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The 10th edition of the World Green Economy Summit 2024, which will be organised on October 2-3 in Dubai by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO), will give special 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.
Climate finance is increasingly important in enhancing climate resilience in various regions of the world, especially in the most affected countries, as providing adequate financing contributes to supporting mitigation and adaptation efforts and projects and enabling countries to deal with the repercussions of climate change and drive sustainable development.
The Climate Policy Initiative’s Global Climate Finance Landscape 2023 report revealed that although global investments in climate projects rose to $1.3 trillion between 2021 and 2022, achieving the 1.5°C target set by the Paris Agreement requires a five-fold increase in the value of these investments.
As part of its pioneering efforts to lead global climate action, the UAE’s position in enabling climate finance mobilization efforts is highlighted through a number of global initiatives that have contributed to advancing climate action, enhancing international cooperation in various areas of environmental sustainability, and supporting the green transition.
His Excellency Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of Dubai Electricity and Water Authority (DEWA), and Chairman of the World Green Economy Organization (WGEO), said in a statement that the summit has established itself as a fundamental pillar of the global climate movement and a leading platform for dialogue on various green transition issues. To this end, it attaches special importance to the issue of climate finance, 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 launch of the Altera Fund by the UAE, which aims to find the solutions required to raise and stimulate capital urgently to contribute to activating all components of the new climate economy system.
The fund allocates around AED 92 billion ($25 billion) to support climate investments that can accelerate 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 challenges that limit climate investment opportunities in least developed countries and small island developing states.
For his part, Dr. Waleed Al Nuaimi, CEO of Etihad Energy Services Company (Etihad ESCO), said that Dubai is accelerating its efforts to achieve carbon neutrality through the adoption of innovative energy solutions. Etihad ESCO 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. The carbon footprint of commercial buildings that Etihad ESCO retrofits is reduced by up to 35%.
In turn, Florence Bolti, Chief Sustainability Officer of Chalhoub Group, said that in the fashion industry, which is responsible for approximately 10% of global CO2 emissions, adopting initiatives focused on the circular economy is no longer an option, but an imperative. The pre-owned luxury market in the GCC represents the transition towards the circular economy, and the value of this market ranged between 480 and 500 million US dollars in 2022, with an annual growth of 15%. This trend reflects a major shift in the business model and the economy.
