Abu Dhabi [UAE], October 20 (ANI/WAM): Sean Kidney, CEO of the Climate Bonds (CB) Initiative, an international NGO working to mobilise global capital for climate action, expects an increase in green issuances of sukuk and bonds in the UAE in conjunction with the upcoming 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).
Kidney, in a statement to the Emirates News Agency (WAM) on the sidelines of the eighth edition of the World Investment Forum held in the capital, Abu Dhabi, stressed the importance of COP28 in addressing climate change issues, noting that it will be a pivotal and exceptional edition this year.
The CB Initiative CEO pointed to the role of the UAE in promoting sustainable finance principles, noting that the country has become a hub for emerging market financing.
He stressed the need to prepare for unexpected climate change, such as a significant rise in temperatures, droughts, and floods, which requires concerted efforts to find rapid solutions to these challenges.
Kidney noted that there has been a significant growth in sustainable finance worldwide, either by companies or governments, while at the same time emphasising the importance of directing capital to emerging markets, as it represents an important part of the plan to achieve green goals and reduce carbon emissions.
He pointed to the rapid growth of the global green bond market, with issuances of these bonds increasing from USD 2 billion in 2010 to USD 4.3 trillion currently. He noted that this growth has not stopped at the borders of Europe and the United States, but has extended to other regions around the world, indicating a global commitment to sustainable finance.
He stated that while this market is experiencing very rapid growth, there is a need to increase financing significantly to achieve the desired impact on climate challenges.
Kidney expressed optimism about the future of sustainable finance and the preparations underway for the upcoming COP28, noting that these important steps represent a positive development in the field of financing to address the challenges of climate change at both the regional and global levels. (ANI/WAM)
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