UAE Drives Global Climate Finance Push at COP29

 


Next few days, lot of Climate actions are going to take place in Azerbaijan. Yes, the COP29 hosting by Azerbaijan have kick-starts from Nov 11. Wide range of Climate Experts and Global ledaers are taking part in this Climate Summit. Meanwhile, The UAE President HH MBZ arrived to Azerbaijan and has taken a proactive stance at the COP29 summit in Baku, Azerbaijan, driving the global climate finance agenda to support the implementation of the UAE Consensus.

This initiative, established at COP28, includes commitments to triple renewable energy capacity, double energy efficiency, and end deforestation by the end of the decade. As key highlight of the summit, The UAE Consensus, agreed upon at COP28, aims to limit global warming to 1.5°C. The UAE is now pushing for a New Collective Quantified Goal (NCQG) on climate finance to ensure these targets are met.


One of the early victories at COP29 was the approval of UN standards for international carbon markets, allowing countries to trade carbon credits in a structured, UN-backed marketplace. This move is expected to help countries meet their climate targets more effectively.


The UAE has mobilized over USD 85 billion in climate finance commitments, including the launch of Altérra, a USD 30 billion catalytic climate investment vehicle. This fund aims to fast-track a just and orderly energy transition.


The UAE introduced the Oil and Gas Decarbonization Charter, committing signatories to zero methane emissions by 2030 and net-zero operations by or before 2050. This initiative has garnered support from 55 oil and gas companies covering over 43% of global oil production. The UAE has pledged USD 100 million to this partnership, which aims to accelerate the reduction of methane emissions in developing countries.


The UAE's proactive approach at COP29 highlights its commitment to leading global climate action and ensuring that financial resources are available to meet ambitious climate goals. By driving the climate finance agenda, the UAE aims to create a sustainable and equitable future for all.

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