WGES 2022 to Encourage Investment Partnerships in Green Projects

The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green projects and financing.

It will promote investment and employment opportunities provided by the green economy. During the Summit, several local and global high-profile participants, including heads of states and governments, as well as prominent global speakers, official dignitaries from government organisations, academia, experts and the media, will discuss promising opportunities and investments for the public and private sectors.

These opportunities would enable them to find innovative solutions and financial tools that promote clean and renewable energy projects, sustain growth and drive the global economy towards greater prosperity.

WGES 2022 supports the UAE’s efforts to increase green investment. This is through gathering decision-makers and investors in one place on the land of the UAE. This supports the UAE’s endeavour in enhancing green funding.

The UAE is the first country to develop the Green Key Performance Indicators. It focuses on three dimensions (environmental, economic and social) of sustainable development. The KPIs include green jobs, Emiratisation, innovation, human development, ecological footprint, and green vehicles.

The UAE committed USD 400 million to enable the transition to clean energy for developing nations, that will positively impact 100 million African citizens by 2035. It has promised to raise USD 4 billion to invest in technologies that will transform agriculture and food production to limit climate change.

WGES highlights the importance of making global changes in consumption, production and investment patterns, to achieve the Paris Agreement for climate change. It also paves the way for the Conference of the Parties organised by the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the Dubai Expo City next year.

COP28 is an important event to outline the features of global sustainability and a green future as well as strengthen the Middle East’s position as a key driver of a green economy and green infrastructure.

WGES will be held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and organised by Dubai Electricity and Water Authority (DEWA) on 28 and 29 September 2022 at Dubai’s World Trade Centre.

HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the World Green Economy Summit, noted that the UAE has adopted the green economy since 2012, through the ‘UAE Green Growth Strategy’ initiative which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, under the theme ‘A Green Economy for Sustainable Development’.

It was created with the ambition for the UAE to become a global leader and a successful model of sustainability, while supporting long-term economic growth.

“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. 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 wise leadership strategy to achieve a sustainable future for vital sectors in the UAE.

They also help to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050. Dubai has made great strides in its sustainable development journey.

It has launched pioneering projects in renewable and clean energy, including the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It has a planned production capacity of 5,000 MW by 2030, with investments totalling AED 50 billion.

This enhances the UAE and Dubai’s leadership as a successful model for sustainability worldwide. Since its launch, the solar park’s projects have received considerable interest from global developers, which reflects the confidence of international investors in DEWA’s major projects.

Through this model, DEWA has attracted around AED 40 billion of investments and received the lowest global solar energy prices five consecutive times, making Dubai a global benchmark for solar energy prices.

In line with the UAE’s commitment to promoting green financing, and as part of the third pillar of the Dubai Clean Energy Strategy 2050, the Dubai Green Fund was launched to provide innovative financing solutions to green projects. We are exploring new and innovative financing mechanisms to encourage and enhance spending on sustainable infrastructure,” added Al Tayer.

“The UAE has adopted an ambitious vision to promote economic diversification and the growth of new economic sectors in fields that best serve our sustainable development path.

The green economy is central to our agenda, with the country taking major steps towards building capacity in this area. 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.

The committee has developed a roadmap comprising 22 new solutions and initiatives in support of the circular economy.

The policies will contribute to addressing the challenges in four key sectors—namely: manufacturing, green infrastructure, transportation, and food production and consumption—whilst also driving the overall green transition,” said H.E. Abdulla bin Touq Al Marri, Minister of Economy.

Bin Touq highlighted that the transition to a sustainable and green development model is a global trend that will shape the economy of the future. He stressed the significance of the World Green Economy Summit as a global platform for international partners to explore and learn more about innovative investment opportunities in the green economy. He added that the organisation of the Summit in the UAE is aligned with the national efforts aimed at promoting the green economy as a policy priority and the transition towards a new economic model that is more diverse, resilient, and sustainable, in line with the country’s ambition vision for the next 50 years.

WGES 2022 will highlight the increasing interest of global investors in the renewable energy sector, and ways to benefit from the boom in financing the environment, society and governance.

This aims to achieve green growth. According to the International Renewable Energy Agency (IRENA) and the International Labour Organization ‘Renewable Energy and Jobs - Annual Review 2021,’ worldwide employment in renewable energy was estimated at 12 million in 2020, up from 11.5 million in 2019, directly and indirectly.

The sector has continued to attract more job opportunities worldwide since 2012. These focused on solar photovoltaic panels, bioenergy, hydropower and wind energy.