The United Arab Emirates has called for robust climate finance commitments at the upcoming Cop29 summit in Azerbaijan, emphasizing that increased funding is essential to support renewable energy initiatives and aid developing nations. With the summit set for November 11-22, UAE officials are urging world leaders to sustain and elevate the ambitious climate goals established at last year’s Cop28 in Dubai.
Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, underscored this focus in an interview with The National, stressing that financing will be critical for meeting global climate goals. “Cop29 will be a finance Cop,” said Balalaa. “If we are serious about climate action – and if there is no finance to support that action agenda – then we will not solve the problem and eventually not keep the 1.5ºC goal within reach. We want to see no decrease in the ambition that Cop28 had.”
A central task for delegates in Baku is to agree on a New Collective Quantified Goal (NCQG), which would replace the existing $100 billion annual funding target intended to help developing countries transition away from fossil fuels. Trillions of dollars will be required to fulfill the new target, but nations remain divided on financial contributions.
Balalaa highlighted the importance of unity in discussions, adding that “discussions” have already been held in pre-Cop meetings in Baku. “Our colleagues in Azerbaijan will come up with something,” he noted, pointing to progress made in addressing the finance gap. “We’re at the last mile of that discussion and we’re getting closer to Baku, so it depends on how the negotiations will go.”
Another critical issue on the agenda is the loss and damage fund, introduced at Cop28 to assist vulnerable countries facing the direct impacts of climate change. This fund has been particularly significant for regions that suffer most from climate disasters but have contributed the least to the problem. Reflecting on the milestone, Balalaa noted, “It’s one of those moments that I will never forget.” The UAE aims to finalize the fund’s accessibility by Cop29, streamlining access to urgently needed support. “We realise how big the need is for such a fund,” he said, noting the UAE’s progress in converting pledges into actual contributions, with over $850 million pledged to date.
Water security, another key area, will also feature prominently in Cop29 discussions, especially given the interconnectedness of water, food, and climate. Balalaa emphasized the UAE’s commitment, highlighting recent efforts like the Mohamed bin Zayed Water Initiative and a $150 million pledge towards water security projects in vulnerable regions. “We Emiratis understand the importance of water,” he said, explaining the UAE’s comprehensive approach to addressing climate impacts.
As the world enters Cop29 in a complex geopolitical climate, including ongoing conflicts in Gaza and Ukraine, Balalaa urged nations to maintain a global perspective. “I really hope people see that climate is affecting everyone,” he said. “It’s the one planet we all live on.”
The UAE’s Cop28 legacy continues through the Cop Presidencies Troika, which links the UAE with Azerbaijan and Brazil to foster long-term climate solutions. Balalaa noted the UAE’s concrete actions in renewable energy investments worldwide, stating, “It can be profitable, it’s deployable, it’s scalable. I think the issue remains finance.”
With the UAE expected to announce a new climate action plan before Cop29, Balalaa reaffirmed the UAE’s commitment to meaningful, measurable progress. “The legacy of Cop28 has actually been worked out by multiple organisations within the UAE,” he said, adding, “If there is something we don’t compromise with, it is our credibility.”
