The “Finance Day” sought to discuss climate finance and green projects, as well as the role of the private sector in investing in green, environment-friendly projects.
The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations Sector at Ministry of Finance; and Thuraya Hamed Al Hashemi, Director of the International Tax Department at Ministry of Finance.
A number of finance ministers, heads of regional and international financial institutions, managers of global banks, and others concerned with climate finance issues convened at the “Finance Day”.
“Climate issues are of global concern. The international community must take all necessary measures to recover from climate impacts, and promote investments in climate finance and environment-friendly projects such as clean energy and green infrastructure, to achieve sustainable economic and social development,” he stated.
On the sidelines of the “Finance Day”, Al Hussaini met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), to discuss means of deepening collaboration in the context of the UAE’s Presidency of COP28.
They exchanged visions on joint work areas, namely measures to increase private finance for adaptation, and climate finance, especially for food and water resilience and early warning. This is in addition to increased project preparation funding and de-risking for clean energy projects in developing countries, as well as increasing partnership and promising investment opportunities between EBRD and the public and private sectors in the UAE.
He added: “We appreciate EBRD's support in facilitating our engagement with the Multilateral Development Banks on climate, in order to set systematic frameworks for positive and effective cooperation. We look forward to further cooperation with MDBs through the COP28 preparatory process.”
Minister of State for Financial Affairs also met with Sigrid Kaag, Minister of Finance, Kingdom of the Netherlands, and both parties discussed climate finance issues and the mechanisms required to advance the sector.
During the meeting, Sigrid Kaag noted that both nations continue to cooperate at all levels.
COP27, which is being held from 6th to 18th November and hosted by Egypt in Sharm El-Sheikh, is focussed on devising implementable mechanisms to achieve climate targets through legislations, policies, and programmes devised by the Paris Agreement.
The “Finance Day”, held on the sidelines of COP27, included 13 sessions that discussed means of combating climate change, sustainable finance, and the transition to green economy.
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