Business Bureau, Gulf Today

The World Green Economy Summit (WGES) is a strategic platform that supports international cooperation in countering global challenges, enhancing sustainable development and investing in a green economy.

Since its inception in 2014, the summit has made great progress and many achievements, notably due to increased cooperation between decision makers from the public and private sectors. Each year, WGES wraps up by issuing Dubai Declaration, which includes the participants’ recommendations, the summit conclusions as well as its milestones and activities.

The 7th WGES will be held on 6th and 7th October, 2021 at the Expo 2020 Dubai, held under the theme’ Connecting Minds, Creating the Future.’ This WGES is expected to have a broader scale as it is held in conjunction with the Expo 2020 Dubai. This enhances the summit’s success in consolidating Dubai’s position as a global capital for a green economy.

“The objectives of WGES align with the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum to balance between economic growth and environmental sustainability. The summit also supports the UAE’s efforts to achieve the UN Sustainable Development Goals 2030, the Emirates Green Agenda 2030, and the Dubai Energy Strategy 2050. In the UAE, several key initiatives have accelerated the pace of a green economy. The UAE has launched several important initiatives to accelerate the engine of green economy transformation,” said Saeed Mohammed Al Tayer, Vice Chairman of the DSCE, and Chairman of WGES.

“Transformational projects such as building solar power plants, using eco-friendly EV cars, as well as building sustainable, low-carbon urban communities support the wise leadership strategy to achieve a sustainable future for vital sectors in the UAE. Dubai has made great strides in its sustainable development journey. It has launched pioneering projects in renewable and clean energy, including the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It has a planned production capacity of 5,000 MW by 2030. This enhances the UAE and Dubai’s leadership as a successful model for sustainability worldwide,” added Al Tayer.

The 6th WGES in 2019 focused on three main pillars: sustainable development, international cooperation towards a green economy system and adoption of innovative green solutions. Presidents, global leaders and influencers attended the summit.

It attracted around 4,000 participants, experts and opinion leaders in various fields of the green economy and sustainable development, including executives, partners, financial institutions and representatives of global markets from 78 countries. 60 speakers spearheaded 14 seminars and discussion sessions.

The summit focused on aligning energy policy to the UN SDGs, highlighting the significant workload required to build a sustainable future. Participants exchanged views on successful sustainability strategies, systems and policies, and their potential for replication and scaling up. It also focused on the role of women in achieving a green economy through innovation, cooperation, transparency, environmental management and social solidarity which are soft skills, and particularly important in environmental sustainability and its development. This version of the summit explored the challenges and opportunities facing women in sustainability, highlighting various women working in this field, in sectors such as energy, water, finance and development.

Moreover, the summit tackled sustainability of the private sector, green banking and investment, and the challenges and solutions for the green economy and sustainable agriculture. It also demonstrated the country’s ability to support the shift towards a green economy. This is through hosting fruitful meetings that brought together global environmentalists, technicians, and business leaders to discuss how the public and private sectors can optimise innovation to accelerate the shift towards a green economy.

The summit witnessed the introduction of the Dubai Sustainable Finance Working Group that aligns the local finance sector’s key initiatives concerning the environment in the local and regional markets. It also highlighted the importance of international cooperation in addressing global challenges and promoting sustainable development worldwide.

The establishment of the Regional Cooperation Centre (RCC) for Middle East and North Africa, as well as hosting of Regional Ministerial Conferences by the WGEO to enhance cooperation between the countries of the world is a testament of global efforts to march towards a sustainable future.

During the Dubai Declaration 2019, Al Tayer announced that DEWA and WGEO are jointly leading the establishment of the UN Global Compact Local Network after signing a memorandum of understanding (MoU).