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London [UK]April 24 (ANI/WAM): Abdullah bin Touk Al Mali, economic minister The UAE participated in the 13th edition of the Cities Week Forum 2023 in London from 24-26 April.
Through three sessions, the latest forum addressed issues such as climate change, green financing and sustainability; institutional adoption; regulation of digital assets; digitization and innovation in capital markets.
solve climate change, green financeand Sustainable Development Summit, Bin Touq said: “Creating investment opportunities in new economic sectors such as the aerospace industry, renewable energy, circular economy and advanced technologies is key to ensuring sustainable growth of the global economy. These sectors have the potential to contribute to building A more prosperous future.”
He added: “By investing in new economic sectors, including renewable energy, the UAE has made significant progress in transitioning to a more flexible, diversified, knowledge-based economic model. Energy project financing, and today, it invests more than US$40 billion in this area. In addition, the UAE plans to invest an additional US$160 billion over the next 30 years to explore more promising investment opportunities in this critical area. These efforts will Investment destinations in new economic sectors that help strengthen its position as an attractive country are in line with the UAE’s goal of attracting AED550 billion in FDI to these sectors by 2030.”
this economic minister He stated: “Under the direction of its wise leadership, and in line with the goals of the 50th anniversary and UAE Centenary 2071, the UAE government has launched several successful strategic initiatives to strengthen the reliance on new economic sectors to drive the growth of the national economy. These include the UAE Circular Economy Policy 2021-2031, which helps advance comprehensive and sustainable economic and social development in the country; also worth mentioning is the UAE Green Agenda 2030, which enhances the competitiveness of the national economy and supports Sustained use of natural resources. All these strategies are currently contributing to the country’s GDP growth. According to the Central Bank, the UAE’s real GDP is expected to grow by 7.6% in 2022, 3.9% in 2023, and then rise to 4.3% in 2024 Year.”
Bin Touq explained that the UAE realizes that the climate change challenge also presents promising opportunities to drive global economic growth and create more investment opportunities for the government and private sector. Based on this belief, the country has used modern technologies to create new economic opportunities in the fields of solar energy, wind energy, hydrogen energy and electric vehicles. These initiatives support the UAE’s strategic plan to build a clean economy as part of its efforts to become climate neutral by 2050.
Bin Touq stressed that future financing and investment must be based on sustainability, adding that the UAE is one of the world’s largest investors in renewable energy projects, with US$50 billion invested in more than 70 countries. He noted that the state has also allocated nearly $50 billion to accelerate the clean energy transition over the next decade. In addition, a $100 billion strategic partnership was signed with the United States to finance the deployment of 100 GW of clean energy globally by 2035.
Bin Touq also noted that the UAE is working to strengthen its historical ties with the UK. He said, “The Future Partnership Framework, established by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and former British Prime Minister Boris Johnson, will help facilitate financing and innovation in the new economy. in this regard, economic minister “An additional £10 billion ($12.5 billion) of investment has been allocated in energy transmission as part of an investment partnership between Mubadala Investments and the UK Investment Office, including battery storage, wind, infrastructure, Technology The UAE supports the UK government’s Green Industrial Revolution programme, while Masdar has invested almost £4 billion in renewable energy projects across the UK and recently announced a £1 billion investment in battery storage technology in the UK. These investments represent Masdar Dar has the lion’s share of his portfolio outside the UAE.”
Bin Touq emphasized that establishing investment partnerships in the new economy and green projects is key to the UAE’s desire to strengthen economic cooperation with various partners around the world.He noted that the upcoming Conference of the Parties to the United Nations Framework Convention climate change (COP28), scheduled to be held in Abu Dhabi in 2023, will be the ideal platform to strengthen global efforts to stimulate more investment in clean projects and support green financing to create a global low-carbon economic model.
Bin Touq also called on countries around the world to advance the implementation of policies that support sustainable development and green transition. The climate challenges we are witnessing today should be addressed by promoting the shift to new economic sectors. He pointed out that this will also help create more green jobs and build a better future for future generations.
Cities Week is an annual global forum held in London, the UK capital. The event brings together over 1,000 senior policymakers and economic officials in the UK and around the world to develop more effective solutions to the political and economic challenges facing the world. This year’s edition addresses three main issues around climate change, green finance and sustainability; institutional adoption and regulation of digital assets; digitization and innovation in capital markets. (ANI/WAM)
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