As global leaders prepare to convene in Baku for COP29, we stand at a defining moment for the future of our planet. The UAE consensus forged at COP28 last year was a critical step forward, but now is the time to transform those promises into concrete, collaborative action. The climate crisis is not a distant threat—it is here, and it requires an unprecedented level of cooperation and resolve from us all.
At COP28, 198 nations came together to chart a bold course for tackling the climate emergency. The UAE Consensus is a guiding framework for keeping 1.5°C within reach and building a more resilient and hopeful future for lives, livelihoods, and the planet.
The UAE Consensus and its ambitious goals are now driving the global climate action needed to build a low-carbon economy and resilience for all, underscoring that plans are only as valuable as the collaborative actions they inspire. COP29 must be the next turning point where we continue the shift from commitments to results, setting ambitious new climate finance goals.
The UAE consensus: A global framework for ambitious action
A challenge as complex as climate change, if tackled alone, can lead to fear, paralysis, and stagnation. Individual actions may seem insignificant in the face of a transnational crisis, like a drop in the ocean, yet it is only through collective action and systems of reciprocity that we can overcome the crisis of our time. The UAE Consensus reimagine how we approach climate action—through collaboration, innovation, and inclusivity.
We can no longer afford to see the climate crisis as a collection of isolated challenges. It is a global issue that demands a global response. Following the renewed confidence in multilateralism demonstrated at COP28, we are now presented with an opportunity to build on that restored trust and accelerate a new era of transformative climate action.
The UAE Consensus was built on four essential pillars: fast-tracking the energy transition, unlocking accessible and affordable climate finance at scale, focussing on people and nature, and ensuring inclusivity at every level of action. At the centre of the UAE Consensus are practical solutions that address the core of the problem.
By 2030, the UAE will achieve a 31 percent reduction in carbon emissions domestically and, globally, honour our commitment to be an active partner in delivering deep, rapid, and sustained emission reductions to keep the 1.5°C target within reach for all. Our ambitious goals include not only significantly reducing emissions and phasing out fossil fuels but also tripling our renewable energy capacity, thereby aiming to cut emissions by at least two-fold while safeguarding the most vulnerable.
Equally critical is the creation of new financial instruments to support accelerated action. The Loss & Damage Fund established at COP28 provides vital resources for nations bearing the brunt of climate impacts. The fund consists of $800m in active pledges to date, including $100m from the UAE. Since December 2023, we have mobilised over $85 billion in new funding, including historic replenishments—$3.5 billion to the Green Climate Fund, raising its second replenishment to a historic $12.8 billion total—and nearly $188 million toward the Adaptation Fund, equipping climate-vulnerable communities with essential resources.
In addition, the UAE has launched the $4.5 billion Africa Green Investment initiative to drive green industrialisation and advance critical climate projects across Africa. Complementing this, the UAE has also introduced the ALTÉRRA fund—a $30 billion initiative designed to catalyse climate finance in developing economies, removing barriers to investment and empowering high-impact climate projects across the Global South.
Building a new climate-resilient economy
We are now entering a transformative era of climate action, focused on building a climate-resilient economy. This new paradigm extends beyond merely reducing emissions; it encompasses defining and achieving global resilience by advancing socio-economic progress, safeguarding communities, and protecting the planet.
As we push forward with innovations in clean technologies, renewable energy, and decarbonising supply chains, we will naturally create new opportunities and markets, ensuring long-term economic growth that benefits everyone. The investments we are making today will safeguard the world for future generations and allow us to pass on a healthier and stronger planet to our children and their grandchildren.
As we approach COP29, the task ahead is clear. We must not only maintain the momentum from COP28 but also raise our ambitions. The groundbreaking inclusivity of COP28 has set a new standard for engaging diverse stakeholders and sharing innovative solutions.
By fostering cooperation and facilitating knowledge sharing and dialogue at both local and global levels, and through commitments like the Troika, we demonstrate that climate action starts at the highest levels and requires sustained, collaborative effort. Climate shapes our actions and challenging realities, but it also inspires us to reimagine how we live, build, move, and grow. In this spirit, I am confident that together we can build and protect a low-carbon economy for the future.
Let us seize this moment—not only to address the climate crisis but to unlock a brighter, more sustainable future. The era of the new climate economy is upon us, and we have the opportunity—and the obligation—to make it a reality.
His Excellency Abdulla Balalaa, Assistant Minister for Energy and Sustainable Affairs
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