Riyadh, February 12, 2024, Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, emphasized the critical role of financing in implementing the Circular Carbon Economy (CCE) approach adopted by GCC countries and in advancing climate action, particularly in emerging economies and developing nations.
Speaking at a roundtable discussion on climate action through sustainable financing during the World Government Summit in Dubai, UAE, Albudaiwi highlighted the potential for GCC nations to collaborate and increase investments in technologies relevant to the CCE approach. These technologies include carbon capture, storage, and reuse, as well as renewable energy technologies.
Albudaiwi stressed the importance of specific and comprehensive policies to attract finance in the field of climate action. These policies should align with the nationally determined contributions of developing countries under the Paris Agreement and ensure that financing reaches all sectors and solutions addressing climate change, including carbon footprint reduction and removal technologies.
He cautioned against top-down global policies that could limit financial flows to developing countries, impede climate action, and hinder biotechnology development. Albudaiwi emphasized the need for a tailored policy mix to attract climate finance, acknowledging that strategies will vary depending on each country's circumstances.
Looking ahead to the 29th Conference of the Parties, Albudaiwi expressed anticipation for discussions on the New Collective Quantitative Goal (NCQG) on climate finance. He emphasized GCC countries' commitment to collaborating with the international community to enhance climate action in developing countries and achieve positive outcomes in climate finance.
