Dubai: The Emirates Environmental Group (EEG) has organised a forum called “Bridging the Climate Finance Gap” in partnership with the Global Investors for Sustainable Development Alliance (GISD) in Dubai.
The event was attended by experts from the global and local financial sectors to discuss the need for strong financial contributions in order to drive climate action.
The forum was divided into two panel discussions: “Scaling Up Green Finance: What COP28 Can Achieve” and “Shifting the Investment Ecosystem: Integrating a Long-Term Sustainability Perspective.”
Ms. Habiba Al Mar’ashi, Co-Founder and Chairperson of EEG, noted the relevance of the forum and the immediate need to deal with the climate crisis, especially in nations and communities that are in need of support.
Ms. Al Mar’ashi further stressed the critical role of private sector entities and urged investors and business leaders to provide capital to issuers who are committed to the transition to net-zero emissions. The Chairprson warned that those who fail to step up in this regard will be left behind.
Mr. Navid Hanif, Assistant Secretary General – UN, remarked that COP 28 presents an opportunity for the private sector and private capital to advance the Paris Accord. In addition, Mr. Hanif highlighted the progress made in the region over the past two decades in shifting towards renewable energy and decarbonising the economy.
The Assistant Secretary General expressed his willingness to learn from the challenges faced by the communities and countries in the region.
Dr. Nasser Saidi, Chairman of the Clean Energy Business Council and Honorary Member of Emirates Environmental Group, delivered the keynote address in which he called for climate and net-zero emission commitments to be enshrined in constitutions, making them more difficult to disregard.
Dr. Saidi stressed the enormous financial needs of countries to address climate change and estimated that Arab countries require US$570 billion by 2030, while only US$34 billion has been allocated to public international climate finance in this region, which is a mere 6 percent of what countries say they need.