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UAE earmarks $200 m to help climate resilience in vulnerable countries
The UAE earmarked $200 million to help climate resilience in vulnerable countries in the form of Special Drawing Rights (SDRs), pledged to IMF’s Resilience and Sustainability Trust (RST).
The RST is a trust held by the International Monetary Fund (IMF) and provides long-term concessional funding for climate resilience and pandemic preparedness. The RST supports climate resilience in low- and middle-income economies and countries vulnerable to the impacts of climate change.
COP28 President Dr. Sultan Al Jaber, said “The UAE is delighted to announce our SDR commitment to the IMF Resilience and Sustainability Trust (RST). We are committed to supporting those countries and communities who have often contributed the least to climate change but are impacted the most.”
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: “The UAE’s allocation of funds to the Resilience and Sustainability Trust is a testament to our commitment to advancing sustainable finance efforts and supporting countries most affected by climate change. The Ministry of Finance in the UAE prioritizes identifying climate financing gaps, assessing the impact of climate change mitigation policies on capital flows, and recognizing the macroeconomic risks resulting from climate change. We work closely with our partners from international financial organizations, such as the IMF, to enhance multilateral coordination in sustainable finance action.”
The RST was established in 2022 as a response to the need to support low and middle -income economies and vulnerable countries as they confront longer-term climate change risks.
Approximately three-quarters of the IMF’s country membership are eligible for RST financing, including low-income members as well as middle-income countries and small island developing states (SIDS). Currently, the RST has received over $ 40 billion to SDR pledges and 11 countries have been approved as recipients so far.
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