The 2024 World Green Economy Summit highlights the role of green finance in increasing climate resilience and driving sustainable development

Due to the growing climate challenges the world is facing, the importance of climate finance is increasing in increasing climate resilience in different regions of the world. world, especially in the most affected countries, as adequate funding contributes to supporting mitigation and adaptation efforts and projects and enables these countries to respond to promote the consequences of climate change and sustainable development. The report “Global Climate Finance Landscape 2023” issued by the Climate Policy Initiative shows that although global investments in climate projects will increase to $1.3 trillion between 2021 and 2022, to reach the goal of 1.5 degrees Celsius set by the Paris Agreement increase the value of these. deposits with five. As part of its entrepreneurial efforts to lead global climate action, the UAE’s position has been highlighted in facilitating efforts to mobilize climate finance through a number of global initiatives that have contributed to promoting mobility climate and increasing international cooperation in several areas of environmental sustainability and aid. the lock switch.
The tenth session of the World Green Economy Summit, organized by the High Council of Energy in Dubai, the Dubai Electricity and Water Authority, and the World Green Economy Group, puts special emphasis on the issue of conventional finance -climate among its main topics this year, as it is an essential factor for increasing climate resilience, with the participation of an elite group of expert leaders and experts in the field of green finance from around the world .
His Excellency Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Energy Council, Managing Director and CEO of the Dubai Electricity and Water Authority, and President of the World Green Economy Group said: “The World Green Economy Summit has established as a fundamental pillar of the global climate movement and a platform for dialogue on the various issues of the green movement. The tenth session of the summit builds on the outcomes of the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which was hosted by the UAE last year in Expo City Dubai The most visible outcomes of (COP28) are the historic “Emirates Agreement” which outlined a new Pathway for international climate action that includes an ambitious and comprehensive action plan, and provides a included several important decisions, including the launch of the “Emirates Framework for Global Climate Resilience,” which aims to support measures to adapt to the effects of climate change at the global level through a number of pathways specific that supports flexible climate development goals. This year, the summit puts special emphasis on the issue of climate finance as an important tool for building a green, resilient and just future by using the necessary finance and investments to close the gap to bridge the gap that already exists between developed and developing countries and support the communities that are most affected. , and in line with local and global efforts to use financing mechanisms to address the consequences of climate change.”
The COP28 conference saw the launch of the “Altera” Fund by the UAE, which aims to find the solutions needed to collect and promote capital in an urgent way that will contribute to the implementation all parts of the new climate economy system. This fund allocates approximately 92 billion dirhams ($25 billion) to support climate investments capable of accelerating the transition to a sustainable and climate-neutral economy, and more than 18 billion dirhams ($5 billion) to mitigate risks and encourage investment flows to address the challenges. which limits climate investment opportunities in least developed countries and small island developing countries.
Dr. Walid Al Nuaimi, CEO of Etihad Energy Services Company (Etihad ESCO), said: “Dubai is accelerating in achieving carbon neutrality by adopting innovative energy solutions. Etihad ESCO believes that every building rehabilitation and solar energy installation we undertake represents a new step towards an economically sound city and leads environmental efforts aimed at tackling climate change. The carbon footprint of commercial buildings that Etihad ESCO rehabilitates is reduced by up to 35%.
Florence Polti, Chief Sustainability Officer at Chalhoub Group, said: “Sustainability is an integral part of our operations at Chalhoub Group. Our circular economy report underlines our unwavering commitment to sustainable business models, as we aim to achieve carbon neutrality by 2040. In the dynamic fashion sector, which is responsible for around 10% of CO2 emissions global, initiatives focused on the circular economy are not only an option, but a necessity. The used luxury market in the GCC represents the move towards a circular economy driven by consumer behavior and decisions, luxury companies and brands are changing their strategies and products to meet to global requirements and expectations. The value of this market was between 480 and 500 million US dollars in 2022, with an annual growth of 15%. This trend reflects a major shift in business and economics, where policy makers, regulators, brands, retailers and consumers must collaborate to promote and develop sustainable practices. At Chalhoub Group, we benefit from these insights and ideas to develop our strategy and strengthen our operational processes, so that sustainability is a fundamental pillar of our business.”