Mercedes Villa Montserrat, CEO of the Global Center for Climate Finance said that the GCFC will work to promote research, innovation, partnerships, and capacity building to strengthen financial frameworks and open a fast track for private investment in low-carbon technologies and solutions, and support the accelerated growth of green finance.
In statements to the Emirates News Agency (WAM) on the sidelines of her participation in the Abu Dhabi Sustainability Week Summit, as part of the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), Mercedes added that the GCFC will be independent think-tank and research hub focused on the private sector.
Abu Dhabi announced yesterday that it will host the Global Center for Climate Finance as a leading institution that will work to accelerate the development of climate finance frameworks and skills, and support best practices in the UAE and the world.
According to Mercedes, the Global Center for Climate F
inance aims to address the main challenges associated with financial frameworks that impede investment flows, to help make climate finance available, affordable, and accessible.
As an independent and private-sector-focused global climate finance think-tank, the GCFC will conduct cutting-edge research and share best practices. Moreover, it will define principles and create solutions to align frameworks and build financial markets. In doing so, GCFC will enable investments to flow into low-carbon and sustainable investments.
The GCFC will convene private and public stakeholders on developing recommendations and actions targeted towards deploying funds. It will also seek to incentivise the creation of strong pipelines of bankable investment opportunities. Coalitions and partnerships of relevant actors will be at the core of the GCFC’s work.
The centre is a collaborative initiative between ADGM, ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, NinetyOne and the World Bank.
Source: Emirates News Agency