Roundtable 1 – Preparing for COP27
Delivered by Mrs. Amiera AlHefeiti, Deputy Permanent Representative
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Thank you for giving me the floor and for moderating this session.
At the outset, I would like to thank the Presidents of the GA and the ECOSOC for convening this dialogue and focusing our attention on the substantive preparations for COP27. We also appreciate the participation of the Deputy Secretary-General, Mrs. Amina Mohamed.
The UAE welcomes the priorities defined by Egypt as the President of COP27, and we applaud their leadership in this regard. We are committed to building on Egypt’s work and carrying it forward when we assume the presidency of COP28.
In terms of the key priorities for COP27 that have the greatest potential to support Africa, I would like to the make 3 brief points.
First, when we speak of enhancing Africa’s access to energy, it is essential that investment flows to multiple energy solutions including low-carbon oil and gas. At the same time we must keep a focus on renewables. We know that renewables now represent the lowest-cost option for power, especially in areas that currently rely heavily on diesel. Renewables are also able to power industry and large-scale grids. While there continues to be a global demand for oil and gas, we also must ensure that it is low-carbon oil and gas.
Second, we believe that renewable energy’s low-cost means it should be largely financed by private sector, rather than public sector. But in order for this shift to happen, we need international financial institutions and governments to offer targeted support, like guarantees and project preparation fundings, to remove perceived risks that will in turn allow for greater flow of private finance in renewable energy.
Third, as we consider a post-2025 climate finance goal, we should remember that fragile countries – many of them in Africa – receive 80 times less climate finance than other developing countries. We must close this gap, because climate finance is a direct investment in stability and conflict prevention.
To conclude, the UAE stands ready to work with the international community and our African partners on these critical issues of sustainable development and clean energy.