The UAE delegation headed by Dr. Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, today participated in the One Planet Summit organised by France, in cooperation with the United Nations and the World Bank to commemorate the second anniversary of the Paris Agreement.

The delegation, which includes representatives from the Abu Dhabi Investment Authority, ADIA, and Abu Dhabi Future Energy Company, Masdar, participated in discussions to identify the most viable steps to enhance the engagement of the business community in financing green projects through which the objectives of the Paris Agreement can be achieved.

Dr. Al-Zeyoudi said, "As an active partner in international efforts to achieve the objectives of the Paris Agreement, the UAE is taking proactive steps to mitigate and adapt to the impact of climate change. We believe such early adoption of green measures can gradually help prevent the occurrence of environmental disasters and related consequences that today impact every economic sector and segment of society. With the Paris Agreement coming into force, we reiterate the urgent need for the nations of the world to collaborate in our efforts to achieve its desired objectives. Only through doing so can we hope to make the necessary progress to reinforce existing initiatives and solutions that will contribute to creating a more prosperous future for generations to come."

Dr. Al-Zeyoudi participated in a joint panel discussion with Roosevelt Skerrit, Prime Minister of Dominica, Dr. Gemedo Dalle Tussie, Minister of Environment, Forest and Climate Change of Ethiopia, and Achim Steiner, Administrator of the United Nations Development Programme, at its Executive Board in New York. The panel examined the development of public policies to support and accelerate the transition to a low-carbon economy, with a focus on increasing national capacities to cope with climate change.

Highlighting the need for long-term policies on adaptive capacity to climate change, the session also examined how poorer countries can make themselves more adaptable to the new climate reality. The One Planet Summit discussions also explored the challenges of financing climate action and underlined the need to align financing practices across the board to meet the goals of the Paris Agreement, primarily those focused on reducing greenhouse gas emissions and protecting the population from the impact of climate change.

"The UAE has allocated approximately US$1 billion in renewable energy investments since 2013 to supporting the economies of many countries and stepping up their capacity to reduce and adapt to the impact of climate change. It is vital to commence rapid implementation of several effective solutions to mitigate the impact of climate change, and explore methods of developing early warning systems, and enhancing predictive funding to fully prepare for these consequences while factoring in the significant impact climate change can have on all forms of life - without exception," Al-Zeyoudi added.

The summit reiterated that the next few years would be critical for all stakeholders and necessitate urgent action to bridge the gap between current greenhouse gas emissions and desired levels, as also to reduce global warming to below 1.5 Celsius or 2 Celsius.

On the sidelines of the summit, the Abu Dhabi Investment Authority, ADIA, in collaboration with several funding and investment bodies, signed the One Planet for Sovereign Wealth Funds agreement to accelerate efforts to integrate climate-related financial risks and opportunities into the management information systems of large-scale long-term projects.