Amidst intensified climate change impacts, HE Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and the Environment, underscored the critical importance of finance as it drives climate actions. At the Abu Dhabi Finance Week, minister Almheiri highlighted the need for a robust and accessible financial framework to empower developing countries, particularly vulnerable to the adverse effects of climate change.
“Finance serves as the critical enabler for climate action,” she said. “To fully harness its power, it must be readily available, accessible, and affordable to both developing and developed nations.”
The minister emphasised that the UAE remains steadfast and determined to achieve net zero carbon emission levels by 2050 as a sign of global leadership. She highlighted the need for COP28 to deliver on the promise of the Paris Accord and mobilise climate financing commitments made earlier.
“COP28 presents a pivotal opportunity to solidify our commitments and establish a new financial framework for climate action,” minister Almheiri stated. “We must seize this opportunity to deliver on our old promises and set the stage for a new era of climate finance.”
Unprecedented funding required
To address the urgent need for enhanced climate finance, minister Almheiri advocated for a system capable of delivering at the scale required and mobilising unprecedented funding levels for developing countries. She urged developed nations to fulfil their pledge to double adaptation finance by 2025, as agreed upon at COP26.
“Building a foundation for a future-proof finance system is essential,” the minister remarked. “We must create a fit-for-purpose financial architecture that strengthens international financial institutions and enhances their collective effectiveness.”
Minister Almheiri pointed to the substantial increase in GCC investments in Africa over the past decade, recognising the GCC countries’ potential to lead Africa’s energy transition. She also noted the UAE’s significant contribution of $4.5 billion to African climate projects earlier this year.
“GCC countries are uniquely positioned to spearhead Africa’s energy transition,” the minister said. “We must embrace this role and integrate it into our global climate commitments.”
Minister Almheiri’s call for a stronger commitment to climate finance resonates with the global community’s urgent need to address climate change. COP28 offers a crucial platform to galvanise action and establish a robust financial framework that empowers developing countries to adapt and mitigate the impacts of climate change. As the world prepares for COP28, the UAE stands ready to play a pivotal role in shaping a sustainable and resilient future for all.
