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The 10th session of the World Green Economy Summit will kick off on the 2nd of next month at the Dubai World Trade Center, under the slogan “Empowering Global Efforts: Creating Opportunities and Driving Development.”
Organised by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority and the World Green Economy Organisation, this session is of particular importance to the issue of climate finance as one of its main themes this year, as a key factor in enhancing climate resilience, with the participation of a group of leaders, experts and specialists in the field of green finance from around the world.
Leading platform
“The World Green Economy Summit has established itself as a key pillar of the global climate movement and a leading platform for dialogue on various green transition issues. The 10th edition of the summit builds on the outcomes of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which the UAE hosted last year at Expo City Dubai,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of Dubai Electricity and Water Authority (DEWA), and President of the World Green Economy Organization (WGEO).
He pointed out that one of the most prominent outcomes of COP28 was the historic UAE agreement, which set a new path for international climate action that includes an ambitious and comprehensive action plan, and included a number of important decisions, including the launch of the UAE Framework for Global Climate Resilience, which aims to support measures to adapt to the repercussions of climate change at the global level through several specific paths that support the goals of climate-resilient sustainable development.
Climate Finance
His Excellency added: The summit attaches special importance to the issue of climate finance as an important tool for building a green, resilient and just future by mobilizing the necessary financing and investments to bridge the gap between developed and developing countries and support the most affected communities, in line with local and global efforts to employ financing mechanisms to address the repercussions of climate change.
COP28 witnessed the UAE launching the Altera Fund, which aims to find the solutions required to urgently raise and stimulate capital that contributes to activating all components of the new climate economy system. This fund allocates approximately AED 92 billion ($25 billion) to support climate investments capable of accelerating the transition to a resilient and climate-neutral economy, and more than AED 18 billion ($5 billion) to mitigate risks and stimulate investment flows to address the challenges that limit climate investment opportunities in least developed countries and small island developing states.
Carbon neutrality
Dr. Waleed Al Nuaimi, CEO of Etihad Energy Services Company (Etihad ESCO), said: “Dubai is accelerating its journey towards achieving carbon neutrality through the adoption of innovative energy solutions. The company believes that every building retrofit and solar installation we undertake represents a new step towards a city that excels economically and leads environmental efforts to combat climate change.”
“Sustainability is at the heart of our operations at Chalhoub Group. Our Circular Economy Report underscores our unwavering commitment to sustainable business models, and we aim to be carbon neutral by 2040. In a dynamic fashion industry that accounts for around 10% of global CO2 emissions, adopting circular economy-focused initiatives is no longer an option, it is a necessity,” said Florence Bolti, Chief Sustainability Officer of Chalhoub Group.
