G20, COP28 cooperation vital, says UAE Minister

The UAE Minister of Financial Affairs, Mohamed Hadi Al Hussaini, has highlighted the importance of cooperation between the G20 and the United Nations Climate Change Conference 2023 (COP28), considering the significant role of the G20 in assessing the macroeconomic risks from climate change.

Al Hussaini spoke at the fourth and final G20 Finance Ministers and Central Bank Governors meeting under the Indian Presidency, which took place on the sidelines of the World Bank Group and the International Monetary Fund annual meetings, held in Marrakech. 

He also pointed out the need for embedding climate finance in the multilateral development banks (MDBs) reform agenda.

The meeting focused on Strengthening Multilateral Development Banks to Address Shared Challenges of the 21st Century. During the session, the attendees discussed the progress made by the G20 and reviewed the recommendations of the G20 Independent Expert Group for enhancing the mandates, sustainability, and financing of MDBs.

Al Hussaini commended the strides forward on strengthening MDBs and emphasised the importance of global coordination, and to leveraging digital public infrastructure to build the cities of the future.

The meeting discussed the global economic outlook in light of the slowing recovery and the widening divergence among sectors and countries and explored collective policy coordination approaches to addressing global challenges.

During the meeting, participants also reviewed the final results of the G20 Finance Track meetings for 2023, in which the UAE Ministry participated in all 34 meetings this year, and presented 39 case studies to the G20.

The G20 Finance Track focuses on economic and financial stability, including economic development priorities, global economic risks and challenges, international financial architecture, international taxation, quality and sustainable infrastructure, sustainable finance, financial inclusion, financial sector reforms, joint finance and health coordination, among other matters.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, commended the progress achieved by the Finance Track this year, in line with the priorities set by the Indian presidency for the G20 in 2023.

This includes the G20 Sustainable Finance Roadmap and strengthening MDBs to address the challenges of the 21st century, among several others.

#UAE participates in final meeting of G20 Finance Ministers, Central Bank Governors#WamNewshttps://t.co/onZb1auOZt pic.twitter.com/3oLDPBnDbS

— WAM English (@WAMNEWS_ENG) October 14, 2023