The UAE Pavilion at COP29 featured 8 sessions held on Thursday, focusing on climate finance and ways to accelerate the global transition toward a future with climate neutrality and resilience for all.
The session participants emphasized the need to unify efforts to adopt sustainability as a core foundation for ongoing development processes, while creating new future opportunities to improve lives.
Fair Finance
Prominent thinkers, among attendees, called for enhancing international cooperation and the implementation of all necessary measures to recover from climate impacts. This can be done through fair financing resulting from new partnerships and increasing investments in environmentally friendly projects to ensure sustainable economic and social development.
The events saw the participation of a wide range of climate leaders from the UAE, including the Global Climate Finance Centre (GCFC), Masdar’s “Women in Sustainability, Environment, and Renewable Energy” (WiSER) initiative (a global platform that champions women as leaders of sustainable change), HSBC, the Global Islamic Finance Programme, and the Mohammed bin Rashid School of Government.
Climate Finance for the Global South
In the session on mobilizing climate finance for the Global South, which featured Sheikha Shaima Gargash, Director of the Energy and Sustainability Department at the UAE Ministry of Foreign Affairs, and was moderated by Mercedes Villa Monserrat, CEO of the Global Climate Finance Centre, participants discussed how South-South cooperation helps effectively mitigate and adapt to climate disruptions while addressing other comprehensive development goals.
The session highlighted the role of cooperation among southern countries, especially in the “Green Africa initiative”, in achieving real climate solutions through "bankable projects" that can align policy with investment.
Global Climate Finance Framework
A session on the global climate finance framework, featuring Ambassador Majid Al Suwaidi, COP28 Director-General and ALTÉRRA CEO, explored the necessary actions to meet climate finance needs, accelerate investment flows, and contribute to economic growth.
Al Suwaidi noted that the ALTÉRRA Fund has allocated $5 billion in catalytic capital for the Global South, stating: "the transition from billions to trillions cannot happen unless the private sector is involved in relevant discussions in a meaningful way."
Another session focused on "Green Bonds and Renewable Energy Finance," led by Masdar and key partners from UAE banks.
Masdar's Vision
Bruce Johnson, Director of Corporate Finance and Treasury at Masdar, highlighted Masdar's ambitious vision to establish itself as a leader in renewable energy. This vision has led to directing returns from annual green bonds to fund sustainable energy projects.
The UAE Changemakers Council, in collaboration with WiSER, discussed innovative climate finance solutions for all during a session moderated by Amy Brassio, EY's Global Vice President for Sustainability. The discussion emphasized innovative climate finance solutions to drive investment in projects with social and environmental equity.
Engaging Marginalized Groups
The UAE Pavilion also hosted rich discussions on how to "engage marginalized groups in finding solutions" and on "models to enhance climate resilience and access to finance."
Reem Al-Mussbeh, a tech entrepreneur and youth ambassador for WiSER, advocated for the importance of "mentorship, capacity building, and raising awareness—to lay the foundation and scale solutions for greater impact."
There were also in-depth discussions on inclusive social transitions in financing just transitions across the Global South, involving representatives from HSBC and global thought leaders.
The discussions focused on the need for sustainable and fair financial support to developing countries that face significant challenges in transitioning to environmentally friendly economies.
Islamic Finance for Climate
The Global Islamic Finance Programme for Climate, Nature, and Development explored how integrated financing can unlock access to $3 trillion of global assets represented by Islamic finance.
The topic also touched upon policies and financing to bridge the adaptation gap to climate change in the MENA region, through the Mohammed bin Rashid School of Government and HSBC.
