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A dopting green economy is the best way to move towards sustainable
development. The UAE has become the first member of World Green Economy Organisation (WGEO). It is a huge step to make the world realize the importance of transforming the business landscape and decarbonizing the economy. A green economy would need coordination between various financial
institutions, the civil society organizations and the public and private sectors.
What does a green economy actually mean? It’s an economy that follows mechanisms which do not damage the environment and reduce the carbon footprint while bringing about sustainability. It requires investment in clean technologies and innovation. The UAE is already pursuing this progress path and fast-tracking its transition from coal-based economy to a green one.
The country has launched a slew of projects that aim at energy efficiency and conservation. The Dubai Clean Energy Strategy 2050 has set a target to make 75% of total power output clean by 2050. An investment of US$13 billion has been made in the Mohammed bin Rashid Al Maktoum Solar Park. This solar project is expected to produce 5,000MW by 2030. Green projects have also got a massive impetus from Abu Dhabi’s Masdar which has pumped in $1.7 billion in renewable energy developments and delivered 1,000MW of projects since 2008. Apart from these, Dubai Green Free Zone will be attracting mature and emerging firms in clean energy. Such push to renewables will not only pave the path for green economy but would also help fight climate change and check global warming.
Green economic strategies pose challenges too. The biggest is opening up the business minds so they can explore green options. Businesses — which will play a crucial role in driving the economic growth — have to be motivated to formulate plans that don’t just look at short-term profits but long-term sustainability as well. This motivation can come only when they are educated in a way that they can anticipate the future prospects of their eco-friendly ventures. Economists, analysts, experts and policy-makers have to join hands to make green economic models that are constructive and embraced by the businesses with alacrity. The models should not just focus on the sustainability element, but have huge scope to create jobs and be devised in a way that they become financially viable.
To make green economy a roaring success, it is also important that the consumers are made aware about the importance of opting for eco-friendly products. The demand for such goods will increase when innovative ways are applied to make them cost-effective and popular.
Innovation would hold the key to green economy. International Renewable Energy Agency (IRENA) says that the cost to produce electricity from solar panels in the UAE has come down to 75% between 2008 and mid-2014 from US$7 to 1.5 per watt. This wouldn’t have been possible without novel and innovative techniques. Mechanisms that offer new solutions are the need of the hour. Whether it is climate-resilient crops, green buildings or smart transport, it is innovative approach that lies at the heart of a green business ecosystem.
The green economy requires integration between various sectors, stakeholders and players. It is through a synergized effort that we will be able to meet the sustainable development goals and reap dividends of visionary plans. WGEO can bring innovators, technocrats and leaders on one platform and promote partnerships.