DUBAI: The 10th edition of the World Green Economy Summit (WGES) continued its pivotal discussions on Thursday, 3rd October 2024, as the second day’s sessions delved into key topics surrounding sustainability and the green economy.
The summit emphasised major advancements in clean energy, climate finance, decarbonisation efforts and the circular economy.
The summit, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, was organised by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO).
This year’s summit, themed ‘Empowering Global Action: Unlocking Opportunities and Advancing Progress’, saw wide participation from government representatives, experts, speakers and private sector leaders from around the globe.
The second day of the summit commenced with a dialogue session titled ‘Global Agricultural Production Will Need to Double by 2050: How Do We Meet
Growing Global Agricultural Needs?’. The session featured Henry Gordon-Smith, Chief Executive Officer of Agritecture; Adri Pols, Chief Executive Officer of Desolenator; Christine R. Gould, Founder of Thought For Food®; and Dr Josef Schmidhuber, Chief Sustainability Officer of Pure Harvest. The discussion focused on innovative strategies and technologies designed to meet the increasing global demand for agricultural produce while addressing current environmental challenges.
The speakers emphasised the need to boost food production due to population growth, highlighting the importance of nutrition, quality and waste reduction. They stressed that the future of the sector lies in supporting start-ups and shaping policies to localise food production based on regional conditions, market needs and climate factors.
Smart agriculture, through technologies like controlled environment and vertical farming systems, is key to building smart cities by ensuring high yields and quality with fewer resources and reduced wast
e. Moreover, the speakers highlighted the vast opportunities presented by low and high-tech greenhouses, which hold the biggest potential to adapt to climate change.
This session was followed by a key dialogue on effective methodologies for adopting circular economy principles and strategies for reducing waste across various sectors during the session titled ‘The Circular Economy Integration and Waste-Reduction Strategy Implementation’. Participants included Dr Hamid Haqparwar, Chief Executive Officer of AGMC; Stwart Peña Feliz, Chief Executive Officer and Co-Founder of MacroCycle Technologies; Harald Friedl, Senior Expert on Circular Economy at UNDP; and Majed Al Marzouqi, Acting Director of Project and Facilities at Tadweer Group.
Majed Al Marzouqi highlighted the UAE’s Circular Economy Policy, launched in 2021 to transition from a linear to a circular economy. He noted that while many governments have adopted similar policies globally, the challenge lies in implementation. Success requires engaging all s
takeholders, from manufacturers to consumers, redesigning processes to reduce carbon footprint and viewing waste as a resource. Global collaboration, synchronised implementation and consumer education are essential for this transition to succeed.
The speakers also stressed the need for policies promoting reuse and recycling, tailored to each country’s resources and societal conditions. The goal is to create a global economy that minimises waste across all sectors, including construction, agriculture and transport. New circular models must replace linear ones, which are costly and carbon-intensive.
During the session ‘Carbon Credit and Trading: Carbon Calculations and Creating a Carbon Credit Market’, Dr Mohammad Abu Zahra, Head of the Middle East and Africa at the Global CCS Institute; Marcin Nguyen, Deputy Regional Representative for the Middle East and North and West Africa at Verra; Euan McDougall, Group Chief Operating Officer at DelAgua Group; and Wayne Sharpe, Chief Executive Officer and Founder of Gl
obal Environmental Markets (GEM), discussed the critical importance of accurately measuring carbon emissions and establishing a reliable market for carbon credits to support emissions reduction initiatives.
During this session, the speakers emphasised the need for streamlined carbon credit processes, balancing rigorous verification with faster project development to drive global climate action. They also covered the challenges and opportunities for voluntary and regulated markets, highlighting innovative solutions in the GCC and beyond.
The speakers highlighted the UAE’s recent steps, including its Cabinet Resolution 67 Concerning the National Register for Carbon Credits and Federal Decree 11 on the Reduction of Climate Change effects, which set guidelines for handling carbon offsets and underscore the UAE’s growing involvement in carbon markets. They further called for faster progress in regulatory frameworks and greater investment in carbon-reduction projects globally, including in the Middle East and Afr
ica.
