Category: Business

The Green Zone at the COP28, overseen and managed by the conference presidency team, serves as a central hub for climate-related activities, enriching the experience for visitors to the world’s premier climate event hosted by the UAE.

It facilitates constructive dialogues on climate action, welcoming participants from governmental and private sectors, media, youth, and non-governmental organisations, as well as Blue Zone delegates, a UNFCCC-managed site open to UN-accredited participants.

Starting on 3rd December, the Green Zone will host attendees throughout the COP28 week, providing access to exhibitions, interactive displays on various climate issues, artistic installations, film screenings, and over 300 dialogues addressing sustainability and climate change.

The Green Zone is a collaborative space, translating ideas and climate policies into tangible outcomes. It accommodates diverse stakeholders to accelerate the transition in the energy sector, building upon a legacy of impactful initiatives aligned
with sustainable development goals.

The zone boasts the world’s largest gathering of climate enthusiasts, featuring interactive exhibits, artistic displays, film screenings, and over 300 dialogue sessions on sustainability and climate change.

Over 200 groups, including private companies, civil society organisations, and government entities, offer visitors the opportunity to engage during the Green Zone’s official working hours from 10 am to 6 pm, with some events extending from 6 pm to 10 pm.

Tickets for the Green Zone can be reserved at Cop28.com/greenpass, where a detailed map is also available to enhance participation and benefit from the zone’s event schedule. Children aged 12 or younger can enter without tickets.

Specialised centres within the Green Zone provide opportunities for learning, skill development, and collaboration to address climate change. These spaces of discovery include:

Energy Transition Hub

The Energy Transition Hub will be a place for connecting, collaborating, and sharing insigh
ts, strategies, and solutions to combat climate change. It will provide a platform for leaders and innovators to showcase their sustainability plans and create strategic partnerships that accelerate progress toward net zero.

Knowledge Hub

The Knowledge Hub will serve as a platform to bring together NGOs, UAE government ministries, local government entities, and their partners. It will offer thematic experiences focusing on climate challenges and solutions. It will also provide a relaxed networking area with ample seating and grab-and-go food and drink options.

Climate Finance Hub

The Climate Finance Hub will be at the centre of COP28’s transformative mission, hosting key financial industry players. It will be a dynamic space for discussions and commitments on carbon markets, green capital, global finance, energy transition pathways, and a just and fair transition for emerging markets and developing economies. It will help chart the course towards a greener, more resilient future, where global finance is r
edefined through a new framework for lasting impact.

Technology Innovation Hub

The Technology and Innovation Hub will be where cutting-edge technologies and progressive thinking will converge to create innovative solutions to tackle climate change and keep 1.5°C within reach. It will act as a catalyst and help governments, businesses, and civil society collaborate and leverage climate technologies to address the most pressing issues.

Startup Village

The Startup Village will be a dedicated space within the Tech and Innovation Hub, featuring over 100 climate tech startups. This village will be open to the public, allowing them to engage with these startups and learn about the latest climate technologies.

Humanitarian Hub

The Humanitarian Hub will raise awareness about the humanitarian impacts of the climate crisis and inspire action to address climate-related risks. Curated and operated by the UN Office for the Coordination of Humanitarian Affairs (UNOCHA) on behalf of the Inter Agency Standing Committee
(IASC), the hub will feature initiatives from diverse partners and stakeholders, with a focus on smaller and local organisations, civil society groups, and representatives of affected communities.

Youth Hub

The Youth Hub is a home away from home for young people to gather and organise events, exchange ideas, find opportunities, and engage in climate change discussions. Curated and operated by the Federal Youth Authority under the Ministry of Culture and Youth and supported by the COP28 Youth Climate Champion, it is a space for young people and visitors to embark on an empowering journey and collectively imagine a more sustainable future.

Greening Education Hub

In partnership with the Ministry of Education, the Greening Education Pavilion – also known as Erth, Legacy for the Land of Zayed – will bring together government officials, policymakers, experts, students, educators, schools, universities, and public and private entities. They will discuss, learn, and share knowledge on climate education, guided by
the Greening Education Partnership Framework.

