DUBAI - Sigrid Kaag, Minister of Finance of the Netherlands, has affirmed the importance of COP28 in securing the necessary and essential funding for climate projects with the goal of "moving from millions to trillions."

In a statement to the Emirates News Agency (WAM) on the sidelines of COP28, Kaag said, "I think this COP is very, very important, not only given the data and the science we have about the impact of climate change. It is a moment in history where we can still turn the page, even though we are far behind in sort of meeting the goals and targets."

She continued, "There's a lot of political will, and there is the expertise all shareholders are on board."

Kaag pointed out that the Finance Day, held within the COP28 agenda, is highly significant "because ultimately we can have the best ideas, talk of innovation, technology, country planning, the nationally determined contributions which need to be ambitious but without money, nothing happens."

"We need public financing. We need innovative finance, but we also need a clear role and expectation to be laid out for the private sector, which is very willing," the minister noted.

She also congratulated the UAE and the COP28 presidency for achieving a significant breakthrough in the Loss and Damage Fund during the first day of the event.

"I think it sends a very important message on the expectation and the ambitions for the conclusion of this round of negotiations of COP28," Minister Kaag said.

She noted that climate change causes significant losses, whilst the ones who have to deal with the consequences of most climate impacts did not cause them.

The Dutch Finance Minister called on all stakeholders to accelerate their efforts to reduce carbon dioxide emissions and ensure energy transition.