Experts discuss climate finance strategies at UN forum

The World Green Economy Organization in cooperation with the United Nations Framework Convention on Climate Change recently held a forum that discussed climate finance strategies for the implementation of Nationally Determined Contributions.

The World Green Economy Organization (WGEO) in cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) yesterday (December 11) held a high-level forum in Madrid, Spain, that discussed climate finance strategies for the implementation of Nationally Determined Contributions (NDCs).

WGEO also reviewed the measures and actions taken by countries under the framework of the Paris Agreement.

The forum, which was attended by ministers, officials and representatives from many countries, provided a key platform for participants to exchange knowledge on the most important practices and effective ways to develop and implement regional and national strategies.

These efforts are aimed at facilitating countries' access to financing and help them meet their NDCs to mitigate the effects of climate change and achieve the long-term strategies of developing countries.

WGEO reaffirmed its commitment to promoting the global transition towards a green economy and to supporting ambitious and innovative actions by countries to face climate change challenges worldwide.

Saeed Mohammed Al Tayer, chairman, WGEO, said: “It is my pleasure to welcome you to the forum on Climate Finance Strategies, a joint undertaking by the WGEO and UN Climate Change Secretariat.”

“I congratulate the UN Climate Change Secretariat, and the governments of Chile and Spain, for their tremendous efforts to bring us all here in support of the global process to address climate change on the sideline of COP 25,” he said.

Al Tayer continued: “Countries have, in their Nationally Determined Contributions and their National Adaptation Plans, laid out their commitments to reduce emissions and their climate-resilient development charted a course to deal with the impacts of climate change.”

“Financing these commitments and plans, enhancing access to the means to turn roadmaps into reality, is an immediate priority, especially for developing countries. Working to create this change, to address climate change while leading towards a new economic system that is built upon green solutions is a mission that the WGEO is committed to,” he added.

Al Tayer said: “We commend the immediate response of the UN Climate Change Secretariat to launch the Needs-based Finance (NBF) initiative at a tremendous scale to help countries identify their needs and priorities for financing, technology, and capacity-building to address these needs through the mobilisation of finance.”

“This green financing project is successfully implemented by us and the UN at the regional and national levels, across the globe, already reaching out to and engaging with more than 60 countries with plans to bring on board more countries in the future. Since the inception of WGEO, in 2016, we have been working with governments, the private sector, financial institutions, academia, and other stakeholders on a common platform to build a unique approach towards a green economic system. We believe that the principles of green economy will enable a new formula of growth, one that is balanced, which lowers our environmental impact, moves production and consumption away from take-make-waste concepts while ensuring economic well-being for all,” he added.

“In 2019, WGEO has organised five regional conferences on green economy across the world. We have brought together key stakeholders to share innovative practices and actionable recommendations on green economy action. Recognising climate finance as a clear priority to achieve green economy action, UN Climate Change convened special sessions on this subject at all five conferences. The regional outcomes were presented and discussed at the WGEO Global Ministerial Summit on Green Economy held in Dubai, UAE in October,” Al Tayer explained.

More than 300 participants took part in the forum, including ministers, senior executives and leading experts from international organisations and private institutions. The speakers presented their views on financing needs concerning the needs of some countries and regions, including the available instruments, initiatives and activities to support countries in the Arab, African, and Southeast Asian regions. The forum also shed light on the broader efforts currently being undertaken by some countries to mobilise climate finance such as the NBF project.

WGEO held a training course on the sidelines of the forum themed ‘Executive Training Program on Green Economy on the Context of Sustainable Development’ which provided key opportunities for sharing experiences and deepening of understanding of successful practices and new concepts on various aspects of the green economy. Some of the topics discussed include promoting green investment, developing green innovation, and resource efficiency following green economy principles.

The course was designed to provide participants with the knowledge and skills to support the transition to a green economy in line with the 2030 Sustainable Development Goals. The programme concluded with the awarding of certificates to the participants.

The WGEO is an international organisation established in 2016 in response to the priorities and concerns set by the united Nations Conference on Sustainable Development (Rio+20) in 2012. The organisation is a multi-sectoral platform focusing on seven sectors, namely countries, cities, the private sector plus financial institutions and organisations in International and academic sector, and youth and civil society.

The organisation aims to support global efforts and actions that enhance the green, low-carbon green development model to mitigate climate change, and seeks to support countries to enhance climate change-related actions and increase their ambitions to implement NDCs adopted under the Paris Climate Change Agreement in December 2015.

Dubai Electricity and Water Authority (Dewa) also organised the ‘Business Opportunities in Water, Clean Energy and Environmentally Sustainable Services’ seminar in Madrid. Over 90 leading Spanish and international companies took part in the seminar.

In his speech during the seminar, Al Tayer highlighted Dewa’s major projects and initiatives in clean and renewable energy. He also discussed the development of bilateral trade relations between the UAE and Spain. Al Tayer invited Spanish companies to enhance their contribution to clean and renewable energy projects in the UAE.

The seminar was also attended by Majed Al Suwaidi, UAE's ambassador to Spain. Al Suwaidi praised the distinguished economic relations between Spain and the UAE, pointing out that Spain is a key partner for the UAE in many fields. Al-Suwaidi said that that such seminars contribute greatly to introducing the Spanish business community to the available investment opportunities in the UAE, which can be enhanced through investment and cooperation with Spanish companies in clean energy, smart environmental technology, and infrastructure. – TradeArabia News Service