The United Arab Emirates is leading in global fight against the climate change through its green and clean energy initiatives. September 28 and 29, 2022 is marking a two day summit in Dubai, The World Green Economy Summit that will provide a platform to foster investments and relationships towards boosting green energy projects.
The World Green Economy Summit (WGES) in Dubai
The summit in September will focus on developing partnerships towards investment and bolstering financing for the green projects as the government of UAE intensifies its efforts to curb the emissions towards global climate goal. The summit will also showcase efforts by UAE towards green energy investments as it heads to host Cop28 summit in 2023. “The UAE committed $400 million to enable the transition to clean energy for developing nations, that will positively impact 100 million African citizens by 2035,” 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.”
UAE is developing new renewable energy projects by aiding in the investments, including the world’s largest solar plant in Al Dhafra region of Abu Dhabi. The solar plant has a total capacity of two gigawatts, and the 5,000 megawatts Mohammed bin Rashid solar park in Dubai which is being developed with an investment of Dh50bn ($13.6bn).
“The UAE has worked to integrate the United Nations Sustainable Development Goals 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 WGES, said. “Pioneering transformational projects such as building solar power plants, using eco-friendly EV cars, as well as building sustainable, low-carbon urban communities support the … strategy to achieve a sustainable future for vital sectors in the UAE.”
The UAE also is investing Dh600bn in clean energy projects as part of its net zero 2050 strategy towards climate action. “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.”
UAE has announced a projected investment of more than $160 billion to achieve net zero by 2050, certainly quite an ambitious goal.
UAE’s Carbon capture and storage (CCS) projects are aimed to mitigate climate change through capturing carbon dioxide from power plants and such other sources, and storing it underground.
Furthermore, major investments are being made under UAE leadership in sustainable transportation and clean mobility options such as electric and hydrogen-powered vehicles. Through an amalgamation of initiatives such as sustainable architecture and building materials, sustainable engineering and construction, low-carbon agricultural technologies, clean mobility and renewables, the Sharjah Sustainable City has set a benchmark for “sustainable communities”.
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