COP28 preview: What to expect for the finance industry. Source: Shutterstock.com

This year’s meeting will include panels and speakers focusing on the finance industry. Sessions involving the finance industry include: ‘Empowering Society Through Financial Resilience’ and ‘Global Climate Action Through Fostering Sustainable Finance’ among others. The sustainable finance session will look at mobilising local sustainable finance and address forward-looking sustainable finance ambitions of the UAE financial sector to support sustainability and climate action. These will be sessions in partnership with the Central Bank of UAE and Abu Dhabi Islamic Bank.

According to sister GlobalData title ‘Energy Monitor’ COP28 is set to be one of the most important COP meetings in recent years. This year’s conference will involve a lot of discussion regarding the 2015 Paris-based conference and how best to honour it. The Paris Agreement became a legally binding agreement to limit global warming to at least below 2°C above pre-industrial levels, and ideally 1.5°C, which has been signed by 195 parties.

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Recent initiatives relating to COP28

One of the sponsors of this year’s event is Mashreq, which has recently announced a timely new partnership with Visa and Ecolytiq. This partnership has helped to launch a new climate banking platform for its nearly one million customers. The launch represents a first-of-its-kind product in both the UAE and the MENA region.

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Abu Dhabi Commercial Bank (ADCB) recently joined the Net Zero Banking Alliance. ADCB therefore voices its commitment to transition the operational and attributable greenhouse gas emissions from lending and investment portfolios to align with pathways consistent with achieving net zero by 2050 or sooner.

Meanwhile the African Development Bank has highlighted its ambitions for the future of Africa. It has laid out analysis and recommendations for the economy of each country in Africa. This comes in a bid to avoid any generalisations regarding Africa, and the entire continent being treated the same, as some feel has been the case in the past. The report discloses the very different economies of each country.