Abu Dhabi launches Global Climate Finance Centre to drive sustainable investments

Abu Dhabi is set to host a Global Climate Finance Centre (GCFC) to accelerate the development of climate finance frameworks and skills globally.

The GCFC is a think-tank and research hub that aims to overcome financial barriers that hinder investment in climate finance and to develop international, fit-for-purpose financial frameworks that align with climate finance, making it accessible and affordable, according to Zawya.

By working with stakeholders, the GCFC aims to create an enabling environment for low-carbon, sustainable, and resilient projects.

The GCFC is being launched alongside ALTÉRRA, a $30 billion climate vehicle aiming to create a fairer climate finance system, aims to mobilise $250 billion globally by 2030, focusing on climate investments in emerging markets and developing economies.

The GCFC will support ALTÉRRA's creation of climate financial markets, enabling it to build a climate finance ecosystem in Abu Dhabi and unlock funds for climate investments globally.

The GCFC will serve three core functions: research, policy and innovation, advising and stakeholder engagement, and the Climate Finance Academy.

It will conduct advanced research and share practices to align frameworks and build financial markets for low-carbon and sustainable investments. It will convene stakeholders to develop recommendations and actions to deploy funds and incentivise the creation of bankable investment opportunities.

The GCFC will also establish a Climate Finance Academy based on Abu Dhabi's experience in green finance markets, providing training modules and tailored courses to build expertise and capacity in the UAE.

These efforts are aimed at strengthening financial capabilities, expanding green finance activities, and stimulating international investment in low-carbon and carbon-free projects.

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The GCFC includes ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, NinetyOne and the World Bank Group. They also collaborate with other institutions and knowledge partners to strengthen leadership in sustainable finance, build in-house expertise and maximise impact.

According to Dr. Al Jaber, the climate crisis requires urgent solutions from all industries, with finance playing a crucial role in achieving emissions reduction and limiting 1.5C. COP28 should serve as a pivotal moment to unite the world in addressing the Global Stocktake gaps to 2030.

He further added, "To do this, we need an all-of-the-above approach that includes everyone because everyone is needed. That is why I greatly welcome this new Global Climate Finance Centre which will catalyse the transformation of the 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, providing a positive legacy for years to come.”