Mr. Mathias Cormann, the Secretary-General of the Organization for Economic Cooperation and Development (OECD), stated that the United Arab Emirates continues to perform exceptionally in leading the economy, governance, and innovation, which positions it as a strategic and major economic hub throughout the Middle East region.
His Excellency confirmed in statements to the Emirates News Agency “WAM” on the sidelines of the World Government Summit 2024, the importance of the summit being held in the Emirate of Dubai in creating exceptional opportunities to promote innovative and creative thinking, and to focus on best practices that, in turn, provide opportunities and solutions to meet the challenges of the present era.
He expressed his eagerness to continue enhancing the close relationships between the Organization for Economic Co-operation and Development (OECD) and the United Arab Emirates, taking them to a higher level. He stated in this context: “We are pleased to collaborate with the United Arab Emirates in various fields of policy and economy, including competition policy, governance of small and medium-sized enterprises, standardization of taxes, as well as increasingly working in the domains of social policy, education, and skills development.”
The paragraph emphasizes the leading role that the World Government Summit plays in devising the best possible solutions to move forward and foster economic development. It highlights the necessity of implementing extraordinary economic and social policies to support economic growth. Additionally, it points out the need for governments worldwide to convene at conferences like the World Government Summit to envision the future of various sectors.
The Secretary-General of the Organization for Economic Cooperation and Development has pointed out that the global economy continues to grow despite the challenges it has faced over the past years, including the COVID-19 pandemic. The global economy has demonstrated remarkable resilience in the face of various challenges. It is expected to continue growing at a moderate rate of 2.9% this year and 3% in the year 2025.
He highlighted the need to address structural challenges such as climate issues, an effective response to climate change, and the digital transformation, along with enhancing levels of global cooperation.
In the context of climate challenges, His Excellency highlighted the significant role that the 28th Conference of the Parties (COP28) played in achieving new and extremely important milestones for climate action financing, such as the activation of the Global Climate Fund with funding amounting to 700 million dollars from developed countries around the world.
He pointed out that the world has made progress in honoring a commitment to provide $100 billion in climate finance. According to the organization’s 2021 report, approximately $89 billion was provided by developed countries to developing nations. Preliminary data for 2022 indicate that funding exceeding the $100 billion mark has already been delivered.
His Excellency Mathias Cormann stated, “There is still a long way to go, but significant progress was made at the COP28 conference in Dubai, which will be beneficial with regard to the global fight against climate change. One of the key challenges we must address is ensuring that there are sufficient projects worldwide that can take advantage of climate financing to enhance the impact of emission reduction efforts.”
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