Abu Dhabi will set up the Global Climate Finance Centre, an independent think tank and research hub that will hasten the development of climate finance frameworks and skills in the UAE and globally, as part of its Cop28 legacy.
The GCFC, which will be based at the Abu Dhabi Global Market, aims to address key barriers that hinder investment flows in an effort to help make climate finance available, cheaper and accessible, the ADGM said on Monday.
The centre was first announced by Cop28 President Dr Sultan Al Jaber on December 1.
“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,” Dr Al Jaber said.
“The GCFC 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.”
The amount needed for climate action in developing countries alone between now and 2030 is an estimated $2.4 trillion a year, the Organisation for Economic Co-operation and Development said in a recent report.
By working with stakeholders across sectors, the GCFC aims to boost the growth of green funding in the region, with a focus on capital markets, and will build on the momentum created by Cop28, the ADGM said.
The latest announcement follows the launch of Alterra, a $30 billion climate vehicle by the Emirates last week. Alterra aims to mobilise $250 billion globally by 2030, steering private markets towards climate investments.
The GCFC has nine global founding members – the ADGM, ADQ, BlackRock, Children's Investment Fund Foundation, Glasgow Financial Alliance for Net Zero, HSBC, Masdar, Ninety One and the World Bank Group.
As a private-sector-focused global climate finance initiative, the GCFC will conduct research and share solutions while enabling greater investment to flow into low-carbon and sustainable investments.
“The future focus of the think tank speaks directly to a number of areas of interest for many of our clients around the world as they seek the best data, analytics and insights to navigate the risks and capture the investment opportunities of the transition to a low-carbon economy,” said Larry Fink, chairman and chief executive of BlackRock.
The centre also aims to develop a climate finance academy to develop and provide training modules and tailored courses to build expertise and capacity in the UAE.
“We need the resources and ingenuity of the private sector; we need all shoulders to the wheel,” said Ajay Banga, president of the World Bank Group.
Mercedes Vela Monserrate, the sustainability lead for ADGM and a key Cop28 adviser, will be the chief executive of the GCFC.
“Together with our global partners, we aim to create a positive legacy by making climate finance more accessible and facilitating the transition to a low-carbon economy," she said.
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Al Wasl means connection in Arabic
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Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Gran Gala del Calcio 2019 winners
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Serie B Best Young Player: Sandro Tonali (Brescia)
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Neighbourhood Watch
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Damien McElroy: A CEO tasked with spreading Iran's influence
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