The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
The 10th edition of the World Green Economy Summit (WGES), organised by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO), places a special focus on climate finance as a central theme. Recognised as a key driver for enhancing climate resilience, climate finance will be a primary topic of discussion among global leaders, experts and specialists in green finance.
Amid the escalating climate challenges the world is facing, the role of climate finance in bolstering resilience across different regions has become increasingly vital, particularly for the most vulnerable countries. Adequate funding is essential to support mitigation and adaptation initiatives, empowering these countries to manage the effects of climate change while advancing sustainable development. According to the Global Landscape of Climate Finance 2023 report by the Climate Policy Initiative, global investments in climate projects rose to 1.3 trillion between 2021 and 2022. However, to achieve the 1.5°C target set by the Paris Agreement, these investments need to increase fivefold. As a leader in global climate action, the UAE has taken a prominent role in driving efforts to mobilise climate finance through a range of global initiatives that advance the global climate agenda and strengthen international co-operation in environmental sustainability and supporting the green transition.
“The World Green Economy Summit has established itself as a cornerstone of the global climate movement and a premier platform for discussions on various green transition issues. The 10th edition of the summit builds on the outcomes of the United Nations Framework Convention on Climate Change (COP28), hosted by the UAE last year in Expo City Dubai. One of COP28’s significant achievements was the historic UAE Consensus, which set a new course for international climate action through an ambitious and comprehensive plan. Among the major decisions was the launch of the UAE Framework for Global Climate Resilience, aimed at bolstering global adaptation efforts to address climate change effects by supporting climate-resilient sustainable development goals. This year, the summit emphasises climate finance as a vital tool in building a green, resilient and equitable future. By mobilising the necessary funding and investments, we aim to bridge the gap between developed and developing countries, support the most affected communities and align with local and global efforts to utilise financial mechanisms to combat the impacts of climate change,” said Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD&CEO of Dewa and Chairman of WGEO. At COP28, the UAE introduced the ALTERRA Fund, designed to rapidly mobilise capital to activate the components of a new climate economy.