The Ministry of Foreign Affairs of the United Arab Emirates has published a statement saying that the fourth meeting of the Ministers of Climate and Development has been held in Baku.
Publish dateWednesday 16 October 2024 - 12:04
According to Amac News: The announcement states that Abdullah Balalaa, Assistant Minister of Foreign Affairs of the UAE for Energy and Sustainability Affairs, emphasized the UAE's commitment to increasing global climate resilience and improving access to climate finance for vulnerable countries, especially In the framework of the Paris Agreement and the Sustainable Development Goals (SDGs), it has been emphasized.
Reflecting on the UAE's leadership at COP28, Balalaa highlighted three important ideas that have resonated throughout the global climate community, according to the announcement.
He emphasized the urgent need for a significant increase in adaptation funding for developing countries, noting that the current baseline of doubling adaptation funding within 4-5 years was grossly inadequate.
Balalaa responded to the Bridgetown Initiative's calls for the participation of credit rating agencies in the framework of the COP. He cited concerns about systemic bias in current ratings, particularly in sectors such as renewable energy.
The UAE Assistant Foreign Minister addressed the pressing issue of insufficient climate funding for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), especially countries dealing with conflict and humanitarian crises. .
He called for more innovative financing solutions, such as the $100 million Green Climate Fund deal with Somalia, which could serve as a model for future initiatives.
Balalaa concluded by calling on world leaders to build consensus on top climate finance priorities for 2024 and beyond to ensure that no country is left behind in the global fight against climate change.
Reflecting on the UAE's leadership at COP28, Balalaa highlighted three important ideas that have resonated throughout the global climate community, according to the announcement.
He emphasized the urgent need for a significant increase in adaptation funding for developing countries, noting that the current baseline of doubling adaptation funding within 4-5 years was grossly inadequate.
Balalaa responded to the Bridgetown Initiative's calls for the participation of credit rating agencies in the framework of the COP. He cited concerns about systemic bias in current ratings, particularly in sectors such as renewable energy.
The UAE Assistant Foreign Minister addressed the pressing issue of insufficient climate funding for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), especially countries dealing with conflict and humanitarian crises. .
He called for more innovative financing solutions, such as the $100 million Green Climate Fund deal with Somalia, which could serve as a model for future initiatives.
Balalaa concluded by calling on world leaders to build consensus on top climate finance priorities for 2024 and beyond to ensure that no country is left behind in the global fight against climate change.
amacnews.com/vdch.wnzt23nqq10d2.html
Source : news agency wam
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