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UAE’s bid for COP28 focuses on economic opportunities in climate action

UAE’s bid for COP28 focuses on economic opportunities in climate action

Abu Dhabi, United Arab Emirates-The United Arab Emirates has begun bidding for the landmark United Nations Climate Change Conference, with a view to standing out in a region still dominated by fossil fuels and becoming a global climate leader.

The UAE is one of the world’s largest crude oil producers and is lobbying to host the Council of Parties (COP28) Global Climate Summit in Abu Dhabi in November 2023. The event is held once a year to bring together global leaders to review climate policy.

UAE Minister of Foreign Affairs and International Cooperation, Abdullah bin Zayed Al Nahyan, said in a statement: “The climate challenge is daunting, but it is also accompanied by huge opportunities for economic growth and job creation. .”

“As the host of COP28, the UAE will use its experience as a regional and global convener to mobilize all participants to realize the Paris Agreement and strengthen compelling investment cases to increase ambition,” he added.

The UAE plans to increase its oil production capacity to more than 5 million barrels per day by 2030, and is building a coal-fired power plant. Nevertheless, according to a 19-page official document reviewed by CNBC, its efforts to host COP28 are aimed at intensifying efforts to make climate action the backbone of its domestic and foreign policies and national economic strategy.

Workers walk past a section of solar panels in the Mohammed bin Rashid Al Maktoum Solar Park in Dubai on March 20, 2017.

String | AFP | Getty Images

The UAE has provided more than $1 billion in grants and low-interest loans to 70 countries for renewable energy innovation. It plans to use this meeting to focus on the economic benefits of accelerating climate action-a key consideration for countries to escape from the Covid-19 pandemic.

The UK will host the COP26 summit in Glasgow, Scotland in November, which is the most important since the signing of the Paris Agreement in 2015. Under the UN regional rotation system, an unidentified African country plans to hold COP27 next year.

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