Meed | Summit opens with promise to keep Cop28 commitment

Summit opens with promise to keep Cop28 commitment

16 April 2024

Sheikha Shamma Bint Sultan Bin Khalifa Al Nahyan, president and chief executive of the UAE Independent Climate Change Accelerators, has stressed the need for blended finance to meet the investment requirements for meeting the 1.5-degree-Celcius climate target alive.

Al Nahyan made the statement on the opening day of the World Future Energy Summit in Abu Dhabi.

"Blended finance can be unlocked if various stakeholders, including governments and private sector investors, agree to collaborate… and try novel financing ideas," Al Nahyan said.

Various research agencies have highlighted the need for trillions of dollars of investments particulary in clean energy systems to keep the 1.5-degree-Celcius target alive.

It is the first WFES summit since close to 150 countries agreed to transition away from fossil fuels at Cop28 in December.

Al Nahyan cited the other landmark agreeements signed during the Cop28 summit including tripling the renewable energy capacity and doubling energy efficiency globally by 2030.

Heavy rain amid adverse weather conditions in the UAE served as a backdrop to the opening day of the WFES summit this year.

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Jennifer Aguinaldo