Source: Emirates News Agency

João Gomes Cravinho, Minister of Foreign Affairs of the Republic of Portugal, underscored the importance of the United Nations Climate Change Conference of the Parties (COP28) at a time ‘when the world needs to return to the right track to protect the planet from the effects of climate and environmental issues.”

Minister Cravinho told the Emirates News Agency (WAM) that this COP is extremely important as it is the first edition to conduct the Global Stocktake, which indications were not satisfactory enough, adding that ‘we must intensify our efforts and work harder during COP28.’

He said that the world must find a balance to achieve climate neutrality targets and review the plans that can and must be implemented to fast-track green transition and maintain the highest levels of local, regional and international commitment to ensure a fair transition.

Minister Cravinho highlighted the role of COP28 in striving to achieve global targets, adding that COP28 in Dubai is the closest example to the ideal plans th
at must be developed. ‘We need to push hard to reach an integrated agreement in COP28 to ensure that we do not fall behind in a way that is unsustainable for the planet and its population.”

In the context of the announcement by President His Highness Sheikh Mohamed bin Zayed Al Nahyan today during the World Climate Action Summit on the establishment of a US$30 billion Global Climate Fund, Minister Cravinho emphasised the qualitative addition that this fund will form specifically on island states, as they are the most exposed to climate challenges due to the oceans.

The minister pointed to Portugal’s efforts in climate action, as it is the first European country to announce a climate neutrality strategy by 2050, explaining that Portugal is seeking to reach climate neutrality by 2045.

Source: Emirates News Agency

Today, the UAE pledged US$200 million (AED735 million) to help climate resilience in vulnerable countries.

The announcement, which came during the World Climate Action Summit (WCAS), follows up from a previous pledge of $200 million to support development in low-income countries earlier this year in Marrakech.

The commitment comes in the form of Special Drawing Rights (SDRs), pledged to IMF’s Resilience and Sustainability Trust (RST). The RST is a trust held by the International Monetary Fund (IMF) and provides long-term concessional funding for climate resilience and pandemic preparedness. The RST supports climate resilience in low- and middle-income economies and countries vulnerable to the impacts of climate change.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, said, ‘The UAE is delighted to announce our SDR commitment to the IMF Resilience and Sustainability Trust (RST). We are committed to supporting those countries and communities who have often con
tributed the least to climate change but are impacted the most.’

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said, ‘The UAE’s allocation of funds to the Resilience and Sustainability Trust is a testament to our commitment to advancing sustainable finance efforts and supporting countries most affected by climate change. The Ministry of Finance in the UAE prioritises identifying climate financing gaps, assessing the impact of climate change mitigation policies on capital flows, and recognising the macroeconomic risks resulting from climate change. We work closely with our partners from international financial organisations, such as the IMF, to enhance multilateral coordination in sustainable finance action.’

SDRs are a stable asset, pegged against a basket of five currencies – the US Dollar, the Euro, The Chinese Reminbi, the Japanese Yen, and The British Pound Sterling – which IMF members can exchange for a freely usable currency when needed. The RST was established in 2022 as a respon
se to the need to support low and middle -income economies and vulnerable countries as they confront longer-term climate change risks.

Concessional financing represents loans that are on more favourable terms than the borrower could obtain in the debt markets. This either relates to terms where the loan has low (below market rate) interest rates, or the recipient is granted a grace period or deferred repayment of the loan.

Approximately three-quarters of the IMF’s country membership is eligible for RST financing, including low-income members as well as middle-income countries and small island developing states (SIDS).

Currently, the RST has received over $40 billion to SDR pledges and 11 countries have been approved as recipients so far.

Source: Emirates News Agency

Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA that shows how the industry can take a more responsible approach and contribute positively to the new energy economy.

The Oil and Gas Industry in Net Zero Transitions analyses the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets. Released ahead of the COP28 climate summit in Dubai, the special report sets out what the global oil and gas sector would need to do to align its operations with the goals of the Paris Agreement.

