Emirates News Agency – ‘We look forward to working with the UAE at COP28’: Director of IFC Climate Practice

Sharm El Sheikh, 12th November, 2022 (WAM) — The International Finance Corporation (IFC), a member of the World Bank Group, looks forward to working closely with the UAE government in areas of cooperation and support ahead of hosting the conference next year, according to a senior IFC official. Will become a party to the United Nations Framework Convention on Climate Change (COP28).

Vivek Pathak, IFC’s Director of Climate Operations and Global Head, told the Emirates News Agency (WAM) during COP27 that when COP27 comes to a close, everyone is looking forward to COP28, which will be a major and very important event hosted by the UAE. “We will work closely with the UAE government to see how we can work together to support each other.”

For the Middle East and North Africa (MENA), he said the region needs an estimated $186 billion to help countries achieve their goals under the Paris Agreement, noting that a green recovery in the region could generate $200 billion between 2020 and 2030 investment opportunities, creating 4.2 million jobs and preventing 111 million tons of greenhouse gas emissions.

At COP27, IFC will showcase breakthrough private sector solutions, with a focus on how to accelerate the development of bankable opportunities for decarbonization and climate change adaptation. In Sharm El Sheikh, IFC will focus on three key themes: adaptation and resilience, mobilizing climate finance, and energy access and decarbonization.