COP28 Presidency Hosts HLEG in Abu Dhabi to prepare for COP28 by promoting progress of international financing performance.
Event: Meeting of the High-Level Independent Expert Group on Climate Finance in Abu Dhabi
Date: August 15-16, 2023
Location: Abu Dhabi Global Market
Participants:
- His Excellency Ahmed Jasim Al Zaabi, Chairman of the Department of Economic Development – Abu Dhabi, Chairman of the Board of Directors of Abu Dhabi Global Market
- Lord Nicholas Stern, Co-Chair of the High-Level Independent Expert Team on Climate Finance
- Dr. Vera Songwe, Co-Chair of the High-Level Independent Expert Team on Climate Finance
- Amar Battacharya, Executive Secretary of the High-Level Independent Expert Team on Climate Finance
- Kristalina Georgieva, Managing Director of the International Monetary Fund
- A number of officials from the World Bank and a group of economists from around the world
Objectives of the meeting:
- Evaluate progress in the field of climate finance and develop a plan for actions to be taken before, during, and after COP28.
Also during the following conferences COP29 and COP30. - Support the creation of a comprehensive financial framework to mobilize resources.
In addition to incentivize resources to build a fair and effective climate finance system.
In line with the principles and provisions of Paris Agreement and Glasgow Pact, and to begin its implementation. - Prepare the work program that resulted from the “New Global Financial Compact Summit” in Paris.
- Improve the performance of multilateral development banks in the G20 and explore mechanisms for dealing with geopolitical challenges.
- Identify obstacles that require targeted action
Outcomes:
Final report on climate finance at COP28.
In addition to a joint action plan for dealing with all stakeholders in order to implement the roadmap during the conference.
Furthermore, the meeting will bring together leading experts from around the world to discuss progress in climate finance and to develop recommendations for the future.
HLEG is an independent body.
Established by the United Nations Framework Convention on Climate Change (UNFCCC) in 2015.
The team’s mandate is to provide advice to the UNFCCC on how to mobilize the resources needed to finance climate action.
In fact, it is the first time that the HLEG has met in the Middle East.
Certainly the UAE is a strong advocate for climate action.
Since it has made significant commitments to reduce its greenhouse gas emissions.
The UAE is also a major investor in renewable energy and has established a number of initiatives to support climate finance.
Moreover, HLEG meeting in Abu Dhabi is an important opportunity for the UAE to share its experiences in climate finance.
Also to work with other countries to develop a more effective global system for financing climate action.
Dr. Sultan Al Jaber has identified climate finance as one of four pillars of the conference’s work plan.
The UAE Presidency of COP28 has identified climate finance as one of four pillars of the conference’s work plan. The other three pillars are:
- Accelerating a just, equitable, and orderly transition in the energy sector.
- Focusing on protecting people, lives, and livelihoods.
- Ensuring that all stakeholders are fully engaged.
Eventually, the UAE Presidency is committed to working with all countries to develop a more effective global system for financing climate action.
The Presidency surely believes that climate finance is essential in achieving the goals of the Paris Agreement.
And also in building a more sustainable future for all.
Read More:
UAE Ambitious National Strategy to Face Climate Change.
Eco-Friendly Apps to Support Sustainable Environment in the UAE.
