President Sheikh Mohamed pledges $50 billion to tackle climate change at Biden meeting

President Sheikh Mohamed has pledged $50 billion to address climate change across the world after taking part in a meeting hosted by US President Joe Biden. Sheikh Mohamed said the UAE had invested more than $50bn in renewable energy projects across 40 countries, and it plans to double that over the next decade. He joined heads of state from 17 economies accounting for 80 per cent of global GDP, population and greenhouse gas emissions at an online meeting on Friday. “I was pleased to participate in the Major Economies Forum on Energy and Climate hosted by President Biden and to emphasise the ongoing importance of peace, unity and meaningful collaboration as enablers of sustainable social and economic development,” Sheikh Mohamed wrote on Twitter. “The UAE continues to honour its commitments on climate action and is on track to submit its revised NDC.” NDC, Nationally Determined Contribution, is an action plan to cut emissions and adapt to climate change effects. “We look forward to hosting the world at Cop 28 and accelerating progress on climate action through an inclusive, practical and integrated approach,” Sheikh Mohamed said. Mariam Al Mheiri, Minister of Climate Change and Environment, said the $50bn investment highlighted the country's commitment to addressing environmental concerns around the world. “The UAE has joined the ranks of countries at the forefront of the fight against climate change,” said Ms Al Mheiri, who also serves as Minister of State for Food Security. “We have issued environmental protection laws and strategies and rolled out relevant initiatives. We have also adopted a proactive approach to promoting clean energy solutions as the sustainable, alternative energy sources of tomorrow.” The Emirates will host the 28th UN global climate talks in 2023 . Addressing leaders, Sheikh Mohamed acknowledged that climate change must be addressed by co-operation. He said the UAE has long held the view that climate action is an opportunity to achieve new pathways for economic and social development, with a focus on practical solutions that can benefit all countries. The UAE is stepping up its efforts to address climate change and speed up the global energy transition. At the third virtual gathering of the Major Economies Forum under his presidency, Mr Biden urged countries to take collective action on climate, energy security and food security. He also invited leaders to co-operate and ease these immediate effects by supporting initiatives that accelerate the clean energy transition and reduce the vulnerability of the food system to climate and supply-chain disruptions. “His Highness Sheikh Mohamed bin Zayed's address to global leaders at MEF highlighted the need for unity, peace, stability and collaboration as key enablers for sustainable economic and social development, particularly as the world tackles global economic challenges, energy and food security, as well as resource scarcity,” Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and special envoy for climate change, said after the meeting. “His Highness’s statement highlighted the UAE’s long-standing history of and ongoing commitment to climate action, driven by the principles established by our Founding Father Sheikh Zayed. “For more than 15 years, the UAE has demonstrated a proven track record in progressive climate action and multilateral co-operation, as well as playing a leading role in investing in renewable energy both domestically and internationally which have led to the UAE’s selection as the host country of Cop28 in 2023.” The UAE was the first country in the region to sign and ratify the Paris Agreement and the first in the region to commit to an economywide reduction in emissions and announce a net zero by 2050 initiative. The Emirates has also invested in renewable and clean energy, both domestically and internationally. It is also the first in the region to use peaceful nuclear energy and is home to three of the largest and lowest-cost solar plants in the world.

President Sheikh Mohamed pledges $50 billion to tackle climate change at Biden meeting

Sheikh Mohamed says the UAE will continue to honour its commitments and looks forward to hosting the world at Cop28