During the session on ‘Funding and Financing of Clean Technology’, experts emphasised the importance of promoting green financing and encouraging investment to accelerate the development and adoption of clean technologies. The session featured Karim El Jisr, Executive Director of Sustainability Performance and Accreditation at Red Sea Global; Ashish Marwah, Chief Investment Officer and Partner at Neovision; Yuyan Song, Director General of the Secretariat of Green Partnership of Industrial Parks in China; and Oliver Phillips, Regional Head of Sustainable Finance at Barclays.
The speakers noted that the role of banks in climate tech has evolved from merely providing funds to acting as intermediaries between climate tech start-ups and the broader financial system. A major challenge is that most climate tech requires scalable funding models before becoming bankable, making it hard to attract investors. COP28 in Dubai provided a platform to connect climate start-ups and SMEs to financial institutions, facil
itating support and financing. They also highlighted the Mohammed bin Rashid Al Maktoum Solar Park, implemented by DEWA, as a prime example of a large-scale, low-cost renewable energy project.
Sahar Shamsi (CFA), Partner at Oxera Consulting LLP, discussed the role of governments in developing legislative frameworks that support carbon pricing and trading to facilitate the transition to a low-carbon economy during the session titled ‘Legislation for Carbon Pricing and Emissions Trading: Role of the Government and Regulatory Framework to Drive a Low-Carbon Economy’. Shamsi explored the critical role of international frameworks like the Paris Agreement, focusing on Articles 2, 4 and 6, which guide global and national efforts toward decarbonisation. She emphasised that while legally binding commitments exist, detailed implementation policies are still evolving.
The discussion highlighted the importance of sector-specific, region-sensitive decarbonisation strategies, tailored to unique emission sources and value
chains. Shamsi also addressed the role of financial incentives, such as tax credits and carbon pricing mechanisms, as essential tools to drive compliance and voluntary efforts. Additionally, she underscored that technology, including AI, is imperative for both reducing emissions at the source and addressing hard-to-abate sectors.
The summit hosted Ahmed Mohamed Al Kaabi, Assistant Undersecretary for Petroleum, Gas and Mineral Resources in the UAE Ministry of Energy and Infrastructure; Alejandro Subiza, Regional Director at ARANER Group; Gauri Singh, Deputy Director General of IRENA; Naim Yazbeck, General Manager of Microsoft UAE; and Ahmed Al Shamsi, Managing Director and Chief Executive Officer of TAQA Water Solutions, in a session titled ‘Growth Opportunities for Adoption and Integration of Clean Energy Advancements’.
The session explored opportunities to develop clean energy solutions and integrate them into existing infrastructure to accelerate the global energy transition. In his speech at the beginnin
g of the session, Al Kaabi stated that the UAE is leading the global transformation towards a green economy to achieve sustainable development.
He added that the UAE updated its Energy Strategy 2050, committing to triple renewable energy capacity and increase the share of green energy to 30 percent of the energy mix by 2030. This includes investing up to US$ 54 billion, with clean energy capacity expected to reach 19.8 gigawatts by 2030.
Moreover, the speakers noted that renewable energy policy momentum peaked at COP28 with the historic UAE Consensus, where countries pledged to triple renewable energy production by 2030, with clear deliverables and a timeline. They added that while production is growing by 14 percent annually and governments are implementing supportive policies, challenges remain. Some sectors are lagging behind, and technological advancements are needed, especially in hard-to-abate industries.
More investment in renewable energy infrastructure, like building hydrogen pipelines, is also cr
ucial. The main solution for these challenges is broad international collaboration that ensures the inclusion of all sectors and stakeholders and allows for co-ordinated and synchronised action.
The summit continued its second day with a session titled ‘Reducing Emissions in a Food System That Is Currently Responsible for More Than One Third of Global Greenhouse Gas Emissions’, featuring Edward Hamod, Founder and Chief Executive Officer of Switch Food; Hassan Halawy, Managing Director of Elite Agro Projects; Dimitra Theodoropulos, Director of Sustainability at Talabat; and Jamie Burrows, Founder and Chief Executive Officer of Vertical Future.
The session explored innovative solutions to reduce greenhouse gas emissions within the food system, emphasising the importance of adopting sustainable production and consumption practices. During the session, speakers emphasised the food system’s significant role in global emissions, accounting for 33 percent to 34 percent, and highlighted the urgent need for reform.
They pointed out the environmental costs of industrial agriculture and mono-cropping, particularly concerning red meat production.
