UAE Pavilion at COP29: Climate Finance Solutions for a Sustainable Future
The UAE Pavilion at COP29 in Baku, Azerbaijan, hosted eight sessions focused on ‘Climate Finance’ to discuss accelerating the global transition towards a net-zero and climate-resilient future. Key participants included the Global Climate Finance Centre (GCFC), 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 explored South-South collaboration, particularly in Africa, to bring real climate solutions through “bankable projects.”
Global Climate Finance Framework
Majid Al Suwaidi, CEO of ALTERRA, discussed actions to meet climate finance needs and accelerate investment access. ALTERRA has allocated USD 5 billion for the Global South, emphasizing the importance of private sector involvement.
UAE as a Climate Finance Hub
Al Suwaidi highlighted 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 Islamic finance’s USD 3 trillion asset pool.
Doubts Revealed
UAE Pavilion -: The UAE Pavilion is a special area set up by the United Arab Emirates at an international event to showcase their efforts and ideas. In this case, it’s at COP29, where they are focusing on climate finance.
COP29 -: COP29 is the 29th Conference of the Parties, a big meeting where countries come together to talk about climate change and how to solve it. It’s like a global gathering to discuss ways to protect our planet.
Climate Finance -: Climate finance refers to money that is used to help countries and companies reduce their impact on the environment. It includes funding for projects that aim to stop climate change and make the world more sustainable.
Net-zero future -: A net-zero future means a time when we don’t add more greenhouse gases to the atmosphere than we can remove. It’s like balancing a scale so that we don’t harm the environment anymore.
Global Climate Finance Centre -: The Global Climate Finance Centre is an organization that helps manage and distribute money for climate-related projects around the world. They work to ensure that funds are used effectively to fight climate change.
Masdar -: Masdar is a company from the UAE that focuses on renewable energy and sustainable development. They work on projects that help reduce pollution and promote clean energy.
HSBC -: HSBC is a large international bank that provides financial services. They are involved in climate finance by helping fund projects that aim to protect the environment.
South-South collaboration -: South-South collaboration means countries in the southern part of the world working together to solve common problems, like climate change. It’s about sharing knowledge and resources to help each other.
Global Climate Finance Framework -: The Global Climate Finance Framework is a plan or set of guidelines to manage and use climate finance effectively around the world. It helps ensure that funds are used in the best way to fight climate change.
Green bonds -: Green bonds are a type of loan that companies or governments use to raise money for projects that help the environment. It’s like borrowing money to build a park or clean up a river.
Socially inclusive transitions -: Socially inclusive transitions mean making changes to help the environment in a way that benefits everyone, including people from different backgrounds and communities. It’s about fairness and equality in climate action.
Global Islamic Finance Programme -: The Global Islamic Finance Programme is a financial system that follows Islamic principles, which include ethical and fair practices. It can be used to fund projects that help the environment while respecting these principles.
Private sector involvement -: Private sector involvement means businesses and companies taking part in efforts to fight climate change. They can provide money, technology, and ideas to help make the world more sustainable.
Equitable solutions -: Equitable solutions are fair and just ways to solve problems, ensuring that everyone benefits, especially those who are most affected by issues like climate change. It’s about making sure no one is left behind.