Even under today’s policy settings, global demand for both oil and gas is set to peak by 2030, according to the latest IEA projections. Stronger action to tackle climate change would mean clear declines in demand for both fuels. If governments deliver in full on their national energy and
climate pledges, demand would fall 45% below today’s level by 2050. In a pathway to reaching net zero emissions by mid-century, which is necessary to keep the goal of limiting global warming to 1.5 °C within reach, oil and gas use would decline by more than 75% by 2050.

Yet the oil and gas sector – which provides more than half of global energy supply and employs nearly 12 million workers worldwide – has been a marginal force at best in transitioning to a clean energy system, according to the report. Oil and gas companies currently account for just 1% of clean energy investment globally – and 60% of that comes from just four companies.

‘The oil and gas industry is facing a moment of truth at COP28 in Dubai. With the world suffering the impacts of a worsening climate crisis, continuing with business as usual is neither socially nor environmentally responsible,’ said IEA Executive Director Fatih Birol. ‘Oil and gas producers around the world need to make profound decisions about their future place in the glob
al energy sector. The industry needs to commit to genuinely helping the world meet its energy needs and climate goals – which means letting go of the illusion that implausibly large amounts of carbon capture are the solution. This special report shows a fair and feasible way forward in which oil and gas companies take a real stake in the clean energy economy while helping the world avoid the most severe impacts of climate change.’

The global oil and gas industry encompasses a large and diverse range of players – from small, specialised operators to huge national oil companies. Attention often focuses on the role of the private sector majors, but they own less than 13% of global oil and gas production and reserves.

Every company’s transition strategy can and should include a plan to reduce emissions from its own operations, according to the report. The production, transport and processing of oil and gas results in nearly 15% of global energy-related greenhouse emissions – equal to all energy-related greenhou
se gas emissions from the United States. As things stand, companies with targets to reduce their own emissions account for less than half of global oil and gas output.

To align with a 1.5 °C scenario, the industry’s own emissions need to decline by 60% by 2030. The emissions intensity of oil and gas producers with the highest emissions is currently five-to-ten times above those with the lowest, showing the vast potential for improvements. Furthermore, strategies to reduce emissions from methane – which accounts for half of the total emissions from oil and gas operations – are well-known and can typically be pursued at low cost.

While oil and gas production is vastly lower in transitions to net zero emissions, it will not disappear – even in a 1.5 °C scenario. Some investment in oil and gas supply is needed to ensure the security of energy supply and provide fuel for sectors in which emissions are harder to abate, according to the report. Yet not every oil and gas company will be able to maintain output – re
quiring consumers to send clear signals on their direction and speed of travel so that producers can make informed decisions on future spending.

The USD 800 billion currently invested in the oil and gas sector each year is double what is required in 2030 on a pathway that limits warming to 1.5 °C. In that scenario, declines in demand are sufficiently steep that no new long-lead-time conventional oil and gas projects are needed. Some existing oil and gas production would even need to be shut in.

In transitions to net zero, oil and gas is set to become a less profitable and riskier business over time. The report’s analysis finds that the current valuation of private oil and gas companies could fall by 25% from USD 6 trillion today if all national energy and climate goals are reached, and by up to 60% if the world gets on track to limit global warming to 1.5 °C.

Opportunities lie ahead despite these challenges. The report finds that the oil and gas sector is well placed to scale up some crucial technologies f
or clean energy transitions. In fact, some 30% of the energy consumed in 2050 in a decarbonised energy system comes from technologies that could benefit from the industry’s skills and resources – including hydrogen, carbon capture, offshore wind and liquid biofuels.

However, this would require a step-change in how the sector allocates its financial resources. The oil and gas industry invested around USD 20 billion in clean energy in 2022, or roughly 2.5% of its total capital spending. The report finds that producers looking to align with the aims of the Paris Agreement would need to put 50% of their capital expenditures towards clean energy projects by 2030, on top of the investment required to reduce emissions from their own operations.

