UAE’s Role in Combating Climate Challenges
During the 7th edition of the Abu Dhabi Sustainable Finance Forum, Safaa Al-Koukli, the World Bank Director for the GCC region, commended the UAE for its pivotal role in addressing climate challenges through the promotion of sustainable finance. Al-Koukli announced a partnership with the Global Climate Finance Center, established during COP28, which aims to further accelerate global efforts in climate finance.
45% of Annual Funding for Climate Work
Al-Koukli revealed that the World Bank is committed to allocating 45% of its annual funding towards climate initiatives by 2025. Last year alone, the World Bank invested $72.8 billion to support member countries, focusing on eradicating poverty, promoting clean energy, and fostering inclusive education.
Key Initiatives for Sustainable Development
Al-Koukli highlighted several major initiatives, including Mission 300, aimed at providing electricity to 300 million people in Africa by 2030. The bank is also focused on financing electric transportation and solar energy projects as part of its broader climate and sustainability agenda.
Broader Focus on Inclusive Growth
The World Bank’s efforts continue to focus on supporting education, healthcare, and social protection, with an overarching goal of achieving sustainable and inclusive development globally.