Getting investors and communities to be at the same table and financing renewable energy projects is essential.
In the months running up to Cop28, the Arab Republic of Egypt, host of the 27th Conference of Parties (COP27), is looking forward to cooperating with the UAE.
Egypt's message is that debates about climate change cannot be "elitist" or done in a vacuum and that it is crucial to include those who are impacted but are never involved in the conversation.
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In farming, for instance, many effective solutions can increase production or knowledge exchange about the best crops or crop insurance. All of these novel solutions concern people, but they must be explained in plain terms so as not to scare anyone.
It's not an exclusive subject, and holding the COP27 in Egypt and the COP28 in the UAE has made it more accessible to regular people in the Middle Eastern economies that are still growing.
Involving non-governmental organisations, universities, the commercial sector, and civil society will be a crucial component of the preparations for the next Cop in November.
It is more important than ever to make the general public aware of how expensive inaction is. Dealing with the effects of climate change would cost much more than investing in solutions.
Investment bankers looking for feasible programmes will benefit from having a clear road map for locating strong green energy initiatives.
The UAE must expand on the work done in the Egyptian city of Sharm El Sheikh last year with its partnership between the government and investors.
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Plans for wind farms, clean cooking, and water management in South Asia and Africa are among the 128 projects the UN identified in a pipeline of "investible prospects" to help nations adapt, and there is an increased degree of enthusiasm about them.
While discussing climate change, we should also discuss the need for a level playing field for all parties involved.
We should propose an audacious plan to finance energy projects in favourable conditions for middle- and low-income nations, with interest rates not to exceed 1%, a grace period not to exceed 10 years, and a payback period not to exceed 20 years.
This "holistic approach" takes into account nations that are experiencing economic hardship, especially in light of the conflict in Ukraine, the rising cost of food, and the oil crisis.
We cannot just discuss climate funding as if there were no impending fiscal catastrophe in many nations. What we must do is integrate climate financing into a comprehensive strategy. We must take into account the fact that more than 60% of developing economies are in financial crisis. We cannot only assert that everything will proceed as normal.
While discussing climate change, we should also discuss the need for a level playing field for all parties involved.
We should propose an audacious plan to finance energy projects in favourable conditions for middle- and low-income nations, with interest rates not to exceed 1%, a grace period not to exceed 10 years, and a payback period not to exceed 20 years.
This "holistic approach" takes into account nations that are experiencing economic hardship, especially in light of the conflict in Ukraine, the rising cost of food, and the oil crisis.
We cannot just discuss climate funding as if there were no impending fiscal catastrophe in many nations. What we must do is integrate climate financing into a comprehensive strategy. We must take into account the fact that more than 60% of developing economies are in financial crisis. We cannot only assert that everything will proceed as normal.
It should also be emphasised that the commitment of $100 billion per year made by higher GDP countries at Cop15 in Copenhagen in 2009 to assist developing countries in achieving their climate action targets was out of date.
Before the conference in Egypt last year, research stated that poor countries will require $2.4 trillion and $1 trillion per year, respectively, to deal with the effects of climate change, reduce emissions, adapt, and strengthen resilience.
Floods and increased heat-related issues are going to be a reality if we don't do more to mitigate the problems, and people won't simply complain—they'll leave.
This might trigger forced migration, which would result in an inflow of refugees.
People are initially displaced inside their nation, and if they have a choice to relocate to a cooler location, they will use any means necessary to go there to protect their family.
Therefore, it is important for all parties involved to engage in constructive collaboration. Although many nations are struggling economically, the cost of inaction is extremely high.
Further, by funding initiatives, exchanging technology among nations, and developing solar and wind solutions, it is possible to keep global temperatures to 1.5 degrees above pre-industrial levels.