Finance Minister attends High-Level Round Table in COP28

Dubai, Dec. 4 (BNA): Shaikh Salman bin Khalifa Al Khalifa, the Finance and National Economy Minister, emphasised the importance of consolidating the role of the private sector in promoting green investments and economic growth by developing innovative solutions to address climate challenges.

He also said work must continue on creating financial incentives to encourage the private sector to invest in green technology.

The minister highlighted the expected role of "Blueprint Bahrain", announced by His Majesty King Hamad bin Isa Al Khalifa during his speech at the Summit of the 28th session of the United Nations Framework Convention on Climate Change (COP28), which aims to achieve carbon neutrality through three tracks: low-carbon economy, climate change adaptation, and creating sustainable opportunities in the new green economy.

Shaikh Salman spoke during the High-Level Ministerial Roundtable Meeting on "Scaling Up Climate Finance" during COP28.
Shaikh Salman expressed appreciation for the efforts of the UAE in organising and hosting COP2, which is aimed at developing innovative solutions to enhance environmental security by addressing climate change challenges.

The Finance Minister said that HM the King has commended the initiative announced by His Highness Shaikh Mohammed bin Zayed Al Nahyan, President of the UAE, in his speech at the summit on the establishment of a fund worth $30 billion for climate solutions worldwide; the UAE’s pledge to invest $100bn in financing climate action, renewable and clean energy; and its commitment to invest an additional $130 billion over the next seven years.

Shaikh Salman highlighted that Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, has announced the launch of "Climate Solutions Partners", a climate solutions fund.

He said that the platform will invest around $750 million in companies active in helping consumers and corporates worldwide to accelerate decarbonisation.

This demonstrates Bahrain's commitment to supporting international initiatives aimed at environmental security, carbon neutrality, and climate change reduction, the minister said.

The private sector will play a crucial role in the development process, demonstrating the kingdom's commitment to supporting international efforts, he added.

The minister also highlighted the launch of " Safaa" platform in Bahrain, a national energy strategy in Bahrain to offset carbon emissions, with revenues used to finance regional and international projects.

He emphasised the need for advanced and innovative initiatives, such as investment in renewable energy and the new green economy, in partnership with the private sector, to preserve the environment and sustain resources for a safer future.