Tuesday, 02 January 2024 12:17 GMT

Brazil supports UAE statement on global climate finance framework amid G20 presidency


(MENAFN) Brazil, currently holding the G20 presidency, has endorsed the UAE Declaration on the Global Framework for Climate Finance, which was introduced by a coalition of global leaders at COP28. This declaration aims to build and enhance momentum towards creating a comprehensive global climate finance architecture and stimulating investment opportunities for climate action. Brazil’s support for the framework, which aligns with its role as the host of COP30 in Belém in 2025, signifies a coordinated effort between the COP and G20 presidencies to make climate finance more affordable and accessible.

During an event focused on sustainable finance, held on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, UAE Minister of State for Financial Affairs, Mohammed Al Hussaini, emphasized the importance of funding from public, private, and charitable sectors to tackle climate challenges and achieve the goals outlined by the Global Framework for Climate Finance. He noted that this funding represents a significant opportunity for sustainable economic growth and shared prosperity.

Al Hussaini also highlighted the UAE’s commitment to bridging the sustainable finance gap with actionable measures and expressed appreciation for Brazil’s endorsement of the World Leaders’ Declaration. This endorsement underscores Brazil’s ongoing support for advancing the progress made at COP28 and aligns with its forthcoming role as the host of COP30, further reinforcing the global commitment to climate finance and action. 

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