DUBAI – Monday’s Climate and Biodiversity Business Forum, presented by Expo 2020 and Dubai Chamber in association with DP World, highlighted that the UAE remains committed and on track to mobilising green finance.
Held under the patronage of Her Excellency Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General, Expo 2020 Dubai, with a welcome address by His Excellency Hamad Buamim, President and CEO, Dubai Chamber of Commerce, the forum also marked the first public engagement for Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri in her new role as the UAE Minister of Climate Change and Environment.
Spokespeople from various sectors from across the globe provided expertise and insights from their respective fields, all affirming that economic growth can only be sustainable if it is beneficial for all and preserves the planet’s resources.
Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, who emphasised the importance of engaging with the private sector, stressing that the UAE Cabinet has already formed many touchpoints within this sector, said: “It is up to us to leverage these opportunities as the transition towards a green economy that balances economic prosperity with environmental protection. The private sector has a leading role in acclimatising to and adopting green practices, and is a vehicle for transformative change that will enable us to think big and make things change.”
Highlighting the strides that UAE companies are taking to combat climate change, Her Excellency said she was proud of the companies that had already taken up the gauntlet. These included: Abu Dhabi National Oil Company, which has committed to reduce its greenhouse emissions by 25 per cent by 2030 – strengthening its position as one of the least carbon intensive oil and gas producers in the world; Etihad Airways, which operated its first eco flight in 2021 and has pledged to achieve net-zero emissions by 2050 – one of the first airlines in the industry to set a target of this scale; Al Majid Al Futtaim, which has announced a long-term goal to produce more energy and water than it is consuming, reaching a carbon-net positive business model by 2040; and Emirates Global Aluminium, whose Carbon Abatement Strategy includes targets for emissions reductions – in 2019, greenhouse gas emissions associated with the company’s metal production were 38 per cent lower than the global industry average.
Her Excellency added: “Among the many green financing initiatives that the UAE is implementing, I would like to reiterate that the Dubai Declaration on Sustainable Finance and the Abu Dhabi Sustainable Finance Declaration are committing UAE financial institutions to support the country’s green economy transition, in order to bring together a conducive system for sustainable finance. The declarations currently have 78 signatories.”
Investment in the green economy is significant, with the AED 100 billion (USD 27.2 billion) Dubai Green Fund providing loans to clean energy companies at reduced rates; and Majid Al Futtaim’s Green Sukuk – the first in the region with a value of USD 600 million – providing Sharia-complaint refinancing mechanisms.
Nigel Topping, High Level Climate Action Champion for COP26 – who addressed the role that businesses play in the United Nations Climate Change Conference (COP26) and applauded the UAE for putting its hat in the ring to host COP28 – said: “The time for this shift is now – and that’s why I support the UAE’s bid to hold the COP28 conference.
“This is the decade of delivery which will also be the decade of disruption because there will be so much change – especially as we phase out fossil fuels. It is time for radical collaboration across the globe.”
During the forum Eng Ziyad Al-Shiha, CEO of Saudi Investment Recycling Co, affirmed that Saudi Arabia was committed to landfill diversion, with a target to reach 100 per cent by 2035 – a stark contrast to today’s 5 per cent – but that SAR 120 billion (USD 32 billion) is needed to achieve this.
Prof Leo Van Broeck, Professor in Architecture and Urban Design, KU Leuven University and Founding Partner of Bogdan & Van Broeck, put forward a case for rewilding and giving space back to nature, saying: “Perhaps fencing should be forbidden so the oryx can come back to city.”
Dr Max Graham, Founder and CEO of Space for Giants, touched on the interdependence of nature, stressing that elephants are an essential part of our ecosystem and economic wellbeing.
Hana AlHashimi, Head of the Office of the UAE, Special Envoy for Climate Change, said: “Either we change or we will be changed,” while calling for a “business unusual approach, that is more inclusive and more sustainable.”
All speakers were unanimous in their belief that climate action will make or break the future, and that the youth of today are a vital part of this change.
Qais Al Suwaidi, Director of Climate Change, UAE Ministry of Climate Change and Environment, said: “This is the most connected, aware and conscious generation. The UAE is a young nation and a nation that was created with multiple nationalities. One of the things the UAE does is engage the youth in the decisions that affect their future.”
© Press Release 2021
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