Focus on clean energy investment partnerships at UAE green economy summit

The Emirates has committed $400m to help developing nations transition to clean energy

An aerial view of the Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. The UAE is developing new renewable energy projects to boost its clean energy capacity. Pawan Singh / The National

The World Green Economy Summit in Dubai next month is to focus on developing investment partnerships and boosting financing for green projects as governments globally intensify efforts to cut emissions to protect the environment.

The two-day summit, running from September 28 to 29, will also highlight the UAE’s efforts to increase green investments as the country prepares to host the Cop28 gathering in 2023.

“The UAE committed $400 million to enable the transition to clean energy for developing nations, that will positively impact 100 million African citizens by 2035,” Dubai Media Office said.

“It has promised to raise $4 billion to invest in technologies that will transform agriculture and food production to limit climate change.”

The Arab world’s second-largest economy is boosting investments in developing new renewable energy projects including the world’s largest solar plant in Al Dhafra region of Abu Dhabi, with a total capacity of two gigawatts, and the 5,000 megawatts Mohammed bin Rashid solar park in Dubai with an investment of Dh50bn ($13.6bn).

“The UAE has worked to integrate the United Nations Sustainable Development Goals 2030 into its vision for the future and to achieve its ambitions for the next 50 years,” Saeed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, managing director and chief executive of Dubai Electricity and Water Authority and chairman of WGES, said.

“Pioneering transformational projects such as building solar power plants, using eco-friendly EV cars, as well as building sustainable, low-carbon urban communities support the … strategy to achieve a sustainable future for vital sectors in the UAE.”

These projects will also help “to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100 per cent of the energy production capacity from clean energy sources by 2050", he said.

The UAE plans to invest Dh600bn in clean energy projects as part of its net-zero 2050 strategy.

“The green economy is central to our agenda, with the country taking major steps towards building capacity in this area,” UAE’s Minister of Economy Abdulla bin Touq said.

“As part of this effort, the circular economy represents a key economic driver, and it has achieved tangible growth, supported by the newly established UAE Circular Economy Council and its policy committee."

The group has so far developed a roadmap comprising 22 solutions and initiatives in support of the circular economy.

“The policies will contribute to addressing the challenges in four key sectors, namely, manufacturing, green infrastructure, transportation, and food production and consumption — whilst also driving the overall green transition.”

According to the International Renewable Energy Agency and the International Labour Organisation, direct and indirect employment opportunities in the renewable energy sector worldwide were estimated at 12 million in 2020, up from 11.5 million in 2019.