• The summit is organised by the Dubai Supreme Council of Vitality, DEWA and the World Inexperienced Financial system Group.
• Massive turnout from present and former presidents, world leaders, ministers, officers and specialists from around the globe.
• HE Dr Amna bint Abdullah Al Dahak: “The Summit provides a platform for dialogue and co-operation, offering modern options to spice up the inexperienced economic system.”
• HE Saeed Al Tayer: “We’re additionally constructing on the momentum of COP28, which our nation hosted final 12 months.”
Below the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Vitality, inaugurated the tenth World Inexperienced Financial system Summit (WGES) in Dubai. The summit, organised by the Dubai Supreme Council of Vitality, Dubai Water and Electrical energy Authority (DEWA) and WGEO, is being held beneath the theme ‘Empowering World Motion: Unlocking Alternatives and Advancing Progress’.
The inauguration ceremony was attended by HE Surangel Whipps Jr, President of Palau; HH Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Impartial Local weather Change Accelerators; HE Dr Amna bint Abdullah Al Dahak, Minister of Local weather Change and Atmosphere; HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Vitality, MD & CEO of DEWA and Chairman of the World Inexperienced Financial system Group; HE José María Figueres Olsen, Chairman of The Carbon Struggle Room, former President of Costa Rica and former CEO of the World Financial Discussion board; HE Flavien Joubert, Minister of Agriculture, Local weather Change and Atmosphere, the Seychelles; HE Aisha Sekindi, Minister of Water and Atmosphere, Uganda; HE Messouda Baham Mohamed Laghdaf, Minister of Atmosphere and Sustainable Improvement, Mauritania; HE Jean-Baptiste Djebbari, Managing Accomplice of Magellim Infrastructure and former French Minister of Transport; HE Awaidha Murshed Al Marar, Chairman of the Division of Vitality – Abu Dhabi; HE Main Common Ahmed Mohammed Rafi, Assistant Commander-in-Chief for Administration Affairs at Dubai Police; HE Ahmad Buti Al-Muhairbi, Secretary Common of the Dubai Supreme Council of Vitality; HE Ahmed Mohammed bin Thani, Director Common of the Dubai Atmosphere and Local weather Change Authority; HE Badreya Al Maidoor, Assistant Undersecretary for Assist Providers on the Ministry of Financial system; HE Jamal Al-Hai, Deputy CEO at Dubai Airports; HE Saif Humaid Al Falasi, CEO of Emirates Nationwide Oil Firm (ENOC); HE Ahmad Bin Shafar, Chief Government Officer of Empower; Ali Rashid Al Jarwan, CEO of Dragon Oil; Mohammad Abunayyan, Founder and Chairman of the Board of Administrators of ACWA Energy, Yousif Ahmed Al Ali, CEO of Etihad Water and Electrical energy; Othman Juma Al Ali, CEO of Emirates Water and Electrical energy Firm (EWEC); Abdulfattah Sharaf, Chairman of the Board of HSBC Financial institution Center East; Ahmed Al Shamsi, CEO of Taqa Water Options; and world officers and specialists from numerous sectors, together with the economic system, vitality, setting and sustainability, eager to discover methods to speed up the transition to a sustainable inexperienced economic system. This 12 months’s summit takes place on the Dubai World Commerce Centre and runs till Thursday, 3 October 2024.
HE Surangel Whipps Jr., President of the Republic of Palau, stated: “Local weather change is just not a distant risk to us; it’s a current, tangible hazard that we stay with every single day. It compels us to behave – collectively and with urgency. That’s the reason we’re right here right this moment: to discover how we are able to work collectively to fight this world disaster. The WGEO and this summit play a vital function on this effort, serving as a hub for advancing the inexperienced economic system and supporting international locations like Palau in reaching our local weather and sustainability targets. Sustainability has all the time been a lifestyle in Palau for generations, however local weather change now threatens that very existence. Our ocean – our livelihood, heritage and future – is our largest carbon sink and strongest ally within the struggle towards local weather change. Defending it has by no means been extra pressing.”
