Recently at the World Government Summit holding in Dubai, Makhtar Diop, managing director of the US-headquartered International Finance Corporation (IFC), has stated that the world needs about $9 trillion of investment annually to tackle climate action and about $1 trillion annually to exert energy transition in many countries.

Speaking at the World Government Summit 2023 in Dubai, Diop said the aim of the world leaders should be building a sustainable future, and bridging the financial gap to tackle climate challenges.

Mr Diop further noted that the COP 28, to be held in the UAE later this year, will offer a genuine opportunity to discuss energy transformation issues and support climate action, including harnessing technologies for this purpose.