed partners, including the Independent High-Level Expert Group on Climate Finance, the Global Center for Climate Finance, and the Altera Fund, His Excellency Ambassador Majid Al Suwaidi, Director-General and Special Representative of the UAE Presidency for COP28, as well as CEO of the Alterra Investment Fund, underscored the critical role of financing in advancing climate action.
Al Suwaidi highlighted the imperative of making financing accessible and affordable to all, particularly emphasizing the estimated $2.4 trillion annually required by developing nations by 2030 to mitigate the risk of global temperatures exceeding the 1.5-degree Celsius threshold.
During his address, Al Suwaidi articulated the COP28’s proactive approach towards viewing investments in climate and nature as avenues for economic and social advancement. He stressed the significance of the discussion session in bolstering climate financing objectives, supporting positive outcomes not only for COP29 but also for future endeavors.
The session, attended by various climate change ministers, finance leaders, and representatives from civil society, delved into progress made in climate finance post-COP28, including the implementation strategies outlined in the UAE COP28 Declaration on Climate Finance. This declaration aims to galvanize investment in climate action, especially in developing nations.
Underlining COP28’s commitment to shaping the climate finance landscape, the presidency collaborated with COP27 in commissioning an expert group to delineate steps for global climate finance development. The UAE COP28 Declaration on Climate Finance, along with initiatives such as the Alterra Investment Fund and the Global Center for Climate Finance, signify concrete steps in response to this report.
Mercedes Villa-Monserrat, CEO of the Global Climate Finance Centre, stressed the significance of partnerships in bolstering climate finance, expressing optimism about the collaborative efforts fostering new investment opportunities for a sustainable future.
The event featured keynote addresses by distinguished figures such as Prime Minister Mia Mottley of Barbados and presentations by Co-Chairs of the High-Level Independent Expert Group on Climate Finance, Lord Nicholas Stern and Dr. Vera Songwe.
High-profile speakers, including government officials and climate advocates, participated in discussions during the session, further underscoring the urgency of climate financing and the need for collective action.
The UAE’s proactive stance in developing a global climate financing system culminated in the historic “Emirates Agreement” during COP28, aiming to channel investments into regions most in need, particularly in emerging and developing economies.
Moreover, the launch of the Altera Investment Fund, with a $30 billion capital, positions it as the world’s largest private investment fund dedicated to addressing climate change. It aims to mobilize $250 billion in global investments by 2030 to foster a new global climate economy.
The establishment of the Global Climate Finance Centre in Abu Dhabi further reflects the UAE’s commitment to catalyzing climate investments globally and facilitating partnerships and regulatory frameworks conducive to sustainable development.
As a key player in the COP Presidencies Troika, the UAE seeks to build on the momentum of COP28 and ensure continuity in joint efforts between COP28, COP29, and COP30 to mitigate the risk of surpassing the 1.5-degree Celsius temperature increase threshold.
