Abu Dhabi meeting sets out next steps to reform international climate finance

Ahead of COP28, leading economists and finance leaders gathered in Abu Dhabi to discuss ways to unlock more capital to address climate change issues.

The two-day meeting, from August 15-16, focused on the private sector's role in delivering affordable financing options at a much faster rate to vulnerable countries.

The participants said that private finance flows need to grow faster to meet the $2.4 trillion in total investment estimated to be required annually by 2030 to address climate change in emerging markets and developing economies.

The COP28 Presidency has named fixing climate finance one of its four priority areas, alongside fast-tracking the energy transition, ensuring full inclusivity and addressing lives and livelihoods.

Economists from the Independent High-Level Expert Group (IHLEG) met with figures from leading global institutions, including the World Bank, International Monetary Fund, European Climate Foundation, International Finance Corporation, the COP28 and COP27 Presidencies and UN Climate Change High-Level Champions.

Those assembled agreed that they will come to COP28 with recommendations on a new framework for international climate finance, as well as a definitive roadmap on how to implement the recommendations.

"For too long, climate finance has divided the international community and held back progress in tackling climate change and supporting countries most impacted by it. But climate finance is the issue that lies at the core of the COP28 agenda because finance is how we transform goals into reality," said Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and COP-28 President-Designate, who opened the meetings.

Ahead of #COP28 the UAE hosts a meeting of the Independent High-Level Expert Group on #ClimateFinance at @ADGlobalMarket, bringing together key economists and private sector leaders to foster meaningful discussions on international finance reform. pic.twitter.com/sQWsH1sXWj

— COP28 UAE (@COP28_UAE) August 15, 2023

The two-day session focuses on developing a finance framework better equipped to deliver on climate ambitions & developmental goals by increasing available, accessible and affordable climate finance to emerging markets & developing countries. pic.twitter.com/YmoqR5K8N9

— COP28 UAE (@COP28_UAE) August 15, 2023