DUBAI, 15th November, 2023 (WAM) -- Dr. Mahmoud Mohieldin, Chairman of the Board of Directors of the Arab Society for Economic Research and representative of Arab countries on the Executive Board of the International Monetary Fund, has said that Egypt and the UAE are joining forces in addressing climate change issues and preparing for COP28, building on outcomes of the COP27 summit, which was held in Sharm el-Sheikh, Egypt.
Dr. Mohieldin added that preparations are in full swing to convene an exceptional UN climate summit in Expo City Dubai from 30th November to 12th December.
In a statement to Emirates News Agency (WAM), Dr. Mohieldin underscored the need for all stakeholders to double their efforts in bridging the growing gap in climate financing.
He said that the escalating climate crisis necessitates a concerted effort to mobilise developmental resources for urgent climate action, particularly in developing countries and emerging markets.
In order to tackle this pressing issue, he said that a minimum funding requirement of $2.4 trillion, with $1.4 trillion to be generated from national financing mechanisms and the remaining $1 trillion to be secured through international and developmental financial institutions.
He further emphasised the significance of the outcomes and recommendations stemming from pre-COP28 academic workshops and discussions, including those generated during the 17th Annual Conference of the Arab Society for Economic Research hosted by the Mohammed bin Rashid School of Government.
He expressed his thanks and appreciation to the UAE and all its institutions from government and private development work parties, highlighting the current efforts with universities and scientific research centres to benefit from their academic expertise in the field of supporting climate action.
Discussing strategies to achieve ambitious climate action goals, he asserted that efforts should encompass two key approaches in addressing the effects of climate change: Mitigation and Adaptation.
In the transition from COP 27 to COP 28, the climate leader representing the Egyptian presidency of COP27 emphasised that the Transitional Committee in Abu Dhabi is actively engaged in developing the Loss and Damage Fund, serving as the third line of defence against climate change. The committee is actively seeking input from stakeholders, experts, and relevant committees, maintaining continuous coordination with entities responsible for climate action in the UAE.
Regarding the role of the private sector in supporting climate change initiatives, he underscored the pivotal importance of private sector partners, especially when there is a viable return on investment in areas such as renewable energy, green hydrogen, and the processes aimed at reducing carbon emissions in various industries, including steel, aluminum, cement, and chemical fertilizers.
In Sharm el-Sheikh, countries “recognised” that the crisis underlines the need to “rapidly transform energy systems,” including by accelerating renewable energy roll out.
Dr. Mohieldin highlighted the importance of new projects on green economy, including what is being achieved in a number of Arab countries, such as the UAE and Egypt, through research and development and investment opportunities to increase production, as well as incentive systems for developing public policies.