Agricultural tech market set to reach $22bn in next four years

Abu Dhabi / WAM

Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said that the UAE’s participation in the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Egypt will set a milestone in its path to climate action and an affirmation of its pioneering model regionally and globally in facing the challenge of climate change.

In an interview with the Emirates News Agency (WAM), Almheiri affirmed that during COP27, which began on Sunday in Sharm El-Sheikh and concludes on November 18, the UAE intends to reveal the details for the mechanisms and pathways for implementing its strategic initiative to achieve climate neutrality 2050, as part of its support for sustainable financing solutions for all sectors. This is alongside a comprehensive assessment of the status and movement of sustainable financing solutions, including green bonds.

She added that while the current session of the conference focuses on financing and ensuring the fair and equitable participation of developing countries in climate action efforts, the UAE will invite the world to participate in the efforts to spread and use renewable energy by joining the platform for accelerating the energy transition, which the country launched with the International Renewable Energy Agency (Irena), and allocated an initial investment of $1 billion.

Almheiri stated that the focus would be on intensifying efforts to promote climate-smart initiatives to benefit the private sector, through a set of reports and evidence. This will enable the private sector to view the most important technologies available to raise operational efficiency and reduce the carbon footprint of many activities while addressing the Green Business Guide and the Green Sukuk and Bonds Guide.

“The UAE will be keen to transfer and present its expertise in many areas within environmental and climate work during COP27. This includes solutions to enhance the research and development system through the ‘UAE Climate Change Research Network’ model, sustainable financing and investment solutions and the expansion of reliance on Nature-based solutions,” she added.

On the specific importance of the COP27 current session in the Arab Republic of Egypt and the new actions the UAE is focusing on during the conference, Almheiri said that the UAE’s awareness of the importance of working for the environment and climate came early. Thanks to the vision and directives of the wise leadership, the state has a three-decade march to reduce the causes of climate change and adapt to its repercussions.

“The most important point in the country’s march is that everything it has provided and accomplished at the local, regional, and global levels is from voluntary commitment, and an awareness to protect the present and future of our planet.”

On the new project in the “Food Tech Valley” to promote reliance on innovative solutions and modern technologies in enhancing food security, she said the project constitutes a qualitative step within the UAE’s national endeavour to enhance food security and develop the prospects for the agricultural technology sector, which is witnessing increasing importance. The agricultural technology market is expected to grow from $13.5 billion to $22 billion over the next four years.

Almheiri added that the project area, when completed, will reach 18 million square feet and will provide more than 14,000 job opportunities. It is expected to attract more than 4,000 visitors and will be home to more than 1,150 residents. Work is underway to complete the necessary infrastructure works for the project.

Almheiri said that the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP) represents the most important annual event for discussing and following-up efforts for climate action globally.

“Therefore, the UAE is keen to periodically emphasise its voluntary commitment to climate issues by announcing its directions and initiatives to raise climate ambitions and highlight the green initiatives and projects implemented regularly in line with international trends.”

On the new steps to enhance food security, Almheiri said that the UAE had achieved success thanks to the wise leadership’s vision and support in ensuring the availability of food and the continuity of supply chains during and after the Covid-19 pandemic. “This affirms the extent of the strategic priority placed on enhancing food security in the UAE.”

She added, “According to the National Food Security Strategy 2051, we are working to enhance food security through an integrated system that includes more than one axis.” Foremost among these is strengthening the capabilities of sustainable local agricultural production based on innovation. This contributes to raising the efficiency in the consumption of natural resources and increasing agricultural productivity. This is in addition to ensuring the flexibility and continuity of supply chains by strengthening infrastructure and logistics services, searching for new sources of sustainable import, and expanding responsible foreign investment in sustainable agricultural systems.  One also needs to promote the adoption of sustainable practices in the production and consumption of food and reduce and eliminate waste and loss.”

Almheiri indicated that the UAE ranked first in the Middle East and North Africa on the Global Food Security Index 2022, issued by the Economist Impact, compared to third place on the index for 2021, and ranked 23rd globally, advancing 12 places compared to last year. The food trade also witnessed a rapid recovery after the pandemic, as the daily food import rate reached more than 41,000 tons of food, which represents a growth of 21 percent compared to the same period of the previous year.