Private sector urged to close climate finance gap and boost ‘nature capital’
Dubai: In order to tackle the climate finance gap and promote “nature capital,” the private sector must take action and leverage its influence and resources, according to a top official from the United Arab Emirates (UAE).
Razan Al Mubarak, UN Climate Change High-Level Champion for COP28, emphasized the vital role of the private sector in safeguarding the planet’s future. She stated, “The future of our planet hinges not solely on government resolutions, but on the innovation, commitment, and ambition of the private sector.” Al Mubarak further called upon businesses and philanthropies to play their part by channeling their influence and resources towards closing the finance gap and creating a sustainable legacy for future generations.
These remarks were made at the ‘Road to COP28′ event in Dubai, which brought together nearly 350 business leaders and entrepreneurs focused on bolstering climate action in the Middle East and North Africa (MENA) region. Co-hosted by Badr Jafar, COP28 Special Representative for Business and Philanthropy, and the Young Presidents’ Organization (YPO), the event saw the participation of COP28 President Dr Sultan Al Jaber, Helal Saeed Al Marri, Director General of Dubai Department of Economy and Tourism, and other prominent officials.
Al Mubarak also underscored the commitment of the COP28 Presidency to inclusivity and the recognition of business and philanthropy as key stakeholders in developing collective solutions to achieve net-zero pathways. This event marked a significant milestone for the regional business community as the UAE prepares to host COP28.
Dr Al Jaber highlighted the necessity of major private sector investment to facilitate a just and responsible energy transition. He stressed the importance of active collaboration between businesses, governments, and civil society to create an enabling environment for private sector investment in the transition.
In addition to hosting COP28, the UAE will also hold the Business and Philanthropy Climate Forum, running concurrently with the World Climate Action Summit. The forum aims to align strategies and actions in addressing the financing gap of over $3 trillion per year necessary to achieve net-zero emissions, support climate adaptation, reverse biodiversity loss, and restore biodiversity.
COP28 UAE is scheduled to take place at Expo City Dubai from November 30 to December 12. This global gathering of leaders and stakeholders aims to propel climate action forward and pave the way for a sustainable future.
By Pierre Herubel
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.