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, which will be held in early December.

The two-day meeting from 15 to 16 August, held at the Abu Dhabi Global Markets, will bring together world-leading economists, private sector leaders, the COP28 presidency and UN climate change high-level champions.

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, according to COP28 officials, 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 mobilization to deliver an equitable and efficient climate finance system, as set out in the Paris agreement and Glasgow pact, and start its implementation.

The group will build the action agenda that emerged from the Paris summit, as well as on the ongoing work on multilateral development bank reform at the recent G20 meeting. It will also explore overcoming geopolitical constraints and identifying gaps and barriers that may necessitate targeted interventions.

It will launch a final report 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 as one of its four priority action pillars for COP28, alongside fast-tracking the energy transition, ensuring full inclusivity, and addressing lives and livelihoods.