In a bid to accelerate progress toward vital climate finance reform, the COP28 Presidency has convened the Independent High-Level Expert Group (IHLEG) on Climate Finance in Abu Dhabi, United Arab Emirates. The two-day gathering, scheduled for August 15-16, 2023, at the prestigious Abu Dhabi Global Markets (ADGM), is set to assemble an illustrious assembly of world-leading economists, private sector magnates, UN Climate Change High-Level Champions, and COP28 Presidency representatives.
Championed by the visionary Dr. Vera Songwe and Professor Lord Nicholas Stern, with Dr. Amar Bhattacharya as its executive secretary, IHLEG takes on the ambitious mandate of devising policy options and recommendations that will catalyze both public and private investments necessary for the realization of the ambitious targets outlined in the Paris Climate Agreement. The urgency of its mission is underscored by its role in preparing the groundwork for COP28, ensuring that the summit galvanizes concrete actions in reforming international finance.
The IHLEG meeting will undertake a comprehensive assessment of the current climate finance landscape and chart a roadmap of essential actions leading up to COP28 and extending beyond to COP29 and COP30. The overarching objective of IHLEG is to advance an all-encompassing financial framework that facilitates resource mobilization, fostering an equitable and efficient climate finance system in alignment with the Paris Agreement and the Glasgow Pact. The successful implementation of this framework will play a pivotal role in the transition to a greener and more sustainable future.
Drawing inspiration from the landmark agreements reached at the Paris Summit, IHLEG will also capitalize on the ongoing efforts in reforming Multilateral Development Banks (MDBs) within the G20 framework. The group will dedicate its discussions to surmounting geopolitical constraints while identifying barriers that necessitate targeted interventions, further solidifying its commitment to well-rounded and inclusive solutions.
The distinguished attendees at the IHLEG meeting include His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development and Abu Dhabi Global Market; Lord Nicholas Stern and Dr. Vera Songwe, the co-chairs of IHLEG; Amar Bhattacharya, the executive secretary of IHLEG; Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF); senior representatives from the World Bank, in addition to other economists hailing from across the globe.
Expressing his enthusiasm, His Excellency Ahmed Jasim Al Zaabi, Chairman of the ADDED and ADGM, stated, “Concrete actions by Abu Dhabi and its entities such as ADDED and ADGM are defining the new architecture for financing sustainability. Our goal is simple and direct – to drive capital towards projects that advance the transition to a net-zero future.”
The IHLEG aims to unveil its final report during COP28, accompanied by a strategic plan of actions that will guide stakeholders in executing the roadmap during the conference. As part of its commitment, the COP28 UAE Presidency has identified “fixing climate finance” as one of its four priority action pillars for COP28, further bolstering the urgency and significance of the IHLEG’s endeavors.
As the world marches towards COP28, the collaboration between these expert economists, leaders from the private sector, and key international stakeholders, will likely play a critical role in reshaping the financial landscape and ensuring a smoother path towards a sustainable and prosperous global future.
