EU-GCC Forum in Abu Dhabi Calls for Stronger Collaboration in Green Finance and Investment

EU-GCC Forum in Abu Dhabi Calls for Stronger Collaboration in Green Finance and Investment

The event was organised by the EU-GCC Cooperation on Green Transition, a project funded by the European Union to enhance EU-GCC cooperation in addressing climate change and advancing the green transition.

The 1st EU-GCC Investment & Finance Green Transition Forum successfully concluded today in Abu Dhabi, bringing together leaders from government, finance, and industry to advance sustainable investments and green finance ecosystems across the Gulf Cooperation Council (GCC) and European Union (EU) regions. The event was organised by the EU-GCC Cooperation on Green Transition, a project funded by the European Union to enhance EU-GCC cooperation in addressing climate change and advancing the green transition.

Building upon the momentum of the recent COP29 held in Baku, Azerbaijan, from 11 to 22 November 2024, the forum addressed key themes aligned with global climate objectives, including policy alignment, innovative financial instruments, and the development of transformative projects in renewable energy, hydrogen markets, and climate-resilient infrastructure.

H.E. Lucie Berger, Ambassador of the European Union to the United Arab Emirates, opened the forum by highlighting the importance of collaboration between the EU and GCC to tackle global climate challenges. "The EU and GCC share a common vision for sustainable growth and climate action. By aligning policies, sharing knowledge, and mobilizing investments, we can build a resilient and inclusive green economy that sets global standards for sustainability," said H.E. Berger.

In the fireside chat, H.E. Ioannis Tsakiris, Vice-President of the European Investment Bank (EIB), described how the EIB, as the financial arm of the European Union, is supporting climate action in the Middle East and worldwide. "At COP29, together with fellow multilateral development banks, we announced that we are collectively stepping up our climate finance for low- and middle-income countries. As the climate bank, the EIB will focus on supporting breakthrough green technologies, increasing finance and advisory services for climate adaptation, and strengthening partnerships to finance climate action projects including with the GCC," he said.

Throughout the day, the forum featured discussions emphasizing Abu Dhabi's leadership in green finance and the critical role of international collaboration in aligning regional and global practices. Sessions explored the potential of carbon markets as tools for financing green initiatives, underscoring how EU-GCC cooperation can unlock significant investment opportunities while positioning the GCC as a global energy and carbon hub. Experts highlighted that developing regulatory frameworks, harmonizing sustainability reporting standards, and integrating international best practices are essential steps toward creating cohesive green finance ecosystems.

Renewable energy also emerged as a central theme, with calls for increasing investments to meet net-zero targets. Participants emphasized that scaling up green finance requires effective energy planning, stronger public financing measures, and better access to climate finance, alongside robust policy de-risking mechanisms.

The forum concluded with a unified commitment from participants to deepen collaboration between the EU and GCC and work collectively to advance policy frameworks and investment models that drive sustainable growth and climate resilience.