World Green Economy Summit highlights green partnerships and a sustainable future

(MENAFN- Orient Planet Group) Dubai, UAE, 28 November 2023: Drastic climate change and environmental degradation have been posing significant challenges worldwide, and over the years, these phenomena have turned into some of the most pressing challenges. Their severity is linked to complex interactions among environmental factors, economic conditions, social circumstances, technological aspects, and more. The current situation signifies an urgency to take positive actions to mitigate the destructive impact of climate change, such as global warming, inconsistent weather patterns, rising sea levels, floods, droughts, desertification, and more. In light of this situation, the international community has identified the necessity to join forces, following a common goal to find practical solutions to this issue. The global vision to mitigate these issues has paved the way for various international and regional initiatives, with the most significant one being the signing of the Paris Agreement during the Conference of the Parties (COP) held in 2015.
In this regard, the UAE has kept its prime focus on environmental issues, especially to address the question, ‘How can the world achieve a green and sustainable future in the face of climate change and environmental challenges?’. The World Green Economy Summit (WGES) brings together global leaders and key stakeholders to discuss and promote green partnerships across various sectors. The annual event provides a forum for global collaborations and group efforts in this area, embodying the vision and accomplishments of the UAE in the fields of sustainability and the green economy. In addition, WGES recognises the strength and possibilities of green collaborations to advance the circular economy, foster green growth, and promote sustainable practices.
World Green Economy Summit
Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai Electricity and Water Authority (DEWA), the World Green Economy Organization (WGEO), and the Dubai Supreme Council of Energy are organising the ninth edition of WGES on 28 and 29 November 2023, at Madinat Jumeirah Conference Centre, Dubai. Around 3,000 people from almost 100 countries are anticipated to attend the summit, which will feature panel discussions and keynote addresses with a resounding backing of numerous sponsors and partners from a variety of industries. The 2023 edition of the summit will focus on five major pillars, including Green Policy, Green Finance, Green Technologies and Innovation, Green Energy, and Green Partnerships. These pillars pave the way for the UAE to coordinate its efforts with the main goals of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the UAE from 30 November to 12 December 2023.
“The transition to a sustainable green economy requires robust global collaborations and successful alliances among the public and corporate sectors, financial institutions, civic society, academia, and the youth. These collaborations give nations and organisations access to the latest technologies, knowledge, and experience to jointly develop new green policies and practices that advance sustainable development and create new economic opportunities while also achieving a shared vision. The World Green Economy Summit offers a vital opportunity for stakeholders to foster green collaborations, work together on positive initiatives and devise innovative approaches to tackle social and environmental challenges, protecting our planet and ensuring future generations will live in a green world,” said HE Saeed Mohammed Al Tayer, Chairman of WGEO.
“The UAE understands both the scale of the climate-change issue and, importantly, the opportunity it presents to reimagine our economy, our industries, our cities and our supply chains. In the Year of Sustainability, and in the build-up to COP28, we are committed to demonstrating global leadership on energy transition and economic diversification, and supporting the innovation and dynamism of the private sector to achieve them. The World Green Economy Summit is a one of the key events that can not only inspire new ways of thinking but develop the networks and partnerships that can bring it to fruition, and we are excited and motivated by the conversations that will take place this week,” said HE Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade in the UAE.
Global Initiatives to Promote Green Financing
One of the key elements of the global efforts to reduce carbon emissions and enhance environmental sustainability is financing climate initiatives. According to a report released by the Organisation for Economic Co-operation and Development (OECD), in 2020, investments in climate initiatives reached USD 83.3 billion. The greater part of this funding was targeting Asian and middle-income countries to support a diverse range of climate change mitigation and adaptation programs and projects. These investments were to support renewable energy projects, environmental efficiency improvements, raising awareness of climate change issues, developing environmental technologies, and reducing greenhouse gas emissions. These investments reflect the steadfast commitment of countries and international organizations to combat this global phenomenon and work towards attaining the goals set by international agreements like the Paris Agreement on climate change.
In the United Kingdom, the implementation of the Climate Change Act represents a key step towards combating climate change and attaining environmental sustainability. The legislation demonstrates the British government's commitment to meeting its carbon emissions reduction targets and improving the country’s readiness to deal with the effects of climate change. It focuses on unifying targets for reducing carbon emissions by 2050 and contributing to achieving net-zero emissions. In addition, it supports the efforts of the UK in mitigating climate change through various initiatives such as the development of renewable energy, improving energy efficiency, and raising awareness of climate change challenges. The law aims to enhance sustainability initiatives to lower greenhouse gas emissions, support environmental protection, and combat global temperature rise.
In Australia, the Clean Energy Finance Corporation (CEFC) was established in 2012 with the goal of supporting the country’s shift to a low-carbon economy and encouraging the use of green technologies. The institution plays a significant role in Australia’s attempts to achieve environmental objectives and fight climate change. In addition to funding sustainable energy projects in Australia, the organization strives to draw in and encourage private investment in the industry. It also helps in the development of environmental projects and businesses by helping them secure funds for expansion and growth. Furthermore, it promotes the advancement of clean technology by funding research and development and putting innovative ideas into action that lower carbon emissions.
On the other hand, within the United Nations Framework Convention on Climate Change, the Green Climate Fund was established as an entity for managing financial mechanisms to support developing countries in climate change adaptation and mitigation practices. In addition, the fund supports projects, programs, policies, and other activities linked to the green economy in developing countries.
In addition, the Green Development Partnership Initiative for the Belt and Road was jointly launched in June 2021 by 29 countries. The initiative calls for international cooperation to realize green and sustainable goals, recover economically, enhance carbon emissions reduction levels post-pandemic, and propel flexible and comprehensive economic growth. This initiative aligns with the United Nations Sustainable Development Goals for 2030 as a key mechanism for promoting green development.

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