UAE Green Economy Summit Focuses on Clean Energy Investment Partnerships

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by KnowESG
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The World Green Economy Summit (WGES) next month in Dubai will focus on building investment partnerships and increasing financing for green projects as governments around the world ramp up efforts to reduce emissions and protect the environment.

The two-day summit, on September 28 and 29, will also highlight the UAE's efforts to increase green investments as the country prepares to host the Cop28 summit in 2023.

“The UAE committed $400 million to enable the transition to clean energy for developing nations, which will positively impact 100 million African citizens by 2035,” a statement issued on Sunday by Dubai Media Office said.

“It has promised to raise $4 billion to invest in technologies that will transform agriculture and food production to limit climate change.”

The Arab world's second-largest economy is increasing investments in new renewable energy projects, including the world's largest solar plant in Abu Dhabi's Al Dhafra region, with a total capacity of two gigawatts, and the 5,000 megawatts Mohammed bin Rashid solar park in Dubai, with a Dh50 billion ($13.6 billion) investment.

“The UAE has worked to integrate the United Nations Sustainable Development Goals (SDGs) 2030 into its vision for the future and to achieve its ambitions for the next 50 years,” Saeed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, managing director and chief executive of Dubai Electricity and Water Authority and chairman of the WGES, said.

“Pioneering transformational projects such as building solar power plants, using eco-friendly EV cars and building sustainable, low-carbon urban communities support the … strategy to achieve a sustainable future for vital sectors in the UAE.”

"These projects will also help achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100 per cent of the energy production capacity from clean energy sources by 2050," he said.

As part of its net-zero 2050 strategy, the UAE intends to invest Dh600bn in clean energy projects.

“The green economy is central to our agenda, with the country taking major steps towards building capacity in this area,” UAE’s Minister of Economy, Abdulla bin Touq, said.

“As part of this effort, the circular economy represents a key economic driver, and it has achieved tangible growth, supported by the newly established UAE Circular Economy Council and its policy committee."

So far, the group has created a plan that includes 22 solutions and projects in support of the circular economy.

According to the International Renewable Energy Agency and the International Labour Organisation, there were 12 million direct and indirect job opportunities in the renewable energy sector worldwide in 2020, up from 11.5 million in 2019.

Source: The National News

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