DUBAI, 25th May, 2015 (WAM) -- Under the patronage of Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, and in cooperation with the United Nations Environment Programme Finance Initiative, UNEP FI, the 6th Green Economy Annual Conference opened today under the title, ?National Roundtable on Financing and Investing in Green Economy Projects?.
The forum saw broad international, regional, and national participation and was attended by senior officials from various government organisations and private sector companies representing banking and finance, insurance, investment, and industry. Key personalities from the Chambers of Commerce and Industry, the Departments of Economic Development, the Ministries of Economy, Finance, Energy and Foreign Affairs, Municipalities, and Environmental Authorities were also present in addition to representatives from international organisations such as the UN. In his opening speech, Bin Fahad said that the conference forms part of the UAE?s preparations for hosting the 14th Global Roundtable on Green Economy and Sustainable Development in 2016. To be held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, next year?s conference will focus on the theme ?Islamic Finance.? He said that the UAE has taken firm steps to transform its national economy into a green economy. Dr. Bin Fahad added that since the UAE has adopted a strategic approach for sustainable development in line with the UAE?s Strategy for Green Development, the focus was on a mechanism for implementing the strategy based on comprehensive analytical studies for various development sectors. It should also study the economic effects of the shift in comparison with selected countries with the involvement of all stakeholders from the public and private sectors and the academic community. He pointed out that the effort has resulted in the implementation of a Green Growth strategy in the UAE, representing the country?s Green Agenda for the next 15 years and the launch of the first national report of the UAE?s Green Economy. In addition, it will continue to work on the implementation of the ?Dubai Tools for the Green Economy? project and the ?Emirates International Centre for Excellence in Green Economy.? An agreement has been made with the United Nations Environment Programme to implement them during the 1st Global Conference Partnership for Action in Green Economy. "Hosting the Green Economy Annual Conference today, and the experts in these fields, comes as part of our commitment to provide adequate knowledge and opportunities in finance and investment in green economy projects, both locally and internationally. There is a need to define the financial mechanism of the United Nations Environment Programme, its different areas of work, and the services it offers. We hope that this conference will be a motivational tool to guide and encourage participants to take care of the green funding issues and come up with sustainable financial initiatives in the country," concluded Bin FahadUNEP's Regional Representative and Director of the Regional Office for West Asia, Dr. Iyad Abumoghli, said, "UNEP is delighted to be working with the government of UAE on this vital issue of transitioning to a sustainable green economy. I hope this conference has stimulated interest among financial institutions to further develop their capacity for sustainable development and to commence the dialogue with the government about how to bring about the necessary systemic changes. I also hope that the work today in the UAE can be replicated in other countries of the region."The conference featured five Dialogue Sessions, including Sustainable Financing, State of the UAE?s Green Economy, Financing Low Carbon Emission Opportunities, and Leadership in Financing Greening of Industries, in accordance with the process of transitioning to a green economy. The first three sessions reviewed the financial sector?s ability to cope with the move towards a green economy, analysed global trends in sustainable financing such as the terms, tools, principles, and best practices adopted by the financial sector and regional leaders, the importance of the sustainability of the financial sector and its effect towards lowering risk, and the state of the UAE?s green economy. In the fourth and fifth sessions, participants reviewed the opportunities in financing low carbon emission projects, especially in the renewable energy and energy efficiency fields. Moreover, participants exchanged experiences and expertise on the financing of carbon-based sectors such as petrochemicals and energy-intensive aluminum and cement industries.
Copyright Emirates News Agency (WAM) 2015.
