Abu Dhabi - Brussels: Europe and the Arabs
The UAE Minister of Industry and Advanced Technology and President-designate of the Conference of the Parties on Climate Change COP28, Dr. Sultan bin Ahmed Al Jaber, affirmed that the UAE's vision on climate action is that it constitutes an opportunity for sustainable economic and social growth, noting the need to develop the performance of international financing institutions before the start of the conference in November, so that For all stakeholders around the world, lay a solid foundation for a successful climate summit.

This came during his remote participation in the "Creating an International Financial Structure for the Future: Bridgetown 2.0" event organized by Barbados Prime Minister Mia Motley today, Wednesday, according to the Emirates News Agency, and he said, "The Bridgetown initiative highlights that international financing institutions and development banks are multiple The parties are unable to keep up with the challenges of the twenty-first century, that climate finance is not available in an adequate, accessible and affordable manner for developing countries and emerging economies, and that when funds are allocated, they do not reach their desired destination due to routine procedures, which puts the goals of climate and sustainable development at risk.

He stressed that there is a need to establish effective mechanisms to provide climate financing for developing and emerging economies to ensure that emissions-intensive development paths are avoided, explaining that with only seven years remaining until the date of achieving the goals of the "Paris Agreement", the need for financing has become more urgent, stressing that the success of this agreement It depends on finding successful solutions to provide the required climate finance.

Al-Jaber pointed out that increasing the volume of investments in countries most in need, improving the ability to adapt to climate change and promoting sustainable development in a tangible manner depends on carrying out financial reforms that contribute to providing more soft loans at a reasonable cost, and mobilizing private sector efforts to finance emerging and developing economies. According to what was reported by the Middle East News Agency on Wednesday