emirates7 - Abdulla Balalaa, the UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, addressed attendees today at the 4th Climate & Development Ministerial, part of the Pre-COP29 meetings in Baku.
In his speech, Balalaa reiterated the UAE’s dedication to enhancing global climate resilience and improving access to climate finance for vulnerable nations, especially in relation to the Paris Agreement and the Sustainable Development Goals (SDGs).
Reflecting on the UAE’s leadership role at COP28, he emphasized three key points that have resonated throughout the global climate community.
Firstly, he stressed the urgent need to significantly increase adaptation finance for developing countries, stating that the current goal of doubling adaptation finance within 4 to 5 years is far from adequate.
Secondly, Balalaa supported the Bridgetown Initiative's call to involve credit ratings agencies within the COP framework. He expressed concerns regarding systemic bias in current ratings, particularly in the renewable energy sector. Citing the UAE's success with Masdar as a global leader in renewable energy, he noted that the perceived risks associated with many developing markets may be exaggerated.
Lastly, he highlighted the critical lack of climate finance for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), particularly those facing conflict and humanitarian crises. He advocated for more innovative financing solutions, referencing the Green Climate Fund’s US$100 million agreement with Somalia as a potential model for future initiatives.
Balalaa concluded by urging global leaders to reach consensus on key climate finance priorities for 2024 and beyond, ensuring that no country is left behind in the collective battle against climate change.
In his speech, Balalaa reiterated the UAE’s dedication to enhancing global climate resilience and improving access to climate finance for vulnerable nations, especially in relation to the Paris Agreement and the Sustainable Development Goals (SDGs).
Reflecting on the UAE’s leadership role at COP28, he emphasized three key points that have resonated throughout the global climate community.
Firstly, he stressed the urgent need to significantly increase adaptation finance for developing countries, stating that the current goal of doubling adaptation finance within 4 to 5 years is far from adequate.
Secondly, Balalaa supported the Bridgetown Initiative's call to involve credit ratings agencies within the COP framework. He expressed concerns regarding systemic bias in current ratings, particularly in the renewable energy sector. Citing the UAE's success with Masdar as a global leader in renewable energy, he noted that the perceived risks associated with many developing markets may be exaggerated.
Lastly, he highlighted the critical lack of climate finance for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), particularly those facing conflict and humanitarian crises. He advocated for more innovative financing solutions, referencing the Green Climate Fund’s US$100 million agreement with Somalia as a potential model for future initiatives.
Balalaa concluded by urging global leaders to reach consensus on key climate finance priorities for 2024 and beyond, ensuring that no country is left behind in the collective battle against climate change.