Heads of global banks and international economists stressed the importance of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), especially as it holds promising prospects for a sustainable future led by the UAE with its invested efforts and tireless endeavors in confronting climate challenges and reducing carbon emissions through ambitious clean energy programmes. And solar.
They said that “COP28” will witness the first global outcome to evaluate the progress made in implementing the goals of the Paris Climate Agreement, noting that the UAE, in hosting the conference, is dealing with responsibility and with full awareness of the importance of climate action in enabling the world to keep pace with the future, and maintain the possibility of avoiding global warming exceeding the level of global warming. 1.5°C.
They stated that the action plan of the COP28 presidency focuses on achieving tangible and effective progress that transforms the goals of the Paris Agreement into a road map that the world can follow and achieve the desired goals by implementing its four pillars, which are: accelerating the achievement of an orderly, responsible, fair and logical transition in the energy sector, and developing climate financing mechanisms. Protecting people and nature, improving lives and livelihoods, and fully including everyone in the international climate action system.
In turn, Damian Hitchin, CEO of Saxo Bank in the Middle East and North Africa, said that the UAE, by hosting the COP 28 Global Climate Summit, confirms its great commitment to sustainability and dealing with climate change and environmental challenges.
He added that this important global event is expected to have a positive impact on the economy in the UAE, as well as its contribution to strengthening partnerships in the fields of renewable energy, modern technologies and sustainability practices. He expects this event to encourage international companies and institutions to invest in international green initiatives and innovations, which will lead to To further economic growth and provide thousands of job opportunities.
Damien stressed that “COP28” strengthens the UAE’s position as one of the leading countries in addressing and dealing with the challenges of climate change, noting that this international event is in line with the UAE’s vision for a diversified and more sustainable economy.
For his part, Michael Bolliger, Chief Investment Officer for Global Emerging Markets at UBS Wealth Management, said that “COP28” provides a good opportunity for the UAE to contribute to advancing global efforts to confront climate change and highlight its strategy to achieve net zero carbon emissions by the year. 2050.
He stressed that the UAE is among the most competitive regions in the world in the production of renewable energy, as it currently possesses the largest and most cost-effective solar energy plants in the world, in addition to launching a number of other prominent solar energy projects such as the Al Dhafra solar photovoltaic power station, and the Al Dhafra solar photovoltaic power station. Noor Abu Dhabi Solar and the Mohammed bin Rashid Al Maktoum Solar Park.
Bolliger stated that these projects will help the UAE harness its ability in the field of solar energy and will support its journey to switch to renewable energy sources, thus providing effective solutions to confront climate change.
For his part, Temuşin Engen, a credit analyst at S&P, believes that the UAE is one of the leading countries in terms of climate action efforts, as it is the first country in the region to start meaningful investments in renewable energy sources, and it currently possesses the largest renewable energy generation capacity in the country. Gulf area.
He added that the UAE announced a strategic initiative to achieve climate neutrality by 2050, as the Ministry of Climate Change and Environment announced last July a comprehensive roadmap to reduce carbon emissions by 40% by 2030 compared to the business-as-usual scenario.
He explained that removing carbon resulting from power generation is the most important contributor to emissions reduction goals, according to nationally determined contributions, but other economic sectors such as industry and transportation will have an important role in reducing emissions, as many major entities associated with the government and many major companies have already made announcements. On climate-related initiatives.
Engen expected that institutions and companies in the Emirates will continue to announce additional climate-related initiatives ahead of the COP28 conference at the end of next month, and that this huge event will contribute to supporting the growing tourism sector in the Emirates in light of the expectations of the attendance of thousands of officials and specialists from various countries of the world.
For his part, Scott Livermore, chief economist and managing director at the British Oxford Economics, said that the world’s eyes are turning to the UAE as the United Nations Climate Change Conference (COP28) approaches, and is monitoring how the UAE plans to achieve its climate goals, in addition to its invested efforts. And its tireless efforts to reduce carbon emissions.
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