(MENAFN- Kuwait News Agency (KUNA)) ABU DHABI, Oct 16 (KUNA) -- The Chairman of the Abu Dhabi Department of Economic Development Ahmed Al-Zaabi said on Monday that the value of UAE foreign investments in renewable energy projects last year reached 132.5 billion dirhams (about USD 36 billion).
This came in a speech delivered by Al-Zaabi at the opening of the World Investment Forum, which is organized by the United Nations Conference on Trade and Development (UNCTAD) in Abu Dhabi until next Friday, discussing the most prominent investment issues in the region and the world.
UAE foreign investments were distributed to over 122 countries and 35 various sectors during the past five years, Al-Zaabi pointed out in his speech.
He underlined that UAE's efforts reflect its commitment to sustainability, explaining that there are over 200 billion dirhams (roughly USD 54 billion) allocated to the renewable energy sector for the next seven years.
UAE aims to invest an additional 589 billion dirhams (nearly USD 160 billion) over the next three decades to achieve climate neutrality, he added.
The discussions within the World Investment Forum, which brings together business leaders and government officials from all over the world, constitute a platform for dialogue in the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), which UAE will host to discuss climate change issues and unify global development efforts, he stated.
UAE is one of the first countries to commit to achieving climate neutrality by the year 2050 as they prepare to host COP28, he said, stressing the importance of the need to take concrete steps in this area in order to find solutions for energy and climate challenges faced.
During its discussion sessions and lectures, the World Investment Forum addresses the most pressing issues such as renewable energy, food security, and global supply chain solutions, in addition to ensuring that the principles of sustainability remain a major focus and a fundamental factor in investment strategies and decisions, taking into account the public interest and contributing to achieving the sustainable development of societies. (pickup previous)
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