2023-11-11 13:19:06
Climate neutrality is one of the basic pillars of achieving sustainable development, and is at the forefront of the important issues that will be addressed by the COP28 Conference of the Parties, in light of the efforts to stimulate private sector companies to reduce greenhouse gas emissions.
Yahya Anouti, Head of the Sustainability Platform at PwC Middle East, links carbon neutrality to economic development in various sectors, such as energy, industry, transportation, agriculture, waste, and construction. This is confirmed by the UAE’s climate neutrality strategy, which is expected to contribute to achieving regarding three percent growth in gross domestic product and enhance the growth of local exports.
Anouti is a Partner at PwC’s Strategy& and Head of Sustainability at WBC. He previously worked in the Energy and Extractive Industries Department at the World Bank and the Sustainable Development Department at the United Nations.
Anouti told the CNN Economic Podcast that the Middle East region is full of endless opportunities that enable it to lead the world in achieving sustainability, stressing that investing in human empowerment, research and development centers, renewable energy production, and green industries is the turning point that will make a difference in the ambitions of carbon neutrality, and that reality It remains dependent on the strategies of countries and the private sector in employing investments in smart and effective ways that ensure the transition towards a green economy.
Anouti refuted the allegations accusing oil companies of being most responsible for methane emissions, which amount to 35 percent of total global emissions, according to the United Nations, pointing out the need to look at oil companies as having the ability to find the solutions required for the transition to a hydrogen or clean economy. He said that oil companies will lead it, as they are an essential tributary to the advancement of the economy.
He added, “Even today, we cannot dispense with fossil fuels completely because of the resulting sustainable investments to meet the growing global demand for energy, in addition to the cost burdens that this entails for poor countries or those in the process of development.”
According to Anouti, “Climate change is witnessing a critical period that requires pumping long-term investments and concerted efforts from all parties, whether governments, sovereign funds or institutions, to move the fight once morest climate change from the stage of words to implementation.”
The latest edition of the “Net Zero Economy” index issued by PwC revealed the extent of the slowdown witnessed in the decarbonization process, as it is still below the levels required by plans to maintain the average surface temperature of the Earth at a range of 1.5 degrees Celsius.
The PwC report stated that the International Energy Agency estimates that regarding a third of emissions mitigation operations in 2050 depend on technologies that are still under development, coinciding with the scarcity of financing channels for startups and climate technology.
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