The President of the United Arab Emirates announces a $30 billion Global Climate Fund at the opening of the Global Climate Action Summit.
President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan announced the establishment of a $30 billion fund for global climate solutions.
Designed to close the climate finance gap and facilitate affordable access, the fund aims to stimulate the raising and investment of $250 billion by 2030. This was revealed during His Highness’ opening of the Global Summit on Climate Action , held during the United Nations Climate Change Conference. (COP28) at Expo City Dubai.
In his opening statement, His height welcomed world leaders, heads of government, their delegations and representatives of international organizations to the UAE during their participation in the Global Climate Action Summit.
His height He stated that today’s meeting comes at a time when the world faces many challenges and climate change affects all aspects of life. He highlighted that the UAE has invested $100 billion in climate action and clean, renewable energy and has committed to investing an additional $130 billion over the next seven years.
His height He also spoke about the role of the country’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, who instilled in his people a deep-rooted commitment to natural resource conservation and sustainability.
Before the start of the summit, His Highness and Excellency António Guterres, Secretary-General of the United Nations, received world leaders, heads of country delegations and representatives of international organizations, where group photographs were taken.
The following is the text of the President’s opening statement at the Global Climate Action Summit:
“Your Highnesses and Excellencies,
His Excellency the Secretary-General of the United Nations,
Peace be with you all,
I welcome you to the United Arab Emirates and to COP28. I thank you for attending this summit.
Our meeting comes at a time when the world faces many challenges, the most important of which is climate change and its impact on all aspects of life.
The United Arab Emirates has an established track record on climate action.
Over the past decades, we have developed our capabilities in the renewable and clean energy sector.
We have set a national path to net zero by 2050.
The United Arab Emirates commits to a 40% reduction in emissions by 2030.
To date, we have invested $100 billion to finance climate action, focusing on clean, renewable energy. We are also committed to investing approximately $130 billion over the next seven years.
When we committed to hosting COP28, we committed to bringing the world together to unite, work and deliver.
We are finding practical ways to accelerate the world’s transition to sustainable economic growth.
Lack of funding has long been one of the biggest obstacles to advancing climate action globally.
Therefore, I am pleased to announce the establishment of a $30 billion fund for global climate solutions. This fund is specifically designed to close the climate finance gap, ensuring availability, accessibility and affordability at scale. Its objective is to stimulate the acquisition and investment of 250 billion dollars between now and 2030.
Before I finish, I would like to tell you a story about a leader who believed in love for the land and respect for nature while establishing ways to conserve its resources.
Realizing that the true wealth of nations lies in their people, he worked hand in hand with the people to care for the land.
Our achievements today are a testament to your commitment to building a better future.
This leader is Sheikh Zayed bin Sultan Al Nahyan, founding father of the United Arab Emirates. He is a symbol of the development of him, having played a pivotal role in shaping his past, guiding his present, and forging a path for his future.”
News source: Dubai Media Office