The report also notes that carbon capture, currently the linchpin of many firms’ transition strategies, cannot be used to maintain the status quo. If oil and natural gas consumption were to evolve as projected under today’s policy settings, limiting the temperature rise to
1.5 °C would require an entirely inconceivable 32 billion tonnes of carbon captured for utilisation or storage by 2050, including 23 billion tonnes via direct air capture. The amount of electricity needed to power these technologies would be greater than the entire world’s electricity demand today.

‘The fossil fuel sector must make tough decisions now, and their choices will have consequences for decades to come,’ Dr Birol said. ‘Clean energy progress will continue with or without oil and gas producers. However, the journey to net zero emissions will be more costly, and harder to navigate, if the sector is not on board.’

Source: Emirates News Agency

International aviation officials confirmed the success of the United Arab Emirates in organising exceptional events and activities at the third ICAO Conference on Aviation and Alternative Fuels (CAAF/3) in Dubai, thus entrenching its leading position as a destination for major international events and conferences in the region.

In statements to the Emirates News Agency (WAM) on the sidelines of the CAAF/3, the aviation industry leaders said that the UAE has become an ideal destination for hosting and attracting major international meetings, events, activities and conferences given its advanced facilities and infrastructure, world-class hotel establishments and advanced service sectors that outperform their global counterparts.

The officials added that, over the course of five days, decision-makers and specialists in the aviation, energy and environmental sectors from 191 countries around the world debated and discussed the importance of reaching an international consensus on mechanisms for transitioning to
wards a balanced system for producing aviation fuel and sustaining the growth of the sector, and agreeing on solutions for the future of accelerating the production of clean fuel, which contributes to reducing carbon dioxide emissions in the aviation sector.

They noted that the decisions of CAAF/3 will bring about real changes, led by the UAE, in the future of the civil aviation sector and will be a major and influential focus in global efforts related to the climate neutrality agenda and sustainable development goals, a few days before COP28 in Dubai.

Saif Mohammed Al Suwaidi, Director General of the UAE General Authority of Civil Aviation (GCAA), affirmed that the UAE’s hosting of the conference was based on the confidence of the international aviation community in the country and its capabilities in organising exceptional events, indicating that the country is a pioneer in hosting many international events, particularly in the aviation sector, all of which came out with important announcements and recomm
endations.

Al Suwaidi added that the conference aimed to create consensus on mechanisms for transitioning towards a balanced system for producing aviation fuel and sustaining the growth of the aviation sector, and will ultimately produce understandings and decisions that will bring about a real change in the future of the civil aviation sector and will be a major and influential focus in global efforts related to the climate neutrality agenda and sustainable development goals.

Juan Carlos Salazar, Secretary-General of the International Civil Aviation Organisation (ICAO), told WAM that the conference will produce successful outcomes that will help chart a road map for the development of sustainable aviation fuel.

Salazar added that the five-day conference provided a fitting opportunity to discuss developments in clean energy production and the necessary policies to support the shift towards the production of low-carbon fuels, sustainable fuels and other types of clean fuels, as well as ways to support count
ries to build their capabilities to produce clean energy for aviation, and to review the ambitious long-term goal of reaching zero emissions.

Engineer Abdel Nabi Manar, Director General of the Arab Civil Aviation Organisation, part of the League of Arab States, stressed that holding the CAAF/3 in the UAE underscores the country’s significant contribution to the global aviation sector, and reflects the international confidence in the influential and pivotal role it plays in the climate change issues in the aviation sector.

He pointed out that the conference highlights the efforts of the civil aviation sector in providing solutions to accelerate the production of clean fuel, which contributes to reducing carbon dioxide emissions ahead of COP28 in Dubai, which begins on November 30.

For his part, Katalin Radu, the Director General of Aviation Administration of Kazakhstan, said that the UAE achieved great success by hosting the conference as one of the major influential countries in the global aviation sector.

He affirmed that the UAE enjoys the international confidence in hosting major events and activities, as well as the pivotal and influential role it plays in the climate change issues in the aviation sector at regional and global levels.

