Today's Edition
DUBAI (WAM)
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, inaugurated the 10th World Green Economy Summit (WGES) in Dubai.
The summit, organised by the Dubai Supreme Council of Energy, Dubai Water and Electricity Authority (DEWA) and World Green Economy Organisation (WGEO), is being held under the theme ‘Empowering Global Action: Unlocking Opportunities and Advancing Progress’. This year’s summit takes place at the Dubai World Trade Centre and runs until Thursday, 3 October 2024.
Surangel Whipps Jr., President of the Republic of Palau, said: “Climate change is not a distant threat to us; it is a present, tangible danger that we live with every day. It compels us to act – collectively and with urgency. That is why we are here today: to explore how we can work together to combat this global crisis. The WGEO and this summit play a crucial role in this effort, serving as a hub for advancing the green economy and supporting countries like Palau in achieving our climate and sustainability goals. Sustainability has always been a way of life in Palau for generations, but climate change now threatens that very existence. Our ocean – our livelihood, heritage and future – is our largest carbon sink and strongest ally in the fight against climate change. Protecting it has never been more urgent.”
Dr Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, said: “Under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has embarked on a path to achieve net zero by 2050. Through pioneering policies, plans and initiatives the nation is set to transition into a green economy for a sustainable future. The UAE’s climate efforts extend beyond its borders as the nation continues to forge global partnerships and enhance co-operation to confront climate challenges and adapt to a changing environment. Aiming for a fair and equitable energy transition and sustainable development, the UAE is leading the charge in placing food systems transformation at the heart of the global climate agenda. The COP28 UAE Consensus and the COP28 Declaration on Sustainable Agriculture, Resilient Food Systems and Climate Action, which was endorsed by 160 countries, underscore the nation’s commitment to global climate action, keeping the 1.5 degrees Celsius goal alive.”
“The World Green Economy Summit reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position the UAE as a global leader in sustainable development. The Summit offers a platform for dialogue and co-operation, providing innovative solutions to boost the green economy with the aim of fostering growth, competitiveness and creating more opportunities in the field. As part of our national vision, the Ministry of Climate Change and Environment is committed to fostering green growth and the green economy in line with the UAE’s Green Growth Strategy, which aims to make the nation a global leader in green economy and a centre for exporting and re-exporting green products and technologies to fulfill its ambition to support its long-term economic growth,” added Al Dahak.
In his opening speech, Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the World Green Economy Organisation, expressed his deep gratitude to HH Sheikh Mohammed bin Rashid Al Maktoum for his esteemed patronage of the summit. He also extended his thanks to H.H. Sheikh Ahmed bin Saeed Al Maktoum for inaugurating the 10th WGES.
“Since earlier times, the UAE’s leadership recognised the critical importance of transitioning to a green economy. Guided by the wise leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and under the visionary direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we adopt ambitious strategies to drive this transition towards a green economy and achieve sustainable development. This year's summit explores both current and future opportunities, focusing on critical topics under the theme 'Empowering Global Action: Unlocking Opportunities and Advancing Progress’. With the participation of prominent experts and speakers, we are addressing the profound challenges posed by climate change.
These challenges demand that we unite in our efforts and work tirelessly to overcome them. We are also building on the momentum of the United Nations Framework Convention on Climate Change (COP28), which our nation hosted last year. At COP28, the UAE Consensus was adopted, committing countries to triple global renewable energy capacity and double energy efficiency by 2030 to mitigate the effects of climate change,” said Al Tayer.
“Climate finance is pivotal in addressing climate change and driving sustainable development. Globally, financial efforts are increasingly directed towards projects that facilitate the transition to a low-carbon, green economy, with a particular emphasis on developing countries where the demand for green financing is on the rise. H.H. Sheikh Mohammed bin Rashid Al Maktoum has launched several groundbreaking initiatives to advance climate finance and sustainable development, most notably the Dubai Green Fund and the World Green Economy Organisation.
Achieving net-zero carbon emissions is one of the most critical global objectives in the fight against climate change. According to international reports, 50 percent of the solutions required to reach net zero depend on advancing clean energy transition technologies. This demands substantial investments in physical assets, particularly in energy and land-use systems. However, current global investments in this sector remain significantly below the USD 9.2 trillion annual investment needed to achieve net zero,” added Al Tayer.
“Locally, our clean energy projects have become global icons, with the most prominent being the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest single-site solar park based on the Independent Power Producer model. Additionally, Masdar has undertaken transformative projects like Noor Abu Dhabi, one of the world’s largest stand-alone operational solar plants. According to a McKinsey report, global renewable energy capacity saw a 50 percent increase last year, adding 507 gigawatts compared to 2022. McKinsey’s research further predicts that the dynamics of the energy storage market and sustainable carbon dioxide utilisation will expand by over 100-fold by 2050. This underscores the need for industry leaders to adapt swiftly to these rapid changes. Bridging the skills gap is essential to keep pace with the growth of climate technologies, which will require an estimated 200 million skilled workers globally by 2050,” he noted.
