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.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
Tom Fletcher on 'soft power'
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”
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Results
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More from Neighbourhood Watch:
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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