WGEO and UNFCCC organize High-Level Forum on Climate Finance Strategies for NDC Implementation
The World Green Economy Organization (WGEO) in cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) held a high-level forum that discussed climate finance strategies for the implementation of Nationally Determined Contributions (NDCs), and 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.
“It is my pleasure to welcome you to the High-level Forum on Climate Finance Strategies, a joint undertaking by the World Green Economy Organization 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. 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 World Green Economy Organization (WGEO) is committed to,” Said HE Saeed Mohammed Al Tayer, Chairman, WGEO.
“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 mobilization of finance. This green financing project is successfully implemented by WGEO 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 organized 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. Recognizing 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.
“We have put together the input and recommendations received from the regional and global stakeholders into a synthesis document for follow-up and implementation. The regional conferences and Summit uncovered several important factors that can contribute to the successful implementation of mitigation and adaptation action and accelerate the transition to a green economy. We look forward to working together with UN Climate Change Secretariat to amplify and disseminate the outcomes from these sessions, and support the realization of the priority actions identified regionally and globally.”
“Many concerned parties endorsed the paramount role of the huge efforts made and directed to secure and facilitate access to a variety of financing sources that helped reach the desired results of climate action. Various international and domestic sources of financing provided by both the public and private sectors as well as the multilateral development banks should be used to distribute the returns of green economy, bridge the existing financial gap and align climate finance. Involving the private sector is a tremendous opportunity, but it also depends on the effectiveness of risk mitigation efforts on the short and long run according to the vision of investors in this sector. The document also indicated that there is an urgent need to focus efforts on facilitating access to the necessary financing for climate action, although it is widely available. It was also agreed that facilitating access to finance requires developing quality proposals, in addition to considering immediate intervention to build these capacities in the countries and regions are priorities,” he continued.
“WGEO continuously works to develop and enhance platforms that enable various stakeholders to implement a unique approach to achieving sustainable development. WGEO also looks to organize the ‘Regional Climate Week 2020’ for the first time ever in the Middle East and North Africa (MENA), specifically in Dubai, UAE next year, with the aim of building a strong momentum towards climate action in the region. We are committed towards creating new trends and developing an innovative approach to facilitate joint action between governments, the private sector, and civil society to ensure a green future for all. Everyone’s support and participation in achieving this mission is critically important, because it is the duty of all of us to join hands to chart a new course towards a better future for us and for future generations,” Added Al Tayer.
“Success is ensured if we stand together and truly commit to enacting the green economy agenda in our respective countries. The private sector comprising leading multinational companies, international organizations, and key civil society organizations are with us in this mission. It is my hope that today, with all of you, we will take another major step forward and make our countries proud of leading a new path to sustainability and prosperity,” Al Tayer concluded.
WGEO and UNFCCC released a report, which provided insights and feedback about financing needs related to climate activities of some countries and regions based on discussions organized by the two parties during the five ministerial meetings, a number of high-level forums, and the Global Ministerial Conference on the Green Economy held this year. The report titled ‘From Aspiration to Actual Action on Climate Change’, offers an essential introduction to the discussions at the high-level forum.
More than 300 participants took part in the forum, including ministers, senior executives and leading experts from international organizations 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 mobilize 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 program concluded with the awarding of certificates to the participants.
The World Green Economy Organization is an international organization established in 2016 in response to the priorities and concerns set by the united Nations Conference on Sustainable Development (Rio+20) in 2012. The organization is a multi-sectoral platform focusing on seven sectors, namely countries, cities, the private sector plus financial institutions and organizations in International and academic sector, and youth and civil society. The organization 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 organized 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, HE Saeed Mohammed 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 United Arab Emirates.
The seminar was also attended by His Excellency Majed Al Suwaidi, UAE’s ambassador to Spain. Al Suwaidi praised the distinguished economic relations between the Kingdom of Spain and the United Arab Emirates, 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.