DUBAI – The UN Climate Change Conference (COP28) has already made substantial progress in advancing climate action initiatives, said Ajay Banga, President of the World Bank, underscoring the significance of the event.
Banga, speaking to the Emirates News Agency (WAM) on the sidelines of the conference at Expo City Dubai, added, “COP28 is a very important conference because what it’s doing is not just bringing people together, but it provides certainty about the deadline that everyone wanting to make any real commitment must adhere to.”
Banga highlighted Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, for his remarkable efforts in uniting various parties. He noted that COP28 has already led to several significant and positive announcements since its inception.
During the Conference of the Parties, the ALTÉRRA fund, an ambitiously large investment fund aimed at stimulating global climate action, was announced. With an initial capital of $30 billion, it marks a new milestone in enhancing climate action efforts.
The World Bank, Banga revealed, has made noteworthy announcements at COP28. These include financing for climate projects, connecting 100 million people in Africa to solar energy, initiatives to reduce methane gas in targeted projects, and developments in voluntary carbon markets.
Banga also mentioned the launch of the Global Climate Finance Centre. This pivotal initiative aims to create a centralized educational hub for climate finance, involving major institutions like BlackRock, HSBC, and others.
Abu Dhabi on Monday announced it will host the Global Climate Finance Centre, a leading institution set to accelerate the development of frameworks and skills in climate finance. This initiative supports best practices in the UAE and globally, aiming to tackle major challenges in financial frameworks that impede investment flow, thus making climate finance more accessible, affordable, and inclusive.
Ajay Banga said, “The resources and innovation of the private sector are crucial, and we need comprehensive involvement in leadership. This partnership, embodied in the Global Climate Finance Centre, enhances the range of intelligent, low-carbon investment solutions in the climate arena.”
The establishment of the Global Climate Finance Centre has seen participation from many global institutions, alongside the Abu Dhabi Global Market. Contributors include ADQ, BlackRock, Children’s Investment Fund Foundation, the Glasgow Financial Alliance for Net Zero, HSBC, Masdar, Ninety One, and the World Bank Group.
Banga highlighted the UAE’s role in providing a platform for these initiatives, stating, “I believe this could become a hub for understanding how to mobilize capital towards emerging markets to combat climate change.”