Dr Kostas Iatrou, Director General of Hermes International Air Transport Organisation, said that the UAE is a pioneer in hosting major events, particularly in the aviation sector, given its stature as one of the leading players in the aviation sector.

He stated that the conference highlights the aviation sector’s need for a road map that ensures countries’ commitment to shifting towards a balanced system for producing sustainable aviation fuel for further development and growth.

According to organisers, the CAAF/3 presented a unique opportunity to consider a clear and robust global framework to respond to expectations on a global framework that would facilitate the scale up in the development, production and deployment of aviation cleaner energies and build market confidenc
e. Key elements of this framework include a collective Vision for the clean energy ambition, harmonised regulatory foundation, supporting implementation initiatives, and concrete means to facilitate financing so that ‘No Country is left behind’

The five-day Conference results sent a strong message to the international community regarding the determination of ICAO and its Member States in addressing the impact of aviation on the global climate.

Source: Emirates News Agency

Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB) plans to invest $100 billion of its own funds and work with the public and private sector to maximize its climate impact.

With the region on the frontline of the growing climate crisis, ADB’s Climate Change Action Plan 2023-2030 aims to help decarbonize transport and energy, employ climate-smart planning to boost resilience, and work with partners to develop climate-critical outcomes.

Setting out ADB’s ambitious climate targets, the plan lays out action on how ADB plans to catalyze climate finance and incentivize innovation to help shepherd Asia and the Pacific towards a low-carbon, climate-resilient future.

Asian cities currently produce 75% of regional carbon emissions. By 2030, more than 55% of the population of Asia and the Pacific will live in urban areas, driving up demand for urban services. If urban areas continue along the same growth trajectory, Asian cities could contribute more than
half of the rise in global GHG emissions over the next 20 years. At the same time, Asia is home to 99 of the world’s 100 cities most threatened by environmental and climate risks.

ADB works with cities and towns in Asia and the Pacific to bring transformative change by promoting resilient, low-carbon urban development and the application of circular economy approaches.

ADB approved capital management reform that unlocks $100 billion in new funding capacity over the next decade in response to evolving challenges in the region, including climate change.

In 2019-2022, actual cumulative climate finance commitments from ADB resources amounted to $21 billion. Refined climate finance projections by region and sector will be developed in 2024, reflecting the $100 billion climate finance ambition for 2019-2030

The Asian Development Bank (ADB) has initiated a major reform to become the climate bank of Asia and the Pacific. The reform is matched with an increased ambition to provide $100 billion of its own funds, ac
ross public and private sector operations, to climate finance from 2019 to 2030.

Source: Emirates News Agency

Many domestic rubber firms are pursuing a green strategy in an effort to reduce waste and verify sustainable forest management certificates to better promote the Vietnamese rubber brand globally.

According to the Vietnam News Agency (VNA), five years ago, the Vietnam Rubber Group (VRG) piloted a programme on sustainable rubber forest management, creating a premise for its members to expand their rubber areas.

The group reported that as of the end of the third quarter, 30 of its member companies set forth sustainable forest management plans, up nine from the 2022 figure, spanning 272,000 hectares or 95% of the total area.

Meanwhile, 18 members have been granted sustainable forest management certificates with more than 113,000 hectares, fulfilling 83% of the set target.

Source: Emirates News Agency

Climate change has become an increasingly circulated topic globally over the past decades, especially as the world becomes more aware of how pressing it is since it causes changes in rainfall patterns, rising sea levels, melting glaciers, a warming ocean, and more frequent and intense extreme weather events that impact millions of people.

However, it isn’t too late, according to one of the pieces released under the United Nations’ (UN) online awareness series, Myth Busters, which reassured humanity saying, ‘we can still limit climate change, if we act now!’

This and much more highlight the great significance of the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), which is set to kick off in the UAE less than a week from now. Taking place at Expo City Dubai from 30th November to 12th December, COP28 will see many announcements on realistic and inclusive solutions to the global climate crisis, from just energy transition paths to climate finance and adaptation
.

