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BALI, 14th November, 2022 (WAM) — Dr. Sani bin Ahmed Al Zeyudi, Minister of State for Foreign Trade, spoke at the B20 Summit in Bali, Indonesia, detailing the country’s How to continue efforts to mobilize international efforts to stimulate trade and investment flows around the world to help the global economy overcome current and future challenges.
He said the economy of the future will be based on knowledge and innovation, as well as investments in clean and renewable energy projects and the development of agricultural technologies and advanced technologies. This will enable emerging markets and developing countries to achieve the Sustainable Development Goals and enhance the momentum of the global economic recovery.
The keynote speech was delivered during the B20 Summit in Bali, Indonesia, from 13-14 November, and this year’s focus was on investing in carbon neutrality and the energy transition, as well as using advanced technologies to reduce emissions and maintain sustainable growth rates for the global economy.
Dr Al Zeyoudi said: “The B20 Summit provides an important platform for ministers and government officials from all over the world to connect directly with private sector institutions. It is important to listen to their insights and experiences in order to prepare for the coming year and Inform the frameworks, plans and priorities that will shape the global economy in the future. This year’s summit is particularly important as it combines the need to address the threat of a global recession with the growing need for development. Growth must be sustainable, equitable and inclusive, which Immediate action and innovative thinking are required.”
In a presentation titled “Driving Global Partnerships to Accelerate the Energy Transition”, the Minister of State for Foreign Trade highlighted the UAE’s leadership in financing and promoting renewable and clean energy solutions locally, regionally and globally. In this regard, he praised the historic agreement reached in November between the UAE and the United States of America to accelerate the energy transition by allocating $100 billion to clean energy projects by 2035.
Dr Al Zeyoudi also mentioned other mega projects such as the world’s largest floating solar power plant in Indonesia, and a 10 GW onshore wind farm to be built in Egypt following the UAE-Egypt agreement announced during the current COP27 meeting in Sharm El Sheikh.
Such investments, he said, represent “a sensible and sustainable long-term strategy that will create opportunities in the future, spur growth and provide mutual economic and environmental advantages”.
The B20 Summit is the main forum for the G20 to communicate with the global business community in preparation for the G20 Leaders Summit on November 15-16. Hosted by the Indonesian Chamber of Commerce this year under the theme “Advancing Innovation, Inclusion and Collaborative Growth”, the summit hosted more than 2,000 attendees including ministers, senior government officials and CEOs of international companies.
In a related context, Dr. Al Zeyoudi participated in many other important forums and roundtables during the summit. He was the guest of honor at the Bloomberg New Energy Finance Summit, a special session coinciding with the B20 Summit, which brought together more than 300 global business leaders from industry, finance and development.
Under the theme of carbon neutrality, the minister spoke on the potential catalytic impact of the transition to clean and renewable energy, and highlighted the UAE leadership’s efforts in solar, wind and hydrogen production.
He also participated in the Milken Institute roundtable to discuss the progress of the newly formed International Committee on Sustainable Development Standards in developing global standards for ESG reporting, and how developing countries can contribute to providing a more representative model .
During the summit, members of national delegations and representatives of the UAE government and private companies held several meetings with representatives of international companies and business organizations participating in the B20. They discussed investment opportunities and cooperation prospects in economic fields of mutual interest.
The B20 Business Summit was attended by Dr. Abdullah Salem Al Dhaheri, UAE Ambassador to Indonesia, along with a group of businessmen and representatives of government and private companies from the country.
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