ABU DHABI, 4th June, 2022 (WAM) — Abu Dhabi Fund for Development (ADFD) has joined the international community in celebrating World Environment Day, marked annually on 5th June.
Under the theme ‘We have Only One Land’, this year’s occasion is aimed at uniting global efforts to preserve the environment and sustain its limited land resources.
ADFD highlighted the UAE’s leading role in preserving the environment and addressing negative impacts of climate change by launching various initiatives locally. Through the Green Development Strategy, the country aims to promote long-term growth by focusing on the green economy and maintaining a sustainable environment, as well as preserve natural resources for future generations. ADFD contributed to these efforts through the implementation of global best practices in cooperation with partners and international organisations.
The international community has agreed to host the 28th session of the Conference of the Parties (COP 28) to the United Nations Framework Convention on Climate Change (UNFCCC) in the UAE next year, which demonstrates the importance of the Emirates’ investments in quality clean energy projects, its quest for effective solutions to tackle climate challenges and engagement in innovative climate action that helps stimulate the economy and build a more sustainable future.
Projects financed by ADFD over the past 50 years have supported sustainable development goals aimed at alleviating poverty, protecting the planet and ensuring peace and prosperity for all by 2030. The Fund has made significant efforts to achieve SDG 13, which pushes for urgent action to address adverse impacts of climate change and reduce carbon emissions. It joined the global initiative to save the environment by launching and financing strategic projects around the world, which also supported socioeconomic development in partner countries.
ADFD started funding renewable energy projects in 1974, having financed 73 of them so far at a total cost of around AED4 billion. They have benefited 52 countries in different continents and helped meet the growing demand for energy in beneficiary countries.
The Abu Dhabi Fund has established strategic partnerships with various national counterparts, global organisations and development funds to support renewable energy projects. Joint efforts have contributed to the application of the best innovative technologies, development of sustainable solutions and reduction of climate challenges faced by developing countries. ADFD’s important international initiatives that have contributed to promoting renewable energy projects implemented in collaboration with the International Renewable Energy Agency (IRENA) , the UAE-Caribbean Renewable Energy Fund (UAE-CREF), and the UAE-Pacific Partnership Fund (UAE-PPF).
Additionally, ADFD attached great importance to the agriculture and irrigation sector, thus greatly contributing to SDG 15 that seeks to protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification and halt and reverse land degradation and biodiversity loss.
ADFD financed 59 projects in the agriculture and irrigation sector, which together amounted to around AED6 billion. 22 countries across continents have benefited from these projects involving reclamation and development of vast swathes of agricultural land, preservation of biodiversity and achievement of food security, sustainable economy and social development.