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Makhtar Diop, Managing Director of the International Finance Corporation (IFC), called on world leaders and heads of government to cooperate in making direct investments to overcome climate issues.
Speaking on the first day of the World Government Summit (WGS) 2023, Diop said the aim of the world leaders should be building a sustainable future, and bridging the financial gap to tackle climate challenges.
The challenge lies in the management of financial resources, estimating the world needs about $9 trillion of investment annually to tackle climate action and about $1 trillion annually to exert energy transition in many countries, he said.
He indicated that the COVID-19, geopolitical crises, and devastating natural disasters have hindered the efforts of achieving climate goals.
“One of the major challenges we will face in the near future is access to water, so we need to discuss the use of technology and Artificial Intelligence to understand how to use water more efficiently and in a better way,”
He stressed that the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28), to be held in the UAE later this this year, should offer a genuine opportunity to discuss energy transformation issues and support climate action, including harnessing technologies for this purpose.
IFC will sign an MoU with the Abu Dhabi Fund for Development to jointly invest $1.5 billion in energy transition and the fight against climate change
Diop confirmed that IFC has developed during the last period a new product that aims to monitor the reality of climate change in each country and is working on developing it
(Writing by Seban Scaria; editing by Daniel Luiz)