HE Dr Amna bint Abdullah Al Dahak, Minister of Local weather Change and Atmosphere, stated: “Below the management of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE has launched into a path to realize internet zero by 2050. By means of pioneering insurance policies, plans and initiatives the nation is about to transition right into a inexperienced economic system for a sustainable future. The UAE’s local weather efforts prolong past its borders because the nation continues to forge world partnerships and improve co-operation to confront local weather challenges and adapt to a altering setting. Aiming for a good and equitable vitality transition and sustainable growth, the UAE is main the cost in inserting meals methods transformation on the coronary heart of the worldwide local weather agenda. The COP28 UAE Consensus and the COP28 Declaration on Sustainable Agriculture, Resilient Meals Programs and Local weather Motion, which was endorsed by 160 international locations, underscore the nation’s dedication to world local weather motion, maintaining the 1.5 levels Celsius objective alive.”
“The World Inexperienced Financial system Summit displays the imaginative and prescient of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to place the UAE as a worldwide chief in sustainable growth. The Summit provides a platform for dialogue and co-operation, offering modern options to spice up the inexperienced economic system with the goal of fostering progress, competitiveness and creating extra alternatives within the subject. As a part of our nationwide imaginative and prescient, the Ministry of Local weather Change and Atmosphere is dedicated to fostering inexperienced progress and the inexperienced economic system according to the UAE’s Inexperienced Development Technique, which goals to make the nation a worldwide chief in inexperienced economic system and a centre for exporting and re-exporting inexperienced merchandise and applied sciences to satisfy its ambition to assist its long-term financial progress,” added Al Dahak.
In his opening speech, Al Tayer expressed his deep gratitude to HH Sheikh Mohammed bin Rashid Al Maktoum for his esteemed patronage of the summit. He additionally prolonged his due to HH Sheikh Ahmed bin Saeed Al Maktoum for inaugurating the tenth WGES.
“Since earlier occasions, the UAE’s management recognised the vital significance of transitioning to a inexperienced economic system. Guided by the smart management of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and beneath the visionary course of HH Sheikh Mohammed bin Rashid Al Maktoum, we undertake formidable methods to drive this transition in the direction of a inexperienced economic system and obtain sustainable growth. This 12 months’s summit explores each present and future alternatives, specializing in vital subjects beneath the theme ‘Empowering World Motion: Unlocking Alternatives and Advancing Progress’. With the participation of outstanding specialists and audio system, we’re addressing the profound challenges posed by local weather change. These challenges demand that we unite in our efforts and work tirelessly to beat them. We’re additionally constructing on the momentum of the United Nations Framework Conference on Local weather Change (COP28), which our nation hosted final 12 months. At COP28, the UAE Consensus was adopted, committing international locations to triple world renewable vitality capability and double vitality effectivity by 2030 to mitigate the results of local weather change,” stated Al Tayer.
“Local weather finance is pivotal in addressing local weather change and driving sustainable growth. Globally, monetary efforts are more and more directed in the direction of initiatives that facilitate the transition to a low-carbon, inexperienced economic system, with a specific emphasis on growing international locations the place the demand for inexperienced financing is on the rise. HH Sheikh Mohammed bin Rashid Al Maktoum has launched a number of groundbreaking initiatives to advance local weather finance and sustainable growth, most notably the Dubai Inexperienced Fund and the World Inexperienced Financial system Group. Attaining net-zero carbon emissions is among the most important world targets within the struggle towards local weather change. In accordance with worldwide experiences, 50% of the options required to succeed in internet zero depend upon advancing clear vitality transition applied sciences. This calls for substantial investments in bodily belongings, notably in vitality and land-use methods. Nevertheless, present world investments on this sector stay considerably beneath the USD 9.2 trillion annual funding wanted to realize internet zero,” added Al Tayer.
