The U.S.-U.A.E. Business Council hosted a conversation on Wednesday, January 15, 2025 with Ms. Mercedes Monserrate, CEO of the Global Financial Climate Centre (GCFC), at the Abu Dhabi National Exhibition Centre (ADNEC). This event took place on the sidelines of Abu Dhabi Sustainability Week (ADSW) and the Women in Sustainability, Environment and Renewable Energy (WiSER) Annual Forum.
Ms. Monserrate discussed her role as CEO of GCFC, a platform that mobilizes climate investment to implement and drive accountability for key COP28 initiatives. Ms. Monserrate noted the global focus on GCFC and cited its aim of connecting global capital to green and transition projects in emerging and developing markets. She highlighted the Africa Green Investment Initiative, the U.A.E. $4.5 billion fund to unlock Africa’s green energy potential, as one of the key efforts of GCFC as a facilitator. Ms. Monserrate added that GCFC seeks to catalyze both public and private capital to support climate projects. She called for collaboration between governments, multilateral banks, private investors, and NGOs to scale up climate investments. She emphasized that the GCFC is not an investment mechanism, but instead acts as a global convener, bringing together key stakeholders from governments, financial institutions, philanthropic organizations, and the private sector to scale up investment and address key barriers hindering investment flows to climate solutions.
Ms. Monserrate explained the importance of convening policymakers and business leaders to push forward sustainable development strategies and called for regulatory frameworks that empower and facilitate investments in green energy projects. She mentioned that several high-value agreements and strategic partnerships were signed involving key entities such as EGA, ADNOC, and Masdar. ADSW also included a focus on scaling green hydrogen capacity.
Ms. Monserrate provided an overview of the Global Climate Finance Annual Meeting (GCFAM), which was held at the outset of ADSW. She remarked that the GCFAM cemented the U.A.E.’s role as a global hub for climate finance and innovation. The meeting focused on translating COP28 U.A.E. legacy initiatives into actionable outcomes, scaling finance for emerging markets, and fostering resilient partnerships to tackle pressing global challenges. She emphasized that the GCFC promotes pathways for scalable solutions that can thrive across the Global South. The aim of GCFC is to build strategic partnerships, provide research and advice, and provide training to government officials and regulators, to help drive decisions that facilitate investments in green projects.
Drawing on her experience as the former Finance Sector Partnerships Lead at COP28, Ms. Monserrate discussd the U.A.E.’s leadership mantle on sustainable finance through mechanisms such as the U.A.E. Sustainable Finance Framework. She noted that the U.A.E. is at the forefront of launching green finance frameworks to support sustainable projects. She added that leading U.A.E. banks and investment funds play a significant role in promoting green and sustainable finance. She stated that the U.A.E. promotes innovation through investment in green technologies.
Ms. Monserrate outlined opportunities for U.S. private sector engagement with the U.A.E.’s climate finance initiatives. She cited engaging with U.A.E. banks and institutions such as Masdar to explore investment opportunities, participation in U.A.E. climate forums, and joint investments in clean energy projects as possible avenues for collaboration.
For questions about this event, please contact Matthew Gardell at mgardell@usuaebusiness.org.
