In preparation for the upcoming COP28 summit, the United Arab Emirates (UAE) COP28 Presidency has taken a significant step by hosting the Independent High-Level Expert Group (IHLEG) on Climate Finance.
This gathering, convened in the UAE, aims to propel progress in reforming international finance mechanisms, laying the groundwork for achieving global climate goals and accelerating the transition to net-zero emissions.
The IHLEG meeting, currently underway from August 15th to 16th, is being held at the prestigious Abu Dhabi Global Markets (ADGM) and brings together a diverse array of leading experts, including prominent economists, representatives from the private sector, the COP28 Presidency, and UN Climate Change High-Level Champions.
With Dr. Vera Songwe and Professor Lord Nicholas Stern serving as co-chairs, and Dr. Amar Bhattacharya as the executive secretary, the IHLEG is tasked with developing and presenting innovative policy options and recommendations that will drive both public and private investment required to fulfill the ambitions outlined in the Paris Climate Agreement.
Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Global Market (ADGM), emphasized the significance of this IHLEG meeting, stating, “We are proud to host the Independent High-Level Expert Group meeting in Abu Dhabi this year and collaborate with global experts in forging a path towards a greener, more sustainable future that focuses on ‘Climate Finance’.”
Al Zaabi emphasized the commitment of Abu Dhabi and its entities, such as ADDED and ADGM, in shaping a new financial architecture that supports sustainability and accelerates the transition to a net-zero future.
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The IHLEG is slated to release a comprehensive final report during COP28, along with an actionable engagement plan designed to guide stakeholders in implementing the roadmap discussed during the conference.
With “fixing climate finance” highlighted as one of the four priority action pillars for COP28 by the UAE Presidency, the IHLEG’s mandate goes beyond the summit, extending its efforts up to COP29 and COP30.
The group’s overarching goal is to construct a holistic financial framework that ensures equitable and efficient resource mobilization, aligning with the Paris Agreement and the Glasgow Pact.
As the IHLEG evaluates the progress of the climate finance landscape, it also aims to address barriers and gaps that could impede progress.
The group’s deliberations encompass overcoming geopolitical challenges and building on the momentum generated by the Paris Summit.
Furthermore, the IHLEG intends to leverage the ongoing work on Multilateral Development Bank (MDB) reform within the G20 framework.
In anticipation of COP28, the UAE’s proactive approach through the IHLEG summit signifies a critical step towards advancing global climate finance reform and fostering tangible action to combat climate change.