“Regionally, our clear vitality initiatives have develop into world icons, with probably the most outstanding being the Mohammed bin Rashid Al Maktoum Photo voltaic Park, the world’s largest single-site photo voltaic park primarily based on the Impartial Energy Producer mannequin. Moreover, Masdar has undertaken transformative initiatives like Noor Abu Dhabi, one of many world’s largest stand-alone operational photo voltaic crops. In accordance with a McKinsey report, world renewable vitality capability noticed a 50% enhance final 12 months, including 507 gigawatts in comparison with 2022. McKinsey’s analysis additional predicts that the dynamics of the vitality storage market and sustainable carbon dioxide utilisation will develop by over 100-fold by 2050. This underscores the necessity for business leaders to adapt swiftly to those speedy modifications. Bridging the abilities hole is crucial to maintain tempo with the expansion of local weather applied sciences, which would require an estimated 200 million expert staff globally by 2050,” he famous.
Al Tayer stated that due to the visionary directives of the UAE’s smart management, the nation has emerged as some of the superior nations in synthetic intelligence. HH Sheikh Mohammed bin Rashid Al Maktoum’s launch of the UAE Nationwide Technique for Synthetic Intelligence 2031 has positioned Dubai as a worldwide chief in harnessing AI, a key driver of the Fourth Industrial Revolution, to deal with local weather change. Trying forward, the vitality sector faces important challenges. Some estimates point out that Europe might want to make investments over 240 billion euros to completely improve its utility networks and develop renewable vitality manufacturing capability. Moreover, by 2030, roughly 3.4 million public charging factors will probably be required to fulfill the rising demand for electrical automobiles. In alignment with the UAE’s dedication to decreasing emissions within the transport sector, and because of the concerted efforts of all stakeholders concerned in inexperienced mobility initiatives, the variety of electrical automobiles in Dubai has surged to roughly 30,000 in lower than two years, representing a rise of almost 100%.
“In 2011, solar energy initiatives have been non-existent in Dubai, and the entire area. At present, we now have accomplished 60% of the initiatives throughout the Mohammed bin Rashid Al Maktoum Photo voltaic Park, house to the world’s largest concentrated solar energy plant, the tallest solar energy tower and the most important thermal vitality storage capability globally. Clear vitality now accounts for greater than 17% of Dubai’s vitality combine and we’re on monitor to surpass our targets, reaching 27% by 2030. The Inexperienced Hydrogen undertaking, carried out by Dubai Electrical energy and Water Authority on the photo voltaic park, performs a vital function in strengthening the UAE’s world competitiveness within the inexperienced hydrogen market. Projections point out that inexperienced hydrogen manufacturing will develop by 57% yearly, reaching 5.7 million tonnes by 2030. This 12 months’s summit additionally emphasises the essential function of youths in addressing the results of local weather change, constructing on the momentum of COP28 and in alignment with the imaginative and prescient and steering of the UAE’s smart management. Moreover, the summit will deal with the urgent points surrounding the meals and water sector, which have develop into a major problem for a lot of world economies. The round economic system is one other key focus, with the UAE being one of many first nations to discover and capitalise on the alternatives it presents,” added Al Tayer.
Al Tayer concluded by thanking the attendees and all of the individuals, contributors and sponsors of the World Inexperienced Financial system Summit for his or her efforts which have performed a component within the success of the tenth version of WGES.
HE José María Figueres Olsen, former President of Costa Rica, stated: “The UAE, with its management in renewable vitality initiatives, has demonstrated that local weather ambition and financial progress can work hand in hand. Its investments in carbon seize and inexperienced hydrogen manufacturing present additional proof. Costa Rica’s Fee for Environmental Providers (PES) program has incentivised conservation, leading to a dramatic 100% enhance in forest protection over 30 years, to a complete 50% of our territory – a doubling of our carbon absorption capability. These are excellent examples of two international locations on reverse sides of the planet, enacting coverage to concurrently drive environmental and financial advantages.”
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