Page 779 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/16/24, 10:27 AM World Green Economy Summit 2024 concludes with key results and outcomes, paving the way for COP29
Dubai and the UAE in balancing economic growth and environmental protection, and
expanding investments in renewable and clean energy solutions. The summit built upon the
outcomes of COP28, which was hosted by the UAE in Dubai last year. Through its sessions
and key takeaways, WGES contributed to setting the stage for COP29, which will be held in
Azerbaijan in November. This is part of WGES’ efforts to foster dialogue and co-operation
among world countries in the areas of sustainability and the green economy.

Climate action is a historic opportunity for economic growth
“Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the
United Arab Emirates, COP28 brought the world together last year to deliver the historic UAE
Consensus – the defining point of reference for global climate ambition and sustainable
development. While climate action has been seen too often as a burden to nations, we set out
to change the narrative and present it as a historic opportunity for growth and innovation – in
fact, the largest economic opportunity since the first Industrial Revolution. The transition to a
green economy will enable us to fast-track new streams of growth, create new jobs and deliver
sustainable prosperity for all,” said HE Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry
and Advanced Technology, and COP28 President.

A driving force for the global transition to a green economy
“Clean energy is a main requirement to build a robust green economy. So, we updated the UAE
Energy Strategy 2050 with higher, more ambitious targets. These include tripling our
renewables capacity by 2030, growing our clean energy capacity to 19.8 GW by 2030 and
increasing the share of installed clean energy capacity to 30% by 2030. We also launched the
National Hydrogen Strategy that calls for producing 1.4 million tonnes of low-emission hydrogen
per annum by 2031 and increasing production to 15 million tonnes annually by 2050. Both
strategies are main enablers of the UAE’s Net-Zero by 2050 target,” said HE Suhail Mohamed
Al Mazrouei, UAE Minister of Energy and Infrastructure.
“At the Ministry, we believe our mandate areas – energy, infrastructure, transport and housing –
are at the heart of the shift to green economy as they present multiple opportunities for deep
decarbonisation. We are taking confident steps to reduce the carbon footprint of these sectors
and enhancing their sustainability. Globally, greening these sectors is a huge challenge but
here, in the UAE, it is an opportunity for environmental and economic gains. We stand ready to
share our experiences with the world,” added Al Mazrouei.

The Minister noted that year after year, WGES proves to be a driving force behind the global
shift to green economy and expressed his confidence that this edition will be a distinctive
addition to a long streak of successful summits.

Advancing global action towards a more sustainable future
“At Expo City Dubai, we are committed to setting new standards in sustainable development,
actively supporting our nation’s net-zero targets as we transform from hosts of the World Expo
and COP28 into a vibrant community that balances the needs of people and businesses with
environmental stewardship. We firmly believe in the power of collaboration and recognise the
significance of the 10th World Green Economy Summit as it continues to drive global action
towards a greener future,” said HE Reem Al Hashimy, UAE Minister of State for International
Co-operation and CEO of the Expo City Dubai Authority.

Promising opportunities provided by the green economy

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