UAE Ministry of Finance hosts Scaling up Climate Finance at High-level Roundtable at COP28

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, chaired finance ministers high-level round table on “Scaling Up Climate Finance”, which the UAE Ministry of Finance organised in collaboration with the COP28 Presidency at the Al Saih Majlis in the Blue Zone at Expo Dubai.

The roundtable engaged critical discussions on how to scale up financial resources and implement enabling policies for climate action.

Dr. Mohamed Maait, Minister of Finance of Egypt, Kristalina Georgieva, Director-General of the International Monetary Fund (IMF), and Dr. Fahad M. Alturki, Director General and Chairman of the Board of the Arab Monetary Fund, participated in the session as keynote speakers.

Other participants in the session included finance ministers and officials from the Kingdom of Saudi Arabia, the Kingdom of Bahrain, the Federal Republic of Germany, the Kingdom of the Netherlands, the Islamic Republic of Pakistan, the Republic of the Philippines, the Russian Federation, the Republic of Seychelles, the Swiss Confederation, the Hashemite Kingdom of Jordan, Ireland, the Republic of Indonesia, the Italian Republic, the Republic of Equatorial Guinea, the Republic of Iraq, Hungary, the Republic of Uzbekistan, the Republic of Turkey, the Dominican Republic, and the Republic of Kenya.

In his opening remarks, Mohamed Hadi Al Hussaini welcomed the attendees, emphasising the importance of this meeting because of its impact in expanding the financing that is necessary for action.

He said, “Boosting international dialogue and coordination in financing climate action, and securing the necessary investments to address its challenges and mitigate its repercussions, is key. The accelerating consequences of climate change reaffirm the necessity of taking immediate urgent steps in terms of policymaking, and developing goals and strategies to confront this issue.”

He added, “Achieving this requires action oriented policies, which is what the UAE seeks to achieve during COP28. This conference provides an important platform to strengthen global cooperation, unify international efforts, hold accountablity for commitments, and take tangible steps to implement proposed solutions.”

Kristalina Georgieva said, “While no single institution can provide climate financing on the scale that is required, much of it will have to come from the private sector. Stronger climate policies, including carbon pricing, are needed to create an enabling environment for green investments in emerging and developing economies. The international community can help crowd in private financing by providing capacity development, policy advice, and helping countries explore innovative instruments such as blended finance. The IMF is here to help through our surveillance, capacity development, and lending.”

“It is good to see that the Arab region has been the host of the Conference of the Parties (COP) for two consecutive years, which demonstrates the region’s commitment to climate resilience and building a better future. Unlocking financing would require a credible and well-designed public policy that enables the delivery of a rapid and orderly energy transition while giving due consideration to the affordability of energy and security of supply. Sizeable and sustained international support is essential to enable vulnerable and fiscally constrained countries to adapt and transit to lower emissions,” said Dr. Fahad M. Alturki.

For her part, Daniela Stoffel, State Secretary for International Finance at the Federal Department of Finance in Switzerland, thanked the UAE for hosting COP28 and convening the world in Dubai. She said: “The COP offers a great opportunity to reconnect with key policymakers, be inspired by forward-thinkers and foster new partnerships on sustainable finance.”

“I welcome the strong engagement at COP28 to continuing the alignment of financial flows, public and private, towards sustainable environmental and economic objectives” said Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance of Ireland. “It really is so important to have this strong endorsement of everyone’s collective commitment to increasing climate financing on a global scale. This builds upon the work at previous COPs and marks a further step forward in our shared journey.”

Sri Mulyani Indrawati, Minister of Finance of Indonesia, said, “Today, in this key event of Finance Day at COP28, under the theme UNITE-ACT-DELIVER, marks a crucial moment where global leaders UNITE in ACTION to DELIVER on the promise of climate finance. As we navigate the challenges of our time, we exemplifies our collective commitment to unlocking the financial resources needed for transformative climate action. Let our actions today echo the urgency of the climate crisis and resonate with the determination to deliver impactful financial solutions for a thriving planet.”

During the session, finance ministers delved into the efforts that have been undertaken this year to reform the international climate finance architecture, such as the G20 Summit, Paris Summit for a New Global Financing Pact, Africa Climate Summit, UN SG Climate Ambition Summit, Amazon Summit, and how to bring together these reform efforts into a common, shared vision on climate finance.

Participants also shared best practices in policymaking for climate action, highlighted innovative models for mobilisation of private finance, domestic resource mobilisation, and explored ways to ensure equitable delivery of climate finance at the local levels.