This statement came during His Excellency’s participation on Monday (February 12, 2024) in the roundtable discussion on climate action by promoting sustainable financing, held on the sidelines of the World Governments Summit 2024, which is hosted in the Emirate of Dubai, United Arab Emirates, under the theme “Shaping Future Governments”.

During the discussion, His Excellency mentioned that financing is a key enabling factor for implementing the Circular Carbon Economy (CCE) approach adopted by the GCC countries, who can work together to explore ways to increase investments in technologies relevant to the CCE approach, such as carbon capture, storage, and reuse technologies, as well as renewable energy technologies.

HE the Secretary General also stated that policies to attract climate finance must be context-specific and comprehensive, taking into account all paths and approaches outlined in the nationally determined contributions of developing countries under the Paris Agreement, and ensuring financing flows to all sectors and solutions to address climate change, including carbon reduction and removal technologies. He further said that the adoption of top-down global policies threatens to limit financial flows to developing countries, restrict climate action and limit the development of biotechnology. His Excellency underlined that the appropriate policy mix for attracting climate finance will vary from country to country, as country circumstances differ.

HE Mr Albudaiwi concluded his speech by expressing his aspiration for the 29th Conference of the Parties and the New Collective Quantitative Goal (NCQG) on climate finance and discussions on the fundamentals of climate finance, especially with regard to the new financing target that will replace the commitment of developed countries to provide an amount of USD 100 billion. He reiterated that the GCC countries look forward to working constructively with the international community to reach a result that can enhance climate action in developing countries.