Al Tayer said that thanks to the visionary directives of the UAE’s wise leadership, the country has emerged as one of the most advanced nations in artificial intelligence. H.H. Sheikh Mohammed bin Rashid Al Maktoum’s launch of the UAE National Strategy for Artificial Intelligence 2031 has positioned Dubai as a global leader in harnessing AI, a key driver of the Fourth Industrial Revolution, to tackle climate change. Looking ahead, the energy sector faces significant challenges.
Some estimates indicate that Europe will need to invest over 240 billion euros to fully upgrade its utility networks and expand renewable energy production capacity. Additionally, by 2030, approximately 3.4 million public charging points will be required to meet the growing demand for electric vehicles. In alignment with the UAE's commitment to reducing emissions in the transport sector, and thanks to the concerted efforts of all stakeholders involved in green mobility initiatives, the number of electric vehicles in Dubai has surged to approximately 30,000 in less than two years, representing an increase of nearly 100 percent.
“In 2011, solar power projects were non-existent in Dubai, and the whole region. Today, we have completed 60% of the projects within the Mohammed bin Rashid Al Maktoum Solar Park, home to the world’s largest concentrated solar power plant, the tallest solar power tower and the biggest thermal energy storage capacity globally. Clean energy now accounts for more than 17 percent of Dubai's energy mix and we are on track to surpass our targets, reaching 27 percent by 2030.
The Green Hydrogen project, implemented by Dubai Electricity and Water Authority at the solar park, plays a crucial role in strengthening the UAE’s global competitiveness in the green hydrogen market. Projections indicate that green hydrogen production will grow by 57 percent annually, reaching 5.7 million tonnes by 2030. This year's summit also emphasises the crucial role of youths in addressing the effects of climate change, building on the momentum of COP28 and in alignment with the vision and guidance of the UAE’s wise leadership.
Additionally, the summit will tackle the pressing issues surrounding the food and water sector, which have become a significant challenge for many global economies. The circular economy is another key focus, with the UAE being one of the first nations to explore and capitalise on the opportunities it presents,” added Al Tayer.
Al Tayer concluded by thanking the attendees and all the participants, contributors and sponsors of the World Green Economy Summit for their efforts that have played a part in the success of the 10th edition of WGES.
José María Figueres Olsen, former President of Costa Rica, said: “The UAE, with its leadership in renewable energy projects, has demonstrated that climate ambition and economic growth can work hand in hand. Its investments in carbon capture and green hydrogen production provide further proof. Costa Rica’s Payment for Environmental Services (PES) program has incentivised conservation, resulting in a dramatic 100% increase in forest coverage over 30 years, to a total 50 percent of our territory – a doubling of our carbon absorption capacity. These are perfect examples of two countries on opposite sides of the planet, enacting policy to simultaneously drive environmental and economic benefits.”
The inauguration ceremony was attended by Surangel Whipps Jr, President of Palau; Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators; Dr Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment; Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the World Green Economy Organisation; José María Figueres Olsen, Chairman of The Carbon War Room, former President of Costa Rica and former CEO of the World Economic Forum; Flavien Joubert, Minister of Agriculture, Climate Change and Environment, the Seychelles; Aisha Sekindi, Minister of Water and Environment, Uganda; Messouda Baham Mohamed Laghdaf, Minister of Environment and Sustainable Development, Mauritania; Jean-Baptiste Djebbari, Managing Partner of Magellim Infrastructure and former French Minister of Transport; Awaidha Murshed Al Marar, Chairman of the Department of Energy – Abu Dhabi; Major General Ahmed Mohammed Rafi, Assistant Commander-in-Chief for Administration Affairs at Dubai Police; Ahmad Buti Al-Muhairbi, Secretary General of the Dubai Supreme Council of Energy; Ahmed Mohammed bin Thani, Director General of the Dubai Environment and Climate Change Authority; Badreya Al Maidoor, Assistant Undersecretary for Support Services at the Ministry of Economy; Jamal Al-Hai, Deputy CEO at Dubai Airports; Saif Humaid Al Falasi, CEO of Emirates National Oil Company (ENOC); Ahmad Bin Shafar, Chief Executive Officer of Empower; Ali Rashid Al Jarwan, CEO of Dragon Oil; Mohammad Abunayyan, Founder and Chairman of the Board of Directors of ACWA Power, Yousif Ahmed Al Ali, CEO of Etihad Water and Electricity; Othman Juma Al Ali, CEO of Emirates Water and Electricity Company (EWEC); Abdulfattah Sharaf, Chairman of the Board of HSBC Bank Middle East; Ahmed Al Shamsi, CEO of Taqa Water Solutions; and global officials and experts from various sectors, including the economy, energy, environment and sustainability, keen to explore ways to accelerate the transition to a sustainable green economy.