Solutions like vertical farming were discussed, especially for climate-vulnerable regions. The panel called for a dietary shift toward alternative proteins to address health concerns related to excessive meat consumption. Overall, collaboration among governments, businesses and consumers is crucial for creating a sustainable food system.
Moreover, the summit provided a dedicated platform for youths to voice their opinions and contribute to discussions on climate action and the green transition through the session titled ‘The Critical Role of Youth in Shaping a Sustainable Future’. The session featured Majd Fayyad, DSM Strategy and Policy Lead at the Dubai Supreme Council of Energy; and Lydia Sanz Lozano, Co-Vice Chair of Programming at the Student Energy Summit 2023. The session emphasised the critical role of youth in driving climate change initiatives and policymaking.
The sp
eakers highlighted that young people possess optimism, a willingness to take risks, as well as digital connectivity, which can amplify their voices. Engaging youth in meaningful ways, particularly in leadership roles within both government and the private sector, is essential for effective climate action. They also tounched on how the UAE has set a benchmark by empowering youth, exemplified by the appointment of young leaders like Shamma Al Mazrui as the first Youth Climate Champion in COP28. They added that the private sector needs to increase youth representation in decision-making positions, as less than 3 percent of Fortune 500 board seats are held by individuals under 40.
Ahmad Buti Al-Muhairbi, Secretary General of the Dubai Supreme Council of Energy; Ahmad Bin Shafar, Chief Executive Officer of Empower; Dr Waleed Alnuaimi, Chief Executive Officer of Etihad Energy Services (Etihad ESCO); Hassan Younes, Co-Chief Executive Officer and Founder of grfn; and Deepthy K.B., Regional Director of Market Develop
ment at GBCI MENA, participated in the session titled ‘District Cooling, Retrofitting and Other Methods to Drive Energy Efficiency’.
Al-Muhairbi emphasised that energy efficiency is a top priority for the UAE, which is driving its green transition through clean energy, supportive policies and effective implementation. He highlighted Dubai’s Demand Side Management Strategy, the Green Buildings Code and retrofitting initiatives, noting that Dubai achieved US$ 15 million in savings between 2010 and 2023, with a 17 percent energy reduction and 12.5 percent water reduction. These strategies are key to achieving decarbonisation, with savings targets of 30 percent by 2030 and 50 percent by 2050, helping the UAE reach net zero by 2050.
Bin Shafar stated that Dubai leads the region in energy efficiency, with district cooling cutting residential cooling energy use from 70 percent to 35 percent. He added that district cooling is adaptable to both old and modern buildings and has revolutionised utilities, creating new
jobs. Dr Alnuaimi emphasised that district cooling is the ultimate cooling solution, offering personalised energy-efficient designs for older buildings. He stressed the importance of maintaining energy efficiency through real-time monitoring and operational maintenance.
Younes noted the UAE’s advancements in energy efficiency, particularly with district cooling, which reduces carbon footprints by 50 percent in older buildings, and added that is vital for the private sector to learn from the experiences of the government in this field. Deepthy highlighted the UAE’s early adoption of standards like LEED, emphasising that the residential sector accounts for 40 percent of global carbon emissions and consumes 36 percent of global energy.
The summit concluded its second day with a session titled ‘Consumer Spending and the Importance of Behaviour as a Pillar of the Circular Economy’, emphasising the crucial role of consumers in adopting circular practices in their spending and consumption to enhance sustainability
and reduce waste. The session featured Youssef Chehade, Co-Founder and Managing Partner of Ecyclex International Recycling LLC; Florence Bulté, Chief Sustainability Officer at Chalhoub Group; and Maryam Al Mansoori, Founder and General Manager of Rebound Plastics.
The session explored balancing sustainability and affordability, emphasising the role of research and development in creating products that achieve both. The speakers suggested using recommerce, rentals and recycling to avoid forcing consumers to choose between sustainability and cost. They urged brands to ease the sustainability burden by partnering with recycling entities and highlighted digital recycling apps encouraging consumer participation through subscriptions.
They added that consumer awareness about the impact of their habits on sustainability is essential, affecting everything from air quality to daily life, and highlighted that the younger generation is driving growth in recommerce, supported by shifting behaviours and brand initiative
s.
Source: Emirates News Agency
