His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, revealed on Tuesday the establishment of a US$30 billion fund for global climate solutions at the World Climate Action Summit during the COP28 in Dubai.
This fund is strategically crafted to address the financial challenges in climate endeavors, aiming to pave the way for affordable access while also encouraging the mobilization and investment of a total of US$250 billion by the year 2030.
In extending a warm welcome to world leaders, government heads, their delegations, and representatives of international organizations participating in the World Climate Action Summit in the UAE, His Highness emphasized the nation’s commitment to environmental causes.
The UAE has already invested US$100 billion in climate action, renewable energy, and clean energy initiatives. Furthermore, a steadfast commitment was expressed to channel an additional US$130 billion into these efforts over the next seven years.
Read Sheikh Mohamed’s full speech below:
“Your Highnesses and Excellencies, Your Excellency the Secretary-General of the United Nations, distinguished guests, peace be upon 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 significant of which is climate change and its impact on all aspects of life. Esteemed guests, the UAE has an established record in climate action. Over the past decades, we have built our capabilities in the renewable and clean energy sector. We have set a national pathway to net zero by 2050. The UAE is committed to a 40% reduction in emissions by 2030.
To date, we have invested US$100 billion in financing climate action, focusing on renewable and clean energy. We are also committed to investing approximately US$130 billion over the next seven years. Esteemed guests, when we committed to hosting COP28, we pledged to bring the world together to unite, work, and deliver. We are finding practical pathways to accelerate the world’s transition to sustainable economic growth. The lack of financing has long been one of the biggest obstacles to advancing climate action globally.
Therefore, I am pleased to announce the establishment of a US$30 billion fund for global climate solutions. This fund is specifically designed to bridge the climate finance gap, ensuring availability, accessibility and affordability at scale. Its objective is to stimulate the raising and investment of US$250 billion by 2030.
Esteemed guests, before I close, I would like to tell you a story about a leader who believed in love of the earth and respect for nature while establishing ways to conserve its resources. Realising that the true wealth of nations lies in their people, he worked hand-in-hand with the people to nurture the land. Our achievements today stand as a testament to his commitment to forging a brighter future.
This leader is Sheikh Zayed bin Sultan Al Nahyan, Founding Father of the UAE. He stands as a symbol of its development, having played a pivotal role in shaping its past, guiding its present, and forging a path for its future.”
