Delegates ride in a buggy at G20 finance officials meeting venue near Bengaluru
IBTimes US

UAE Minister of State For Financial Affairs Mohamed Hadi Al Hussaini hosted the finance ministers' roundtable, "Scaling Up Climate Finance," at Expo Dubai on Monday in collaboration with the COP28 Presidency.

At the roundtable, the finance ministers from different countries discussed increasing global financial resources and implementing policies to mitigate the impact of climate change.

Keynote speakers at the roundtable included Mohamed Maait, Minister of Finance of Egypt; Kristalina Georgieva, Director-General of the International Monetary Fund (IMF); and Dr. Fahad M. Alturki, Director General and Chairman of the Board of the Arab Monetary Fund.

Finance ministers and officials from countries, including Saudi Arabia, Bahrain, Germany, Netherlands, Pakistan, Philippines, Russia, Seychelles, Switzerland, Jordan, Ireland, Indonesia, Italy, Guinea, Iraq, Hungary, Uzbekistan, Turkey, Dominican Republic, and Kenya, were also in attendance.

In his opening remarks, Al Hussaini welcomed all the participants and emphasized the roundtable's importance in driving necessary financial action during the climate change crisis.

"Boosting international dialogue and coordination in financing climate action, and securing the necessary investments to address its challenges and mitigate its repercussions, is key," he was quoted as saying by WAM.

"The accelerating consequences of climate change reaffirm the necessity of taking immediate urgent steps in terms of policymaking and developing goals and strategies to confront this issue. Achieving this requires action-oriented policies, which is what the UAE seeks to achieve during COP28," he added.

Al Hussaini pointed out that this conference will not only strengthen global cooperation and unify international efforts but will also hold accountability for commitments made and take tangible steps to execute solutions, which will be discussed during the roundtable session.

IMF Director-General Georgieva acknowledged that no single country or organization can single-handedly provide funding to solve climate change as the scale is massive, adding that most of the funding is coming from the private sector.

"Stronger climate policies, including carbon pricing, are needed to create an enabling environment for green investments in emerging and developing economies," she said, adding, "The international community can help crowd in private financing by providing capacity development, policy advice, and helping countries explore innovative instruments such as blended finance."

Georgieva highlighted the IMF's commitment to provide assistance through surveillance, capacity development, and lending. She also praised the Arab nations for hosting the COP event for two years, demonstrating the region's "commitment to climate resilience and building a better future."

While the UAE is hosting COP28 this year, last year COP27 was hosted by Egypt.