Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, spoke at the 4th Climate & Development Ministerial during Pre-COP29 in Baku.
He reaffirmed the UAE’s commitment to enhancing global climate resilience and improving access to climate finance for vulnerable countries, in line with the Paris Agreement and the Sustainable Development Goals (SDGs).
Balalaa outlined three key ideas from the UAE’s leadership at COP28. First, he stressed the urgent need to expand adaptation finance for developing nations, arguing that the current goal of doubling it within 4 to 5 years is insufficient.
Secondly, he endorsed the Bridgetown Initiative’s push to engage credit rating agencies within the COP process, citing concerns about biases, particularly in renewable energy ratings. He pointed to Masdar’s success as evidence that perceived risks in developing markets may be overstated.
Finally, Balalaa highlighted the lack of climate finance for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), calling for innovative solutions like the Green Climate Fund’s $100M deal with Somalia.
He urged global leaders to prioritise climate finance in 2024 and beyond, ensuring no nation is excluded.
