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We look forward to working with UAE on COP28': IFC Climate Business Director

November 14, 2022
finance & economy

SHARM EL SHEIKH, 13th November, 2022 (WAM) – The International Finance Corporation (IFC), a member of the World Bank Group, is looking forward to working closely with the government of UAE in areas of cooperation and support ahead of hosting the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) next year, according to a top IFC official.

Vivek Pathak, Director and Global Head for Climate Business at IFC, told Emirates News Agency (WAM) on the sidelines of COP27 that when the curtain comes down on COP27, all are looking forward to COP28, which will be a big and very important event hosted by the UAE. ‘’We will be working closely with the UAE government to see how we can cooperate to support each other.”

For the Middle East and North Africa (MENA), he said the region needs an estimated $186 billion to help countries achieve their goals under the Paris Agreement, noting that between 2020 and 2030, a green recovery in the region could generate $200 billion in investment opportunities, create 4.2 million jobs and prevent 111 million tons of greenhouse gas emissions.

At COP27, IFC will showcase breakthrough private sector solutions and focus on how to accelerate the development of bankable opportunities for decarbonization and climate change adaptation. In Sharm El-Sheikh, IFC will concentrate on 3 key themes: Adaptation and Resilience, Mobilizing Climate Finance, and Energy Access and Decarbonization.


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