The UN’s article asserts that the choices we make today will determine the changes in the climate we will experience in the future, citing ‘large and sustained reductions in emissions of carbon dioxide and of other greenhouse gas emissions’ by utilising our ‘knowledge, tools and resources to secure a liveable, sustainable future for all’ as the key to limiting climate change.

‘Natural changes in the sun’s activity or large volcanic eruptions have caused ancient shifts in the Earth’s temperatures and weather patterns, but over the last 200 years, these natural causes have not significantly affected global temperatures. Today, it is human activities that are causing climate change, primarily due to the burning of fossil fuels like coal, oil, and gas,’ it further explains. ‘Burning fossil fuels creates a blanket of pollution trapping the sun’s heat on Earth and raising global temperatures. (Global warming then leads to other changes like droughts, water scarcity, severe fires, rising sea levels, flooding, me
lting polar ice, intense storms and declining biodiversity.)’

The more of this pollution, such as carbon dioxide (CO2), accumulates in the atmosphere, the more of the sun’s heat gets trapped, the warmer it gets on Earth. There is a strong relationship between cumulative CO2 emissions and the increase in global surface temperature.

Today, the concentration of CO2 in the atmosphere is about 50 percent higher than in 1750, far exceeding the natural changes over at least the past 800,000 years.

According to Climate Change 2023: Synthesis Report, which the Intergovernmental Panel on Climate Change (IPCC), more than a century of burning fossil fuels as well as unequal and unsustainable energy and land use have led to global warming of 1.1°C above pre-industrial levels. This has resulted in more frequent and more intense extreme weather events that have caused increasingly dangerous impacts on nature and people in every region of the world.

But there are multiple, feasible and effective options to reduce greenho
use gas emissions and adapt to human-caused climate change, and they are available now, said scientists in this IPCC report.

Taking effective and equitable climate action will not only reduce losses and damages for nature and people, it will also provide wider benefits, the report points out, underscoring the urgency of taking more ambitious action now to secure a liveable sustainable future for all.

Many mitigation and adaptation actions have multiple synergies with Sustainable Development Goals (SDGs), but some actions can also have trade-offs. Potential synergies with SDGs exceed potential trade-offs. Synergies and trade-offs are context-specific and depend on means and scale of implementation, intra- and inter-sectoral interactions, cooperation between countries and regions, the sequencing, timing and stringency of actions, governance, and policy design. Eradicating extreme poverty and energy poverty, and providing decent living standards to all, consistent with near-term sustainable development objecti
ves, can be achieved without significant global emissions growth, the report reassures.

These are just the tip of the iceberg, however, plans are set to be turbocharged, with COP28 posed to deliver solutions that would accelerate implementation to ensure this crisis is slowed down, and ultimately, reversed.

Source: Emirates News Agency

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Trkiye) region, has joined the Partnership for Carbon Accounting Financials (PCAF), advancing the bank’s sustainable journey.

PCAF is an initiative led by the financial industry to develop a harmonised global standard to measure and disclose the greenhouse gas emissions of loans and investments. Measuring financed emissions is an important step in a financial institution’s journey towards decarbonisation.

More than 430 financial institutions across six continents have joined PCAF, enabling reporting of emissions on a comparable basis.

Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said, ‘The financial industry has a significant role in promoting the decarbonisation of the economy. Joining the PCAF is a valuable step in Emirates NBD’s sustainability journey enabling responsible assessment and disclosure of the carbon footprint of our portfolios. As one of the largest financial instituti
ons in the MENAT, we are keen on demonstrating carbon offsetting initiatives that align with the interests of our customers.’

The bank leads the region in offering carbon future contracts trading, fulfilling growing demand from corporations to manage their carbon emissions offsetting and align with the UAE’s Net Zero by 2050 action plan. Emirates NBD’s carbon contract trading further aligns with the guidelines set by the European Union’s Emission Trading System and the United Kingdom’s Emission Trading Scheme, providing full transparency, credibility and accountability.

