The UAE pavilion at COP29 recently held eight sessions on climate finance, discussing how the global transition towards a net zero and climate-resilient future can be accelerated for all. The sessions featured a broad range of UAE climate action leaders and partners including the Global Climate Finance Center (GCFC), clean energy company Masdar, its WiSER program for women in sustainable change, HSBC, the Global Islamic Finance Program, and the Mohammed bin Rashid School of Government.
South-South collaboration for real climate solutions
Shaima Gargash, director of energy and sustainability at the UAE’s Ministry of Foreign Affairs, and Mercedes Vela Monserrate, CEO of the Global Climate Finance Center, moderated a session under the title ‘Mobilizing Climate Finance for the Global South’ at the UAE pavilion at COP29. The session considered how South-South collaboration, particularly in Africa green initiatives, is bringing real climate solutions through “bankable projects” that can unite policy with investment.
Gargash underscored the significance of the Africa Green Investment Initiative, announced at COP28, which has already allocated close to $60 billion, with an additional $95 billion in pipeline funding. Gargash also discussed the UAE’s ongoing efforts to bridge the Global North and South through robust partnerships, capacity building, and diversification in energy investments, with renewable energy and water projects central to this vision.
Advancing climate finance efforts
Meanwhile, the UAE pavilion at COP29 hosted the ‘Global Climate Finance Framework’ discussion with Majid Al Suwaidi, ALTÉRRA CEO and COP28 director-general and special representative. Al Suwaidi explored actions to meet climate finance needs, accelerate access to investment, and contribute to economic growth.
He explained how ALTÉRRA has assigned $5 billion of catalytic capital for the Global South and that “the framework has grown exponentially since inception and has filled a gap that previously existed. The path from billions to trillions can only happen when the financial community becomes involved in relevant conversations and the private sector in a very meaningful way”, Al Suwaidi added.
UAE, a climate finance hub
In addition, the UAE pavilion at COP29 hosted the ‘UAE as a Climate Finance Hub’, where Al Suwaidi showcased the UAE’s growing ecosystem of financial institutions and climate-tech innovators. In addition, Masdar and key UAE banking partners explored green bonds and renewable energy financing.
For his part, Bruce Johnson, director of corporate finance and treasury at Masdar, explained how Masdar’s ambitious vision to become a powerhouse in renewable energy has seen it downstream the proceeds from its annual green bonds to fund sustainable energy projects.
The role of marginalized groups in climate solutions
During COP29, Amy Brachio, EY’s global vice chair of sustainability, facilitated the UAE/Climate Changemaker Majlis with WiSER, which encouraged open dialogue on how to make innovative climate finance solutions work for everyone through equitable social and environmental impacts, an emerging theme of COP28.
Discussions focused on bringing marginalized groups “into the problem-solving process” along with “models to strengthen climate resilience and access to financing”.
During her participation, Reem Al Mussabeh, serial tech entrepreneur, youth advocate, and WiSER Pioneer, explained how “mentorship, capacity building, and awareness are also very important to build the foundation and scale it up for more impactful solutions”.
During the session ‘Financing the Just Transition Across the Global South,’ HSBC and global thought leaders discussed socially inclusive transitions. The Global Islamic Finance Program for Climate, Nature, and Development explained how blended finance could offer access to the $3 trillion global asset pool that is Islamic finance, with Policy and Finance in Bridging the Adaptation Gap in MENA discussed by the Mohamed bin Rashid School of Government and HSBC.
