Abu Dhabi has announced the opening of a new Global Climate Finance Centre, aimed at accelerating the development of climate finance and best practices in the UAE and globally.
The centre, head-quartered in Abu Dhabi Global Market, was announced by Dr. Sultan Al Jaber, COP28 President during the Finance Session panel on 1st December. The centre says it aims to address key barriers linked to financial frameworks that hinder investment flows, to help make climate finance available, affordable, and accessible as a COP28 legacy for action.
The founding members of Global Climate Finance Centre include ADQ, BlackRock, Children’s Investment Fund Foundation (CIFF), Glasgow Financial Alliance for Net Zero (GFANZ), HSBC, Masdar, Ninety One, and the World Bank Group.
Commenting on the creation of the GCFC, Dr. Sultan Al Jaber says, “The scale of the climate crisis demands urgent and game-changing solutions from every industry. Finance plays a critical role in turning our ambitions into action and is essential to eliminating emissions and keeping 1.5C within reach. COP28 must be an inflection point as we unite the world on how we bridge the gaps to 2030 identified in the Global Stocktake. To do this, we need an all-of-the-above approach that includes everyone because everyone is needed. That is why I greatly welcome this new Global Climate Finance Centre which will catalyze the transformation of UAE financial markets and institutions towards a greener and more sustainable future. It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come.”
Larry Fink, Chairman and CEO of BlackRock, says, “BlackRock is delighted to participate in the launch of the GCFC. The future focus of the think tank speaks directly to a number of areas of interest for many of our clients around the world, as they seek the best data, analytics and insights to navigate the risks and capture the investment opportunities of the transition to a low-carbon economy. As we do with many think tanks and organizations around the world, we look forward to contributing our insights and research to the GCFC.”
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