RIO DE JANEIRO, July 25, 2024 /PRNewswire/ -- At a joint
G20-COP28 event on sustainable
finance, Brazil today endorsed the
UAE Declaration of Leaders on a Global Climate Finance Framework,
launched by key world leaders at COP28, building momentum towards the Framework's
goal of developing a new climate finance architecture that unlocks
the investment opportunity of climate action.
The endorsement from Brazil,
which will also host COP30 in 2025,
provides a vital link between the agendas of the COP Presidencies
and the G20, to make sustainable finance more available, accessible
and affordable.
Minister of Finance Fernando
Haddad announced the endorsement in Rio de Janeiro today, on the sidelines of the
G20 Finance Ministers and Central Bank Governors meetings, as
Brazil became the sixth G20
country to endorse the Framework alongside France, Germany, the United
Kingdom, the United States,
and India.
To date, 15 countries representing a significant share of global
GDP have joined the Framework as signatories.
Brazil's endorsement will also
ensure greater continuity in future COPs. The COP Presidencies
Troika – comprising the UAE, Azerbaijan, and Brazil – has continued to enhance
international cooperation to close the adaptation finance gap and
raise ambition in the next round of Nationally Determined
Contributions (NDCs).
"To deliver on the climate ambitions set out in the UAE
Consensus, we need all sources of finance – public, private and
philanthropic," His Excellency Mohamed Al Hussaini, UAE Minister of
State for Financial Affairs, said. "Climate investments must be
recognized as an unprecedented opportunity for economic growth and
shared prosperity, and the COP28
Global Climate Finance Framework places finance ministries in a
leading role to drive this forward. The UAE stands ready to address
the sustainable finance gap with concrete action.
"We welcome Brazil's
recognition of the Framework today. This decision ensures that the
progress made at COP28 will not only
be upheld by Brazil through its
ambitious agenda on sustainable finance during its G20 Presidency
but carried forward through to its role as COP30 host in 2025."
"Our sustainable finance agenda in the G20 focus on pushing for
reforms of the global financial architecture to support just
transitions in the world and is well aligned with the Global
Climate Finance Framework. We see great value in reinforcing
coherence between G20 and COP deliverables on sustainable finance",
said Ambassador Tatiana Rosito,
Vice-minister for International Affairs at the Ministry of Finance
and Coordinator of the G20 Finance Track.
"The Global Climate Finance Framework delivers a holistic,
comprehensive effort to combat climate change and unlock
much-needed climate finance – a key enabler for strengthening the
next cycle of NDCs, climate adaptation and resilience," said
Majid Al Suwaidi, COP28 Director General.
"As a champion of the Global South, Brazil's endorsement of the Framework will
ensure greater alignment with its ambitious G20 Presidency agenda
on sustainable finance, help drive sustainable socio-economic
growth and provide continuity in climate finance from Baku to Belém and beyond."
The Global Climate Finance Framework, which builds on the
momentum of initiatives such as the Bridgetown Agenda championed by
Hon. Mia Mottley, and the Africa
Climate Summit championed by President Ruto, provides a robust
platform to measure progress made by all key actors in climate
finance across the private and public sectors, including MDBs and
international financial institutions (IFIs).
The Framework provides 10 defining principles, covering all
action areas on the climate finance agenda, including MDB and IFI
reform, driving country platforms and delivering on existing
commitments such as mobilizing funding for developing countries and
replenishment of the Green Climate Fund.
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