UAE Pavilion at COP29 Explores Climate Finance Solutions

UAE Pavilion at COP29 Explores Climate Finance for a Sustainable Future

Baku [Azerbaijan], November 15: Eight sessions on ‘Climate Finance’ were held on Thursday at COP29 at the UAE Pavilion. It can accelerate the global transition toward net zero and a climate-resilient future for all.

The sessions were attended by UAE climate action leaders and partners including the Global Center for Climate Finance (GCFC), clean energy company Masdar, the WiSER Program for Women in Sustainable Transition, HSBC, the Global Islamic Finance Program and Mohamed bin Rashid. Govt School

Mobilizing climate finance for the Global South, how South-South cooperation was envisioned by Shaima Gargash, Director of Energy and Sustainability at the UAE Ministry of Foreign Affairs, and Mercedes Vela Monserrate, CEO of the Global Climate Finance Center. Green initiatives in Africa in particular are bringing real climate solutions through “bankable projects” that combine policy with investment.

.The Global Climate Finance Framework discussion with ALTERRA CEO and COP28 Director General and Special Representative Majid Al Suwaidi explored measures to meet climate finance needs, accelerate access to investment and contribute to economic growth.

How ALTERRA has committed USD 5 billion in catalytic capital to the Global South and “has grown exponentially since the inception of the structure and filled the gap that existed before. The path from billions to trillions will only happen when the financial community engages in relevant conversations and the private sector in a more 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, green bonds and renewable energy financing explored by Masdar and key UAE banking partners.

Bruce Johnson, director of corporate finance and treasury at Masdar, explained that Masdar’s ambitious vision to become a powerhouse in renewable energy saw proceeds from its annual green bonds fund sustainable energy projects.

Facilitated by Amy Brachio, EY’s Global Vice Chair, Sustainability, the UAE/Climate Changemaker Majlis will encourage an open dialogue with WiSER on how to make innovative climate finance solutions work with equitable social and environmental impacts for all, an emerging theme of COP28.

Bringing marginalized groups “into the problem-solving process” was discussed, along with “models that strengthen climate resilience and access to finance”.

Reem Al Mussabeh, Serial Tech Entrepreneur, Youth Advocate and WiSER Pioneer, “how mentoring, capacity building and awareness are so important – to build the foundation and scale it to high impact solutions”.

HSBC and Global Thought Leaders Discuss Socially Inclusive Changes in Funding Just Transitions in the Global South

The global Islamic finance program for climate, nature and development spoke about how it could provide access to a global asset pool worth US$3 trillion. Govt School and HSBC