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19 Jan 23

Convergence and the UAE Independent Climate Change Accelerators sign MoU

Convergence and the UAE Independent Climate Change Accelerators (UICCA) signed an MoU on January 18th, on the sidelines of Abu Dhabi Sustainability Week (ADSW).

The UICCA is led by Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan and is a non-partisan, climate action entity aiming to bring together the public and private sectors, including academic institutions and NGOs to deliver the UAE’s commitment towards net zero by 2050 and drive the wider region’s sustainability ambition.

Through the MoU, Convergence and UICCA plan to advance awareness within the UAE of blended finance as a tool for accelerating investment in climate and sustainable development, particularly in the Middle East and North Africa and Sub-Saharan Africa.

MENA is one of the regions most vulnerable to the impacts of climate change, with findings indicating that its warming at twice the global rate. To achieve net zero and realize the region's climate and sustainability objectives, collaboration between the public, private, and philanthropic sectors will be critical, and blended finance is one way to make that happen.

This partnership between Convergence and UICCA will include activities such as knowledge sharing and capacity building sessions between the two organizations, one example being the sessions Convergence hosted on blended finance during ADSW. The organizations also intend to conduct outreach on blended finance solutions to representatives from public and private entities in the UAE, such as the UAE Ministry of Finance, UAE Ministry of Economy, family offices, private banks, project developers, and asset managers. Further activities will be determined as the partnerships develops, with the overarching goal of advancing the adoption of blended finance as a tool for climate action and sustainable development in the UAE and beyond.