The COP28 Presidency has announced that it will convene the Independent High-Level Expert Group (IHLEG) on Climate Finance in the UAE this week to drive progress on steps to reform international finance ahead of COP28.

The two-day meeting - taking place on 15th August at the Abu Dhabi Global Markets (ADGM) - will bring together world-leading economists, private sector leaders, the COP28 Presidency and UN Climate Change High-Level Champions.

The IHLEG develops and presents policy options and recommendations to enable the public and private investment necessary for delivery of the ambitions of the Paris Climate Agreement. It is chaired by Dr. Vera Songwe and Professor Lord Nicholas Stern, and Dr. Amar Bhattacharya serves as executive secretary.

The discussions are designed to prepare the ground for COP28 and ensure that the two-week summit delivers tangible action on reform of international finance.

The IHLEG will evaluate progress on the climate finance landscape and the develop a roadmap of actions needed up to, and during, COP28 and beyond to COP29 and COP30.

The ultimate goal of IHLEG is to advance a holistic financial framework for resource mobilisation to deliver an equitable and efficient climate finance system, as set out in the Paris Agreement and Glasgow Pact, and start its implementation.

IHLEG will launch a final report on this matter at COP28 and will establish an engagement plan of actions with crucial stakeholders involved in executing the roadmap during the conference.

The COP28 UAE Presidency has named 'fixing climate finance' one of its four priority action pillars for COP28, alongside fast-tracking the energy transition, ensuring full inclusivity, addressing lives and livelihoods.