World Green Economy Summit Highlights Climate Finance as Key Theme
The 10th edition of the World Green Economy Summit (WGES), organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA), and the World Green Economy Organisation (WGEO), is set to emphasize climate finance as a central theme.
As the world grapples with escalating climate challenges, the importance of climate finance in enhancing resilience, especially for vulnerable countries, is paramount.
Recent findings from the Climate Policy Initiative's Global Landscape of Climate Finance 2023 report reveal that global investments in climate projects surged to USD 1.3 trillion between 2021 and 2022. However, achieving the Paris Agreement's 1.5°C target necessitates a fivefold increase in these investments. The UAE is poised to play a crucial role in mobilizing climate finance through various initiatives that advance sustainability and support a green transition.
Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, stated,
“This year’s summit underscores climate finance as a vital tool for building a resilient future. We aim to bridge the gap between developed and developing nations by mobilizing essential funding.”
The summit also follows the significant outcomes of COP28, including the UAE Framework for Global Climate Resilience. Additionally, the newly introduced ALTERRA Fund, with an allocation of approximately AED 92 billion (USD 25 billion), aims to stimulate investments in climate resilience, particularly in the least developed countries.
As Dubai pushes towards carbon neutrality, leaders like Dr. Waleed Alnuaimi of Etihad ESCO highlight that energy retrofits can reduce a building's carbon footprint by up to 35%. Meanwhile, the Chalhoub Group emphasizes sustainability as central to its business, reflecting a shift towards circular economy practices in the fashion sector.
The WGES is expected to serve as a pivotal platform for global discussions on financing climate initiatives, paving the way for a sustainable future.
News Source: Emirates News Agency