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Climate action a priority for sustainable economic growth: Mohamed bin Hadi Al Hussaini

The “Finance Day” was celebrated yesterday in Sharm El-Sheikh, Egypt, and was attended by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs.

The goal of “Finance Day” was to examine climate finance, green projects, and the role of the private sector in financing such initiatives.

Ali Abdullah Sharafi, acting assistant undersecretary for the ministry of finance’s international financial relations sector, and Thuraya Hamed Al Hashemi, director of the ministry of finance’s international tax department, were both members of the UAE delegation.

The “Finance Day” brought together a number of finance ministers, the heads of regional and international financial institutions, managers of major banks, and other individuals interested in climate finance issues.

The UAE’s assumption of COP28 reflects its commitment to climate concerns, which Mohamed bin Hadi Al Hussaini emphasised.

He stated that addressing climate change is a top concern and is necessary for the region to experience sustainable economic growth.

Global concern exists on climate issues. To achieve sustainable economic and social growth, the international community must take all necessary steps to recover from the effects of climate change and stimulate investments in climate financing and environmentally friendly initiatives like clean energy and green infrastructure, he said.

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Al Hussaini met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), on the margins of “Finance Day,” to discuss ways to further their partnership in light of the UAE’s COP28 Presidency.

They discussed potential combined work areas and methods to boost private funding for adaptation as well as climate financing, particularly for early warning and food and water security. In addition to this, the EBRD has enhanced partnerships and attractive investment prospects with the public and private sectors in the UAE, as well as support for project preparation and de-risking for clean energy projects in developing nations.

In order to establish systematic frameworks for fruitful and efficient cooperation, he continued, “We appreciate EBRD’s support in enabling our engagement with the Multilateral Development Banks on climate. We anticipate enhancing our collaboration with MDBs as we get ready for COP28.

The Netherlands’ Minister of Finance, Sigrid Kaag, and the Minister of State for Financial Affairs met and spoke about climate finance challenges and the procedures needed to grow the industry.

Sigrid Kaag mentioned during the meeting that both countries continue to work together on all fronts.

The focus of COP27, which is being held in Sharm El-Sheikh, Egypt, from November 6 to 18, is on developing workable mechanisms to accomplish climate targets through laws, policies, and programmes created under the Paris Agreement.

13 sessions were held during the “Finance Day,” which was hosted in conjunction with COP27, to examine ways to address climate change, sustainable finance, and the shift to a green economy.

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