DUBAI, The Emirates Environmental Group (EEG) held a forum in Dubai called “Bridging the Climate Finance Gap” in partnership with the Global Investors for Sustainable Development Alliance (GISD). The event brought together experts from global and local financial sectors to discuss the need for strong financial contributions 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”.
Habiba Al Mar’ashi, Co-Founder and Chairperson of EEG, highlighted in her speech the significance of the forum and the urgent need to address the climate crisis, especially in nations and communities that require support. She emphasised 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. Al Mar’ashi warned that those who fail to step up in this regard will be left behind.
Navid Hanif, Assistant Secretary General – UN, noted in his address that COP 28 presents an opportunity for the private sector and private capital to advance the Paris Accord. Hanif also highlighted the progress made in the region over the past two decades in shifting towards renewable energy and decarbonising the economy. He expressed his willingness to learn from the challenges faced by the communities and countries in the region.
Dr. Nasser Saidi, Chairman of Clean Energy Business Council, the Honorary Member of Emirates Environmental Group, delivered the keynote address. Saidi called for climate and net-zero emission commitments to be enshrined in constitutions, making them more difficult to disregard. He 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. Saidi highlighted the enormity of the gap that needs to be filled and the urgency to take action.
The first panel discussion of the day, titled “Scaling Up Green Finance – What COP28 can Achieve,” focused on the upcoming COP28 event to be held in the UAE in November 2023. The panel highlighted the need for more ambitious climate funds to accelerate the development and implementation of sustainable development goals and the Paris Agreement. The discussion emphasised that the private sector’s investment in green financing is critical to filling the gap in funding as governments alone do not have the resources to achieve these goals. Moderator Shameela Soobramoney, Chief Sustainability Officer of the Johannesburg Stock Exchange, led the discussion with expert panellists, including Jay Collins from Citi, Marc-André Blanchard from CDPQ Global, Kristina Kloberdanz from Macquarie Asset Management, Benoit Felix from Banco Santander, and Boitumelo Sethlatswe from Standard Bank Group.
The second panel discussion, “Shifting the investment ecosystem: integrating a long-term sustainability perspective,” stressed the need for shifting towards a long-term sustainability perspective and aligning interests and resources to achieve sustainable development goals. Moderator Gavin Power, Chief of Sustainable Development & International Affairs at Pimco, led the discussion with panellists Timothée Jaulin from Amundi, Krishnan Sharma from FSDO/DESA, Franziska Ehm from Allianz SE, Tan Moorthy from Infosys, and Robert Vicsai from SEB Investment Management.
Source: Emirates News Agency