Economic Secretary To UK Treasury Praises COP28, Calls It 'Huge Moment' For World And UAE

Andrew Griffith, economic secretary to the United Kingdom (U.K.) Treasury, has expressed his appreciation for the upcoming 2023 United Nations Climate Change Conference (COP28), saying it is going to be a "huge moment" for the world and the United Arab Emirates (UAE).

The UAE will host the COP28 summit in Expo City Dubai from Nov. 30 to Dec. 12. Ahead of the summit, Griffith noted on Monday that his country and the UAE have strong ties, as many U.K.-based companies have headquarters in the Emirates.

He also pointed out that both countries are working in the same areas, and COP28 is going to be a "huge moment for the world and for the UAE," WAM reported.

"The whole world's eyes will be here," he added.

He went on to praise UAE's COP28 presidency and leadership, noting that both are "very open economies" and that the UAE, just like the U.K., depends upon "a much broader set of markets and opportunities just in its own domestic economy."

"They're both open, both very internationally looking," he explained. "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 organizers of the COP 28 all the best success."

Griffith then talked about geopolitical challenges, saying both countries can overcome them 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."

He encouraged both nations to reach common standards in terms of the 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."

Griffith met with UAE Prime Minister Mohammed bin Rashid Al Maktoum in May to discuss commercial and trade partnerships between both countries.

COP28 President-Designate Dr. Sultan Al Jaber visited London Climate Action Week in June, where he met several key British stakeholders, including King Charles III, the secretary of state for energy security and net zero and the minister of state for overseas territories, Commonwealth, energy, climate and environment of the United Kingdom.

During the visit, Al Jaber suggested cutting emissions by 43% in the next seven years and creating a holistic ecosystem that connects policy, technology, finance and people.