A new knowledge hub aimed at accelerating the development of climate finance frameworks and skills and champion best practices has been launched in Abu Dhabi.
The Global Climate Finance Centre (GCFC) – which has nine confirmed founding members including ADGM, ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, Nine One and the World Bank Group – will house world-leading research, advisory and skills academy to pioneer new forms of climate finance.
It aims to address the root causes currently preventing investment, bringing together research and leading experts to develop fit-for-purpose financial frameworks that are increasingly aligned internationally.
The GCFC, headquartered in Abu Dhabi Global Market (ADGM), will help to create enabling environment for investment into low carbon, sustainable and resilient projects.
The announcement coincides with the launch of ALTÉRRA, a $30 billion (£23.8bn) catalytic climate vehicle that will drive forward international efforts to create a fairer climate finance system with an emphasis on improving access to funding for the Global South.
It will aim to mobilise $250 billion (£199bn) globally by 2030, steering private markets towards climate investments.
COP28 President Dr Sultan Al Jaber said: “The scale of the climate crisis demands urgent and game-changing solutions from every industry. Finance plays a critical role in turning our ambitions into action and is essential to eliminating emissions and keeping 1.5°C within reach. COP28 must be an inflection point as we unite the world on how we bridge the gaps to 2030 identified in the Global Stocktake. To do this, we need an all-of-the-above approach that includes everyone because everyone is needed.
“That is why I greatly welcome this new Global Climate Finance Centre which will catalyse the transformation of UAE financial markets and institutions towards a greener and more sustainable future. It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come.”