2024-09-22 06:52:08
Given the growing climate challenges the world faces, climate finance is increasingly important to enhance climate resilience in regions around the world, especially in the most affected countries, as adequate financing helps support mitigation and adaptation efforts and projects , enabling these countries to cope with the impacts of climate change and promote sustainable development. The “Global Climate Finance Landscape 2023” report released by the Climate Policy Initiative points out that although global climate program investments will increase to US$1.3 trillion between 2021 and 2022, these increases will be needed to achieve the 1.5 degrees Celsius goal set by the Paris Agreement. The value of the project. The UAE is prominently positioned as part of pioneering efforts to lead global climate action, mobilizing climate finance through a series of global initiatives that help advance the climate movement and strengthen international cooperation in various areas including environmental sustainability and support . Green transformation.
The 10th World Green Economy Summit, hosted by the Dubai Supreme Council of Energy, Dubai Water and Electricity Authority and the World Green Economy Organization, paid special attention to climate finance in this year’s theme as it is an important factor in enhancing climate resilience and has Participation from elite experts and experts in green finance from around the world.
His Excellency Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, Managing Director and CEO of Dubai Electricity and Water Authority, and Chairman of the World Green Economy Organization, said: “The World Green Economy Summit It has become a basic pillar of the global climate movement and the main platform for dialogue on various issues of green transformation. The 10th Summit was based on the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) hosted by the UAE in Dubai Expo City last year. Building on the outcomes of the session. The agreement defines a new path for international climate action, which includes an ambitious and comprehensive action plan and includes a number of important decisions, including the launch of the Global Emirates Framework for Climate Resilience, which aims to support flexible Several specific pathways of the Sustainable Development Goals support measures to adapt to the impacts of climate change on a global scale. This year, the Summit pays special attention to the issue of climate finance as an important tool to build a green, resilient and just future, and to narrow the existing gap between developed and developing countries by mobilizing necessary financing and investment. and support the most affected communities and is consistent with local and global efforts to use financing mechanisms to address the impacts of climate change.
At the COP28 conference, the UAE launched the “Altera” fund, which aims to find the solutions needed to urgently raise and stimulate capital to help activate all components of the new climate economic system. The fund allocates approximately AED 92 billion (USD 25 billion) to support climate investments that accelerate the transition to a resilient and climate-neutral economy, and more than AED 18 billion (USD 5 billion) to Mitigating risks and stimulating investment flows to address challenges limits climate investment opportunities in least developed countries and small island developing states.
Dr. Walid Al Nuaimi, Chief Executive Officer of Etihad ESCO, said: “Dubai is accelerating its journey towards carbon neutrality through the adoption of innovative energy solutions. Etihad ESCO believes that every building rehabilitation we undertake and solar installations both represent a new step towards economic excellence and leading environmental efforts aimed at combating climate change. Commercial buildings rehabilitated by Etihad ESCO can reduce their carbon footprint by up to 35%.
Florence Polti, Chief Sustainability Officer of Chalhoub Group, said: “Sustainability is an important part of Chalhoub Group’s operations. Our circular economy report highlights our strong commitment to a sustainable business model and our goal to achieve carbon neutrality by 2040. Neutralize. The GCC’s second-hand luxury goods market represents a shift towards a circular economy that is driven by the behavior and decisions of consumers, companies and luxury brands. Players, companies and luxury brands are adapting their strategies and products to meet global requirements and expectations. The market will be worth between US$480 and US$500 million in 2022, with an annual growth rate of 15%. This trend reflects business and A major paradigm shift in the economy, policymakers, regulators, brands, retailers and customers must collaborate to promote and develop sustainable practices. At Chalhoub Group, we benefit from these visions and ideas to shape our strategies and enhance our operations. processes, making sustainability a fundamental pillar of our business.
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