The UAE announced the formation of the “Global Energy Efficiency Alliance” at COP29. The alliance aims to double annual global energy efficiency rates by 2030 and lower emissions.
This program is consistent with the UAE’s historic ‘UAE Consensus’ from COP28, in which countries, organisations, and businesses agreed to lowering carbon emissions and reducing natural resource usage. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure (MoEI), spoke to WAM on the sidelines of the UAE’s national pavilion activities during COP29 in Azerbaijan.
He noted that the UAE’s intention to establish the Global Energy Efficiency Alliance stemmed from a global desire to promote energy efficiency, and negotiations were made with several countries worldwide who welcomed the establishment of the Alliance. The UAE announced the formation of the “Global Energy Efficiency Alliance” at COP29. The alliance aims to double annual global energy efficiency rates by 2030 and lower emissions.
In creating BICFIT, the COP29 Presidency has also brought together UNCTAD, the UNDP, the World Trade Organisation (WTO), International Trade Centre (ITC), multilateral development banks and multilateral climate funds.
BICFIT will guarantee Finance, Investment, and Trade sit at the centre of the climate-change agenda by ensuring alignment, continuity and delivery across discussions, actions and initiatives between previous and future COPs in support of the UNFCCC and the Paris Agreement.
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