What is the Global Climate Finance Centre ?
The Global Climate Finance Centre (GCFC) is a COP28 legacy initiative focused on fostering innovation and convening stakeholders.
And also on providing capacity building for financial actors globally.
It is based in ADGM, Abu Dhabi’s leading International Finance Centre.
GCFC was announced during the UN Conference of the Parties (COP28) in the UAE.
It is a collaborative initiative between ADGM, ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, NinetyOne and World Bank.
This independent hub in Abu Dhabi is serving as a lasting outcome from COP28.
Accordingly it will continue to support the scale-up of well-functioning, aligned with green finance markets to drive the growth of climate finance.
Climate Finance Centre New Partnership with IRENA in Renewal Energy
Global Climate Finance Centre and the International Renewable Energy Agency (IRENA) have announced a strategic partnership to expand climate finance and renewable energy initiatives globally.
The signing of the Memorandum of Understanding was witnessed by Salem Mohammed Al-Dhaheri, CEO of Abu Dhabi Global Market Authority, and Dr. Nawal Al-Hosani, UAE’s Permanent Representative to IRENA.
About IRENA
The International Renewable Energy Agency (IRENA) is a lead global intergovernmental agency for energy transformation.
It is the principal platform for international cooperation, supports countries in their energy transitions.
Also it provides state of the art data and analyses on technology, innovation, policy, finance and investment.
IRENA drives the widespread adoption and sustainable use of all forms of renewable energy, including:
Bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, and energy security.
For economic and social resilience and prosperity and a climate-proof future.
IRENA’s membership comprises 168 countries and the EU.
Together, they decide on the Agency’s strategic direction and programmatic activities.
In line with the global energy discourse and priorities to accelerate the deployment of renewables-based energy transitions worldwide.
Comprehensive Framework
Global Climate Finance Centre and IRENA collaboration will leverage the combined efforts of both parties across various work streams.
Including market analysis and information, capacity building, practical platforms, and collaborative initiatives.
The partnership aims, in cooperation with key stakeholders in climate action, to drive innovative solutions.
That enhance the volume of climate finance and improve its accessibility and affordability globally.
Work Streams
Under the new partnership, the two parties will collaborate on three work streams including research and innovation.
In addition to conducting market research and analysis to enhance thought leadership.
And also to find innovative solutions to key issues driving current and future climate finance flows globally, including:
Risk mitigation mechanisms, sustainable manufacturing opportunities, carbon markets, policy innovation, and more.
The UAE is closely monitoring the rapid regional developments and expresses its deep concern over the continued escalation and its repercussions on security and stability in the region. The UAE also stresses the importance of exercising maximum restraint and wisdom to avoid risks… pic.twitter.com/DSMp0Aihb2
— UAE Voice (@uae_voiceeng) August 1, 2024
Mercedes Villa Monserrat, CEO of the Global Climate Finance Centre, stated:
“By uniting our efforts with IRENA, the Global Climate Finance Centre takes a significant step towards accelerating climate finance flows and supporting renewable energy initiatives worldwide.
This collaboration, based on a shared global vision for climate action, will support countries and communities in implementing effective climate solutions and building a more sustainable future.”
Francesco La Camera, Director-General of IRENA, said:
“Progress in the energy transition still varies from region to region.
Largely due to the difficulty of accessing affordable financial resources.
This strategic partnership with the Global Climate Finance Centre aims to address this disparity by enhancing financial flows, building capacities, and encouraging innovation.”
