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Driving Accountable and Actionable Climate Solutions In Africa
The event focused on hastening progress in climate commitments by engaging in discussions with both public and private stakeholders in Africa. Its objective was to intensify climate action and financing, guaranteeing a fair transition. By tackling challenges in private sector climate initiatives, it emphasised the significance of accountability and transparency.
The event reiterated the call to action for governments, civil society, and the international community, urging the promotion of public-private partnerships to boost climate financing. It also highlighted the roles of gender, trade, and youth.
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UAE Banking Federation Commits £200 Billion by 2030 for Climate Action
During COP28's Global Climate Action Through Fostering Sustainable Finance event, Abdul Aziz Al Ghurair, Chair of the UAE Banking Federation, announced a collective pledge to mobilise £200 billion by 2030, reinforcing their commitment to combating climate change through sustainable financial initiatives.
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ReNew Energy Global Secures £5.3 Billion Funding Commitment from Asian Development Bank
Renewable energy company ReNew Energy Global Plc has signed a preliminary agreement with the Asian Development Bank (ADB) for a funding of £5.3 billion. The Memorandum of Understanding was formalised at COP28 in Dubai, with ReNew's Founder, Chairman, and CEO Sumant Sinha and ADB's Suzanne Gaboury, Director General of the Private Sector Operations Department, inking the deal.
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Transforming Company Product Portfolios Towards a Greener Future
A congregation of industry pioneers came together to discuss and share insights on companies that spearheaded the shift to climate-friendly portfolios, crucial for transitioning away from fossil fuels. The discussion, moderated by Louise Rehbinder from the Exponential Roadmap Initiative, delved into past policy and financial prerequisites essential for scaling global climate solutions.
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Arab Energy Fund Allocates £1 Billion for Decarbonisation Technologies Over Five Years
The Arab Energy Fund, previously APICORP, intends to invest £1 billion in decarbonisation technologies over the next five years. The Middle East and North Africa-focused financial institution revealed the commitment at the COP28 climate summit in Dubai, aligning with its five-year strategy to 2028 for advancing the regional energy transition towards net-zero objectives.
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Interesting Opinions From Key Speakers
- UN Secretary-General Antonio Guterres said, “Developed countries must show how they will double adaptation finance to $40 billion a year by 2025 as promised, and clarify how they deliver on the $100 billion, as promised."
- "Climate change is not gender neutral. Women make up the majority of the world’s poor and despite and maybe because of this women and girls are at the forefront of climate action....This is why I am delighted and honored to announce the launch of COP28 gender-responsive trust transition and climate action partnership, said Razan Khalifa Al Mubarak, UN Climate Change High-Level
- IMF Managing Director Kristalina Georgieva said, “We are at the point when speed, quality, and depth of action are absolutely essential if we are to fulfil our duties to the next generations."
- "We should not wait a decade. Reducing emissions is crucial for climate action," Mark Carney, the UN Special Envoy for Climate Action and Finance.
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Creating a “Fund of Funds”
Paving the Path Beyond Loss and Damage Fund
CUTS International’s Side Event on December 10th, 15:00 - 16:00 GST
(ICC Partner Stage, BlueZone, B7, Building #88 - Thematic Arena 3)
The fo rthcoming event is set to deliberate on critical aspects of climate change and biodiversity loss, recognising the urgency to bridge financial gaps for sustainable solutions.
Click here to view background note- >>
Speakers
- Mr. Sajeev Nair, Regional Director and Board Member, CUTS International, Lusaka & Nairobi
- Ms. Martha Getachew Bekele, Africa Lead for Delivery Quality and Impact, Development Initiatives
- Mr. Brian Omenyi, National Coordinator, Sustainable Energy Access Forum (SEAF - Kenya)
- Ms. Lydia Chibambo, Program Officer - Energy Gender, Zambia Climate Change Network
- Mr. Rowen Jani, Program Officer, World Wide Fund for Nature, Zambia
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Rising carbon emissions and biodiversity loss pose a grave threat, affecting all, regardless of privilege. Global environmental finance must urgently evolve, with current climate finance at $600bn needing a 600 percent increase by 2030. Despite commitments at COP 27 and COP 15 (Biodiversity), a roadmap is absent.