The UAE Minister of State for Financial Affairs, Mohammed bin Hadi Al Hussaini, affirmed that the presidency of the "COP28" conference has succeeded in transforming this global event into an opportunity for all countries to intensify their efforts towards a global transition to a green economy and achieve sustainability and economic diversity. In an interview with the Emirati News Agency, as part of "WAM" meetings with members of the National Higher Committee supervising the preparations for "COP28," he stated that the conference worked to unify efforts to ensure a sustainable future for all individuals and communities, moving from the stage of making agreements to implementing them and taking actual actions to unify international efforts to reach common visions regarding enhancing climate action financing.
He added that one of the most significant achievements of "COP28" is the historic "UAE Agreement," which sets new standards for global climate action by reaching a fair and equitable agreement that aligns with the best available scientific facts. This agreement contributes to reducing the risks faced by countries most vulnerable to the impacts of climate change, balancing development requirements with climate action, and providing an effective response to the first global assessment of progress in implementing the Paris Agreement's goals, in line with the aim of keeping the rise in global temperatures below 1.5 degrees Celsius.
He went on to say that one of the most important outcomes of "COP28" is the confirmation of the importance of implementing commitments and goals of the Paris Agreement on climate, the "G20 Summit," the "New Global Financial Pact Summit," the "African Climate Summit," the "UN Climate Ambition Summit," and the "Amazon Summit." He noted that "COP28" has become a platform to highlight the opportunities available for youth and future generations, which it provides through collective action to combat climate change and its role in achieving sustainable economic development and improving quality of life.
He pointed out that participants in the conference reviewed international efforts to reform international climate financing, best practices regarding climate action policy-making, and highlighted innovative models for mobilizing private finance and national resources. He noted that the Ministry of Finance hosted, in coordination with the presidency of "COP28," a high-level discussion session for finance ministers on the topic of "Scaling Up Climate Finance," which included more than 20 finance ministers as well as international financial organizations like the International Monetary Fund and the Arab Monetary Fund.
Regarding the key features of the Ministry of Finance's contributions to the tasks of the National Higher Committee supervising the preparations for the "COP28" conference and how it supported the UAE's vision to address the impacts of climate change, Mohammed bin Hadi Al Hussaini said that the UAE pays great attention to global challenges, including climate change, and continuously emphasizes the necessity of turning those challenges into opportunities to enhance sustainability and economic diversity. He added: "In our part, we sought at the Ministry of Finance, before and after 'COP28,' to work with our key partners from multilateral development banks and international financial institutions such as the World Bank Group, the Islamic Development Bank, the Arab Monetary Fund, and other Arab and regional development institutions to enhance sustainable climate financing. We focused on the importance of providing it globally in an accessible manner and at reasonable costs, and we worked to activate discussions on how to increase sustainable financial resources and implement the necessary policies to activate climate action, positively impacting individuals and communities worldwide to achieve sustainable development and mitigate the harms of emissions that threaten the environment."
He continued: "We utilized all efforts and partnership relationships to explore cooperation in climate issues, inform everyone about what the UAE is doing in this field, highlighted innovative models for mobilizing and incentivizing private finance, and created and enhanced a collaborative environment to exchange the best solutions and innovative practices globally. Since the announcement of this global event's hosting, the Ministry of Finance has held joint meetings with finance ministers from many countries, heads of international organizations, and their senior officials."
Regarding coordination with other parties during the preparation phase for the hosting, Al Hussaini noted that the Ministry of Finance has consulted with all relevant parties since the announcement of the country's selection to host the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change "COP28" until its commencement. This was done through a joint task force between it and the conference office, in addition to coordination at the ministerial level through the National Higher Committee supervising the preparations for "COP28" at the national level.
He added that the Ministry of Finance coordinated over the past year with international financial organizations to unify global efforts to enhance climate action and achieve a sustainable future for emissions reduction and to stimulate climate financing processes. The Ministry discussed with the International Monetary Fund several topics on the sidelines of the 2023 World Government Summit, such as climate financing and the role of public and private sectors and international and regional institutions in addressing challenges and barriers to enhancing climate financing. Additionally, they participated in the Sustainable Finance Working Group (SFWG) meetings for 2023 within the financial track of the G20, as well as in a workshop to showcase climate technology and investment.
He highlighted that the Ministry of Finance also organized, on the sidelines of G20 meetings, a joint workshop between the "COP28" presidency and the group presidency on the economic impacts of climate change. The Ministry participated in a high-level workshop on climate financing issues to support sustainable transition during the annual meetings of the joint Arab financial institutions held in Rabat, Morocco, in April 2023.
He stated that the Ministry of Finance seeks to unify national and global efforts to achieve sustainable economic development through UAE-led global initiatives and events. It also supports efforts to develop the sustainable financing sector, continuously update financial policies to keep pace with climate financing trends, consolidate efforts, exchange ideas and experiences, apply best practices, and transform challenges related to climate change into developmental opportunities.
Regarding the lessons learned, especially in reinforcing the UAE's role in the international community and enhancing its status as a global destination for international conferences, Minister Mohammed bin Hadi Al Hussaini indicated that hosting "COP28" in the Year of Sustainability reflects the country's position in leading efforts to promote sustainable solutions to climate challenges and establishes a pioneering global model in climate financing at both local and international levels. He pointed to the updates defined by the UAE Energy Strategy 2050, under which the UAE pledged to triple its renewable energy production capacity by 2030 to meet the growing energy demand in the country due to rapid economic growth while fulfilling its commitment to reducing emissions and achieving climate neutrality.
He emphasized that the success of the UAE in hosting this global event, and previously many major events including "Expo 2020 Dubai," confirms the country's capability to organize global events and bring them to their best potential, mobilizing international efforts to ensure their success.
