UAE Leads Climate Finance Discussions at COP29 in Baku
In Baku, Azerbaijan, the UAE Pavilion at COP29 hosted eight sessions focused on ‘Climate Finance’ to accelerate the global transition towards a net zero and climate-resilient future. The sessions included leaders from the UAE and partners like the Global Climate Finance Centre, Masdar, HSBC, and the Mohamed bin Rashid School of Government.
Mobilising Climate Finance for the Global South
Moderated by Shaima Gargash and Mercedes Vela Monserrate, this session highlighted South-South collaboration, especially in Africa, to bring real climate solutions through “bankable projects” that unite policy with investment.
Global Climate Finance Framework
Majid Al Suwaidi, CEO of ALTERRA and COP28 Director-General, discussed actions to meet climate finance needs and accelerate investment access. ALTERRA has allocated $5 billion for the Global South, emphasizing the importance of private sector involvement.
UAE as a Climate Finance Hub
Al Suwaidi showcased the UAE’s ecosystem of financial institutions and climate-tech innovators. Masdar’s Bruce Johnson explained how green bonds fund sustainable energy projects.
UAE/Climate Changemaker Majlis
Facilitated by Amy Brachio, this session encouraged dialogue on innovative climate finance solutions with equitable social and environmental impacts. Reem Al Mussabeh emphasized mentorship and capacity building.
Financing the Just Transition Across the Global South
HSBC and global leaders discussed socially inclusive transitions. The Global Islamic Finance Programme explored blended finance to access the USD 3 trillion Islamic finance asset pool.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, which is a country in the Middle East known for its modern cities like Dubai and Abu Dhabi.
COP29 -: COP29 is the 29th Conference of the Parties, a big meeting where countries discuss how to tackle climate change. It happens every year and brings together leaders from around the world.
Baku -: Baku is the capital city of Azerbaijan, a country located at the crossroads of Eastern Europe and Western Asia.
Climate Finance -: Climate finance refers to money that is used to help countries and people deal with climate change, like reducing pollution or adapting to its effects.
Net zero -: Net zero means balancing the amount of greenhouse gases put into the atmosphere with the amount taken out, so the total is zero. It’s like making sure you don’t add more pollution than you can remove.
Climate-resilient -: Climate-resilient means being able to handle the effects of climate change, like stronger storms or hotter temperatures, without too much damage.
South-South collaboration -: South-South collaboration is when developing countries, often in the Southern Hemisphere, work together to solve problems like climate change.
Global South -: The Global South refers to countries that are generally less wealthy and are located in Africa, Latin America, and parts of Asia.
Islamic finance -: Islamic finance is a way of managing money that follows Islamic laws, which include rules like not charging interest on loans.
Masdar -: Masdar is a company from the UAE that focuses on renewable energy and sustainable development.
HSBC -: HSBC is a large international bank that operates in many countries, including India, and is involved in financing projects around the world.
