Andrew Griffith noted that the UAE and UK have lots of similarities….reports Asian Lite News
Andrew Griffith, Economic Secretary to the UK Treasury, said, the UAE and the United Kingdom have always enjoyed a long history of close cooperation, noting that “many very strong UK firms have been based here since the very founding of the Emirates.”
In statements, Griffith said, “We’re working in lots of the same areas. The COP28 is a huge moment for the world and for the UAE. The whole world’s eyes will be here,” adding that sustainable finance will be central to the global event. He in this regard hailed the UAE’s COP28 Presidency and Leadership.
He noted that the UAE and UK have lots of similarities. “They’re both very open economies. The UAE, just like the United Kingdom, relies upon, you know, a much broader set of markets and opportunities just in its own domestic economy. So they’re both open, both very internationally looking.”
Highlighting the UAE’s economic diversification efforts, Griffith said: “The UAE itself has significantly diversified its sources of revenue. So I think in many cases, you know, you’re a great example of what the world needs to emulate… I wish the organisers of the COP 28 all the best success.”
He stressed that the world is facing challenges of geopolitics: “How do we overcome those challenges? By working more closely together, having good quality regulatory standards, making sure that we explore new opportunities, areas that are really fast-growing, like fintech, artificial intelligence, and allowing the free flow of capital around the world.”
Griffith added that the UK itself has been a leader in the past in “sustainable finance and as the world comes together, one of the important opportunities is to try and reach common standards… It could be common international sustainability standards framework so that when companies and firms have to disclose what their impact on the environment is, we do so on the basis of a common standard.”
Meanwhile, COP28 President Dr. Sultan Al Jaber heralded the successful conclusion of a vital United Nations Framework Convention on Climate Change (UNFCCC) meeting on the implementation of the Loss and Damage Fund, held in Abu Dhabi, as a vital step towards a successful outcome on the road to COP28.
Once up and running the fund would provide particularly vulnerable countries, many at extreme risk from climate change, with funding to support recovery from the impacts of climate change.