Emirates NBD recently established a Sustainable Finance Framework to be able to issue Sustainable Finance Instruments to finance and refinance projects which enable the transition to a low carbon and climate resilient economy, and/or provide positive societal impact and to mitigate social problems.

Further, all these initiatives have positioned the bank to win the award for ‘Best Bank for ESG in the UAE’ at the Euromoney Awards for Excellen
ce 2023.

Source: Emirates News Agency

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today witnessed the signing of an agreement between Expo City Dubai and Dubai Electricity and Water Authority (DEWA) to fully power Expo City with renewable energy, marking a significant milestone in its journey towards achieving net-zero emissions by 2050.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, also attended the signing ceremony.

Also present at the ceremony were H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group, and Chairman of Expo City Dubai Authority; Reem Al Hashimy, UAE Minister of International Cooperation and CEO of Expo City Dubai Authority; Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and COP28 UAE President-Designate; and Saeed Mohamm
ed Al Tayer, MD CEO of DEWA.

Expanding on Expo City’s current on-site renewable energy capacity, DEWA will now permanently provide solar energy to the entire site through International Renewable Energy Certificates (I-RECs) sourced from the Mohammed Bin Rashid Al Maktoum Solar Park. This initiative aligns with the central mission of COP28.

Initially supplying over 100,000 megawatt-hours of power, estimated based on the total consumption for 2023, additional I-RECs will be incorporated in the future to cater to the growing energy needs of the community. Furthermore, Expo City has plans to independently enhance its on-site capacity in the upcoming years.

The shift in energy source will offer positive impacts for Expo City’s tenants and eventual residents, as well as the growing number of events held on site. This is particularly significant as Expo City prepares to host the COP28 summit, supporting the delivery of a carbon neutral event and complementing the conference’s clear focus on the global transition
to clean energy.

Reem Al Hashimy said: ‘As the global population continues to gravitate towards urban centres, it is critical these centres balance meeting the needs of their communities with environmental sustainability – a strategic priority for the UAE.

‘This agreement reflects an important step forward in our focus on sustainable development and the transition to clean energy, with Expo City being one of five urban hubs in Dubai’s growth. It is also a timely transition as Expo City prepares to host the world once again for COP28, supporting global climate action,’ Al Hashimy added.

Saeed Mohammed Al Tayer said: ‘With the vision, guidance and unlimited support of the nation’s leadership, the UAE is hosting the largest international climate event – COP28 – in Expo City Dubai, building on the legacy of Expo 2020 Dubai as an exceptional location and a famed destination that brought the world together in the UAE. The collaboration between Expo City and DEWA signifies a groundbreaking step towards sustainabl
e development, aligning with Dubai’s commitment to achieving net zero emissions by 2050. By supplying Expo City with solar energy through I-RECs from the Mohammed Bin Rashid Al Maktoum Solar Park, we support the vision of leadership for Expo City Dubai to be a futuristic sustainable city.’

Al Tayer added: ‘With a current clean energy capacity of 2,627 megawatts, and 2,033 megawatts under construction to reach 4,660 megawatts by 2026, the Mohammed Bin Rashid Al Maktoum Solar Park leverages cutting-edge technologies to harness the power of the sun. By 2030, the solar park’s total capacity is planned to reach 5,000 megawatts, contributing to an annual reduction of more than 6.5 million tonnes of carbon emissions.’

Serving as the currency for renewable energy markets, I-RECs signal that renewable electricity was produced to meet the required electricity demand of an organisation or urban centre. The supply of renewable energy from DEWA’s grid will support Expo City’s decarbonisation targets, and the city will a
lso be taking measures to reduce energy consumption.

Aligned with the UAE’s Year of Sustainability, the agreement is a further reflection of the ambitious spirit of Dubai in the field of renewable energy, including the Dubai Clean Energy Strategy 2050, and the UAE Energy Strategy 2050. It also supports Expo City Dubai’s role as a hub in the Dubai 2040 Urban Master Plan, which maps out a comprehensive plan for a sustainable urban development in Dubai.

Source: Emirates News Agency