People talk near the Al Wasl Dome at Expo City ahead of the COP28 UN Climate Summit, Nov 28, 2023, in Dubai, United Arab Emirates. (PHOTO / AP)

DUBAI - An international cooperation platform to provide sustainable finance capacity-building services for emerging markets and developing economies (EMDEs) was launched on Tuesday in Dubai, the United Arab Emirates (UAE).

The launching event was held on the sidelines of the 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change with the attendance of representatives from the platform's over 20 founding members.

So far, 42 Chinese and global institutions, including financial firms and associations, NGOs, related service providers and universities have joined the platform named the Capacity-building Alliance of Sustainable Investment (CASI).

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It was initiated by the Beijing-based Institute of Finance and Sustainability (IFS) and aims to train 100,000 professionals for EMDEs by 2030.

"The demand for sustainable investment is huge in EMDEs, but most of these economies are yet to put in place the key elements of a green financial system," said IFS President Ma Jun.

Eddie Yue Wai-man, the chief executive of the Hong Kong Monetary Authority, one of CASI's founding members, said that EMDEs are facing steep pathways to meet their sustainable development goals, requiring substantial investment

Ma said that various stakeholders' lack of "green" capacity has remained "a key barrier to mobilizing sustainable finance in many of the emerging markets in the Global South," which need green finance the most for climate action.

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Eddie Yue Wai-man, the chief executive of the Hong Kong Monetary Authority (HKMA), one of CASI's founding members, said that EMDEs are facing steep pathways to meet their sustainable development goals, requiring substantial investment.

He hoped that the HKMA Infrastructure Financing Facilitation Office could work with CASI on leveraging Hong Kong as a leading green and sustainable finance hub to help strengthen EMDEs' capacity to meet their financing needs.

Bill Winters, the CEO of Standard Chartered, another founding member of CASI, said "CASI demonstrates the value of constructive partnerships to accelerate sustainable investment where the need is great."

The platform is set to begin operation in 2024, with in-person events planned in Asia, Africa, the Middle East, and Latin America.