UAE has announced a special focus on trade for the United Nations Climate Conference (COP28), set to take place in November and December this year. The announcement was made at the Committee on Trade and Environment.
It was stated that trade will be subject to a dedicated day under the conference’s Presidency Thematic Programme.
COP28 alliance: Transforming trade for climate
An alliance between the UAE Ministry of Economy, Dr Thani bin Ahmed Al Zeyoudi Minister of State for Foreign Trade, and the COP28 Presidency will co-lead the committee on trade for COP28 alongside the WTO Secretariat. The United Nations Conference on Trade and Development (UNCTAD), the International Chamber of Commerce (ICC), the World Economic Forum (WEF), and the Abu Dhabi Department of Economic Development (ADDED).
The alliance was created to promote the use of trade and investment instruments to deliver climate change mitigation and adaptation solutions.
Dr Thani Al Zeyoudi said, “As a global supply chain hub, the UAE understands how significant a role the international trading community can play in championing energy transition and delivering sustainable growth across the world.
“We are excited that COP28 will showcase the opportunities in the sector for future-focused thinking that can deliver a trading system that is smarter, faster and more inclusive – especially for SMEs and MSMEs across the developing world. From the development and deployment of new technology to building consensus for integration into global supply chains, the UAE welcomes the chance to lead this essential transformation of trade.”
WTO’s Director General, Dr Ngozi Okonjo-Iweala noted that trade ought to be an essential element in any climate change conversation. “Trade has too often been the missing link when responding to the climate crisis, but for this year’s COP28, the UAE Presidency is ensuring trade is part of the agenda.
“As the only international organisation dealing with the rules of trade between economies, we want to mobilise world leaders to unite in using trade policy and trade facilitation to scale up trade in environmental goods and services and to accelerate decarbonising supply chains and making them more inclusive and more resilient to climate shocks.”
Dr Sultan Al Jaber, COP28 President Designate explained, “From the outset we have been clear that COP28 is focused on transformational change that cuts across sectors and societies. International trade, as a cornerstone of economic growth, jobs, and livelihoods, is an essential tool in accelerating climate action.
“It has the potential to unlock investments in emerging economies, to boost uptake of clean energy technologies, and to support green jobs and innovation. The inclusion of trade in the COP28 thematic programme is a deliberate and targeted effort to bring more stakeholders on board in our effort to fast-track climate action.”
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), said, “The UAE sees climate change mitigation as a major catalyst for the sustainable socio-economic development, underpinned by a smart and circular economic strategy that encourages inclusive flow of trade, supply-chain efficiency, and trade tech, creating new opportunities for exporters, manufacturers and investors between all four nexuses of the world.
“As the catalyst of Abu Dhabi’s economic growth and diversification, ADDED is doubling down its efforts in raising the Emirate’s trade stature to new heights, elevating its competitive edge as a global trade and investment hub.”
COP28 is set to take place on December 4 at Expo City Dubai.
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