DUBAI – During a high-level closed session on Climate Finance at the World Government Summit 2023 (WGS2023), the Ministry of Finance (MoF) and the International Monetary Fund (IMF) discussed the involvement of public and private sectors, as well as regional and international institutions and organisations, in overcoming climate finance obstacles.
The session was chaired by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate; as well as Kristalina Georgieva, Managing Director of the IMF, participated in the session, along with Ministers of Finance and Governors of Central Banks in Arab countries, and presidents and directors of regional and international financial institutions.
Al Hussaini emphasised the significance of enhancing dialogue and coordination in the field of climate finance, and previewing the best means of securing climate finance and investments to mitigate the repercussions of climate change.
He said, “The UAE is committed to working on addressing climate change by launching and activating national initiatives to enhance future readiness and achieve global goals related to climate change. Enhancing joint action and coordination is key in devising key climate finance-related tools and policies to achieve these goals.”
Al Hussaini noted that the significant effects of climate change have underlined the need for urgent action at the centre of policy priorities and development ambitions and strategies. “This requires us to continue the move from treaties to implementation, and this is where the UAE aims for COP28 to be an event of global solidarity and action, inclusive of diverse stakeholders, accountable for commitments, and actionable on solutions,” he said.
He noted that “COP28 in the UAE will be a milestone moment where we will witness the World’s first Global Stock take to assess progress to limit global warming to 1.5°C. This will not just reveal gaps between ambitions and reality but will also set the stage to taking 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 of 1.5, adaptation, and the response to loss and damage. While countries deliver on existing commitments, we must simultaneously focus on the policies and instruments that will leverage multiples of private finance for commercially-ready, pro-growth investments like renewable and clean energy, climate-smart food production, and nature-based solutions. Reform of multilateral development banks will be also a core part of the COP28 outcomes, so that climate finance starts flowing at scale to the most vulnerable and fragile countries -- an urgent priority in the face of growing climate disasters and stress."
The session explored ways to increase climate financing and investments, especially in emerging and developing countries, with a focus on the IMF's potential role. Financial architecture reforms to support global economic stability were also discussed, as well as empowering emerging economies, private sector, IFIs, and MDBs to increase their commitment to providing climate finance.
WGS2023 will feature over 110 sessions and forums with six main themes. It will convene 10,000 government officials and international experts from 140+ countries and 80+ international, regional, and governmental organisations.