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DUBAI – During a high-level closed-door session on climate finance at the World Government Summit 2023 (WGS2023), the Ministry of Finance (MoF) and the International Monetary Fund (IMF) discussed public and private sector engagement, as well as regional and international agencies and organizations to overcome climate finance barriers.
The meeting was chaired by Mohammad Hadi Al-Husseini, Minister of State for Financial Affairs.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chair-designate of COP28; and IMF Managing Director Kristalina Georgieva with Arab Finance Ministers and Central Bank Governors, as well as regional and Presidents and directors of international financial institutions participated in the meeting.
Al Hussaini highlighted the importance of enhanced dialogue and coordination in the climate finance arena and previewed the best ways to secure climate finance and investments to mitigate the impacts of climate change.
He said: “The UAE is committed to addressing climate change by initiating and activating national initiatives to strengthen future preparedness and achieve global goals related to climate change. Strengthening joint action and coordination is key to designing key climate finance-related tools and policies to key to achieving these goals.”
Al Hussaini noted that the significant impact of climate change highlights the need for urgent action at the center of policy priorities and development ambitions and strategies. “This requires us to continue moving from treaty to implementation, which is what the UAE wants COP28 to be a pageant of global solidarity and action, involving different stakeholders, taking responsibility for commitments and acting on solutions,” he said.
He noted, “COP28 in the UAE will be a milestone moment as we witness the progress of the world’s first global stock assessment to limit global warming to 1.5°C. Not only will it reveal the gap between ambition and reality, it will also Lay the groundwork for effective action to get the world back on track by 2030.”
Dr Al Jaber said: “Finance will be at the heart of COP28 as an enabler, adaptation and response to loss and damage in 1.5. As countries fulfill existing commitments, we must simultaneously focus on policies and tools that will harness multiple Private financing for business-ready, growth-friendly investments in renewable and clean energy, climate-smart food production and nature-based solutions. Reform of multilateral development banks will also be a central part of the outcome of COP28, so climate finance begins to The scale flows to the most vulnerable countries – an imperative in the face of mounting climate hazards and stress.”
The meeting explored ways to increase climate finance and investment, especially in emerging and developing countries, with a focus on the potential role of the IMF. Reform of the financial architecture to support global economic stability, as well as empowering emerging economies, the private sector, international financial institutions and multilateral development banks to increase their commitments to provide climate finance were also discussed.
WGS2023 will host more than 110 sessions and forums covering six major themes. It will bring together 10,000 government officials and international experts from more than 140 countries and more than 80 international, regional and governmental organizations.
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