Shawati' Issue 64

64 å/°

Shawati’ 64

Similarly, the UAE has been a leader in building effective partnerships for the benefit of the global community. A notable example is the UAE-US Partnership for Accelerating Clean Energy [PACE], which will catalyse USD100 billion in financing and investment to facilitate the deployment of 100 GW of clean energy in the US, UAE, and emerging economies around the world by 2035. WHAT TO EXPECT AT COP28 As one of the countries at the heart of climate impact, undergoing a major energy transition of its own, the UAE intends to make COP28 a model for future COPs, whilst showcasing the Emirati values of cooperation, tolerance, and dialogue. According to HE Ambassador Majid Al Suwaidi, Director General and Special Representative of COP28, the UN climate conference is one of the greatest responsibilities the UAE has ever undertaken, and the country’s collective ambition and commitment to its success could not be higher. Building on the achievements of previous UN climate summits, and with support from the Marrakech Partnership and the UNFCCC secretariat, COP28’s two-week thematic programme incorporates four cross-cutting themes, which are technology and innovation, inclusion, frontline communities, and finance.

HE Dr Sultan Al Jaber. © WAM

HH Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, and Ruler of Dubai, HH Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation and HE Dr Sultan Al Jaber wearing a 2023 UN Climate Change Conference [COP28] wrist band, during a reception at Qasr Al Watan. © UAE Presidential Court

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Over the past decade, the UAE recorded the largest increase in renewables capacity worldwide – from a modest 13 megawatts [MW] in 2011 to 2,450 MW in 2020, according to the Green Fuel Index. This figure represents a growth of almost 20,000 per cent. In the next seven years, the UAE plans to invest up to USD54 billion to triple its renewable energy capacity to 14.2 GW. It will achieve this goal through massive projects such as the 5 GW Mohammed bin Rashid Al Maktoum Solar Park, the 1.2 GW Noor Abu Dhabi solar plant, as well as the newly announced 103.5 MW wind power programme. Furthermore, Abu Dhabi Global Market [ADGM] recently introduced the Middle East’s first sustainable finance regulatory framework. Encompassing funds, portfolios, bonds, sukuks, carbon-disclosures as well as ESG disclosures, the framework is designed to accelerate the UAE’s net-zero transition. With huge sustainability ambitions, the UAE has spared no effort to address environmental challenges, both at home and internationally. Its renewable energy company Masdar, also chaired by HE Dr Al Jaber, is active in more than 40 countries with projects totalling over 20 GW in capacity, enough to power almost five million homes. With this pipeline, Masdar is the region’s largest exporter of renewable energy, ensuring that the UAE’s research and capacity contributes to shared climate resiliency – especially in nations most vulnerable to climate change, such as Small Island Developing States.

A panel discussion organised by the Rockefeller Foundation and on the side-lines of the World Bank / IMF Spring Meetings included HE Dr Sultan Al Jaber, Mia Mottley, Prime Minister of Barbados; Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group; Bruno le Maire, Minister of Economy, Finance and Recovery of France; and John Kerry, United States Special Presidential Envoy for Climate. The event was moderated by Foreign Policy publisher, Andrew Sollinger. © WAM

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