The United Arab Emirates will focus on bolstering global efforts to mitigate carbon emissions and make funds available to finance green projects, a top official said, as the country prepares to host a major climate conference this year.
The UAE is keen to ensure nations stump up the full amount of a pledged $100 billion fund to finance climate initiatives, particularly for poorer countries, Minister of Climate Change and Environment Mariam Almheiri said in an interview on Bloomberg TV. “We need to course-correct aggressively,” she said.
As OPEC’s third-largest producer, the UAE has faced some criticism about hosting the COP28 climate summit while it keeps pumping vast amounts of oil that feed its economy. The Gulf country this week said it will cut emissions by 40% by 2030 from a business-as-usual level, a more ambitious target than a previous plan for a 31% reduction.
And earlier this month, the government said it would invest as much as $54 billion on renewables over the next seven years, targeting a threefold increase in the share of clean energy in the overall mix over the period.
“This is going to be an all-inclusive COP,” Almheiri said on Thursday. All sectors, including oil and gas, will be involved in the event, she said.
--With assistance from Anthony Di Paola and Leen Al-Rashdan.
Author: Yousef Gamal El-Din and Manus Cranny
