Manama, Bahrain’s Parliamentary Division delegation participated in the virtual parliamentary forum organised by the Inter-Parliamentary Union in cooperation with the United Nations, titled “Unlocking Climate Finance: A Briefing for Parliamentarians.”
The delegation included Dr. Mohammed Ali Hassan Ali, Chairman of the Public Utilities and Environment Committee in the Shura Council, and MP Hesham Abdulaziz Al Awadhi, Chairman of the Public Utilities and Environment Committee in the Council of Representatives.
The forum aimed to provide an overview and enhance understanding of the current global financial landscape for addressing climate change, the estimated scope of required financing, and the creation of diverse sources, mechanisms, and tools for climate-related funding.
They also discussed climate finance ahead of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), set to take place in Baku, Azerbaijan, this November.
The forum provided opportuniti
es for both developed and developing countries to take collective action on climate finance.
The event offered parliamentarians a platform to engage with climate finance experts to explore ways to enhance parliamentary actions on climate-related funding.
It also allowed participants to present their national climate finance needs and the efforts their parliaments are making to address funding gaps.
Speakers at the forum emphasised that finance is a key enabler for implementing the circular carbon economy (CCE) approach, adopted by many countries worldwide.
They noted that these countries could collaborate to increase investments in technologies related to the CCE, such as carbon capture, storage, and reuse, as well as renewable energy technologies.
Additionally, speakers affirmed the importance of having context-specific, inclusive climate finance policies that consider all pathways outlined in the nationally determined contributions (NDCs) of developing countries.
They underscored the need for indus
trialised nations to fulfil their financial commitments to support developing and climate-affected countries, ensuring that funding flows into all sectors and solutions addressing climate change.
Source: Bahrain News Agency
