UAE reaffirms commitment to climate finance

The UAE says it has committed to enhancing global climate resilience and improving access to climate finance for vulnerable nations, particularly in the context of the Paris Agreement and the Sustainable Development Goals (SDGs).

Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, was speaking  at the 4th Climate & Development Ministerial, held during the Pre-COP29 meetings in Baku.

He said the UAE is commited to enhancing global climate resilience and improving access to climate finance for vulnerable nations, particularly in the context of the Paris Agreement and the Sustainable Development Goals (SDGs).

In his address, Balalaa reaffirmed the UAE’s commitment to enhancing global climate resilience and improving access to climate finance for vulnerable nations, particularly in the context of the Paris Agreement and the Sustainable Development Goals (SDGs).

Reflecting on the UAE’s leadership at COP28, Balalaa highlighted three critical ideas that have resonated across the global climate community.

First, he emphasised the urgent need to significantly scale up adaptation finance for developing countries, noting that the current baseline of doubling adaptation finance within four to five years is grossly insufficient.

Second, Balalaa echoed calls from the Bridgetown Initiative to engage credit ratings agencies within the COP framework. He pointed out concerns about systemic bias in current ratings, particularly in sectors like renewable energy. Drawing from the UAE’s experience, he cited Masdar’s success as a global renewable energy leader, highlighting that the perceived risks in many developing markets may be overstated.

Finally, Balalaa addressed the pressing issue of insufficient climate finance for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), particularly those grappling with conflict and humanitarian crises. He called for more innovative financing solutions, such as the Green Climate Fund’s $100 million deal with Somalia, which could serve as a template for future initiatives.

Balalaa closed by calling on global leaders to build consensus on top climate finance priorities for 2024 and beyond, ensuring that no country is left behind in the global fight against climate change.