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The World Green Economy Summit (WGES) in Dubai next month will focus on developing investment partnerships and Facilitating green project financing As governments around the world step up efforts to reduce emissions to protect the environment.
The two-day summit, taking place on September 28-29, will also highlight UAE efforts Increased green investment as the country prepares to host the Cop28 conference in 2023.
“The UAE has committed US$400 million to help developing countries transition to clean energy, which will have a positive impact on 100 million African citizens by 2035,” said a statement from the Dubai Media Office on Sunday.
“It has pledged to raise $4 billion to invest in technologies that transform agriculture and food production to limit climate change.”
The Arab world’s second-largest economy is ramping up investment in developing new renewable energy projects, including the world’s largest solar power plant in the Al Dhafra region of Abu Dhabi, with a total capacity of 2 GW, and a 5,000 megawatt solar farm in Dubai AED50 billion ($13.6 billion) for the Mohammed bin Rashid Solar Park in Watts.
Saeed Al Tayer, Deputy Chairman of Dubai’s Supreme Energy Council, who manages Dubai Electricity and Water Authority and Chairman of WGES, said.
“Pioneering transformational projects, such as the construction of solar power plants, the use of environmentally friendly electric vehicles, and the building of sustainable low-carbon urban communities, all support…strategies towards a sustainable future for key sectors of the UAE.”
He said the projects would also contribute to “the realization of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050, providing 100% of clean energy production capacity by 2050”.
The UAE plans to invest AED600 billion in clean energy projects as part of its Net Zero 2050 strategy.
“The green economy is at the heart of our agenda and the country is taking significant steps to build capacity in this area,” said Abdullah bin Touk, UAE Minister of Economy.
“As part of this effort, the circular economy represents a key economic driver and has seen tangible growth underpinned by the newly established UAE Circular Economy Council and its Policy Committee.”
To date, the group has developed a roadmap that includes 22 solutions and initiatives to support the circular economy.
“These policies will help address challenges in four key areas, namely manufacturing, green infrastructure, transport and food production and consumption, while also driving an overall green transition.”
Direct and indirect jobs in the global renewable energy sector are estimated at 12 million in 2020, up from 11.5 million in 2019, according to the International Renewable Energy Agency and the International Labour Organization.
Updated: August 21, 2022 8:58 AM
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