World Green Economy Summit: Steering Global Shift Towards Sustainability

Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the World Green Economy Summit (WGES) has become a pivotal event for sustainable development and green economy transition. Launched a decade ago, WGES aligns with the UAE’s commitment to global climate action.

Organised by the Dubai Supreme Council of Energy, DEWA, and WGEO, WGES brings together experts from various sectors worldwide. The summit facilitates idea exchange and collaboration among decision-makers in energy, economy, and climate sectors. It offers innovative solutions to transform challenges into opportunities, supporting the UN Sustainable Development Goals 2030.

The 10th WGES will take place on 2nd and 3rd October 2024 at the Dubai World Trade Centre. The theme ‘Empowering Global Action: Unlocking Opportunities and Advancing Progress’ will focus on Decarbonisation; Clean Energy Advancements; Climate Finance; Circular Economy; Technology for Climate Change; Youth in Climate Change, and Food and Water.

Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy and Chairman of WGEO, highlighted that WGES 2024 will build on previous themes to provide sustainable global solutions. The summit aims to balance economic development with environmental protection while promoting international cooperation in relevant sectors.

The 9th WGES in 2023 hosted diverse stakeholders to empower developing regions and encourage global cooperation. It focused on COP28 priority areas like mitigation, adaptation, finance, and loss and damage. Key pillars included green policy and green finance.

During WGES 2023, a Memorandum of Understanding was signed between WGEO and UCLG Africa to foster sustainable development across Africa. Additionally, WGEO announced that 86 countries joined the Global Alliance on Green Economy (GAGE), and the Dubai Supreme Council of Energy launched the Emirates Energy Award (EEA) for 2023-2025.

Past Editions

The 8th WGES in 2022 centred on ‘Climate Action Leadership through Collaboration: The Roadmap to Net-Zero’. Topics included clean energy, decarbonisation, financing green development, sustainable mobility, ESG practices, innovative technologies for a low-carbon future, food security, youth engagement in climate action, and achieving net zero.

The summit also launched the ‘Global Alliance on Green Economy’, aiming to mobilise efforts towards green economy goals. This partnership supports climate action and sustainable development by enhancing capacities in developing countries for their green economy projects.

In its 7th edition in 2021 under ‘Galvanising Action for a Sustainable Recovery’, WGES addressed innovation, energy, women’s role in sustainability among other topics. The Dubai Declaration 2021 emphasised steering efforts towards a sustainable recovery post-COVID-19 pandemic while limiting temperature rise as per the Paris Agreement.

The declaration encouraged inclusive partnerships involving governments, businesses and civil society for collective action towards low carbon transition by developing a strategy for green hydrogen in Dubai.

Historical Milestones

The 6th WGES in 2019 focused on ‘Innovative Technologies for a Sustainable Economy’. It covered sustainable development, international cooperation towards a green economy system, and adoption of innovative green solutions. Around 4,000 participants from various fields attended this summit.

The summit concluded with announcing the Dubai Declaration which stressed international cooperation for addressing global challenges. Establishing the Regional Cooperation Centre (RCC) for Middle East and North Africa was also highlighted as part of global efforts towards sustainability.

The 5th WGES in 2018 discussed green capital, digital transformation, leadership and social engagement. It identified mechanisms for public-private partnerships by developing legislation encouraging investment opportunities in energy projects.

WGES also explored smart technologies accelerating the shift towards a green economy. Discussions included improving services quality through regulations encouraging investments in energy infrastructure projects.

Early Summits

In its fourth edition in 2017, DEWA launched the Green Fund with National Bonds providing AED 2.4 billion initial funding. WGEO introduced the ‘Countries Platform’ with South Korea, Italy and UAE as inaugural members. The summit concluded with announcing the fourth Dubai Declaration reflecting efforts to make Dubai a global hub of green economy.

The third edition saw His Highness Sheikh Mohammed bin Rashid Al Maktoum launching WGEO during WGES 2016 in collaboration with UNDP. This organisation enhances global transition to a green economy by supporting countries’ strategies and plans.

WGES also established a Public-Private Partnership Platform showcasing innovative projects related to green economy during this edition.

Pioneering Initiatives

The second edition launched the annual ‘Dubai Green Economy Report’ highlighting Dubai’s initiatives. An MoU was signed between Dubai Supreme Council of Energy and UNIDO establishing a regional R&D Centre for sustainable energy during this summit held in 2015.

This edition concluded with announcing key objectives like developing financing solutions for green economy projects through Dubai Green Fund while fostering public-private sector partnerships among cities globally.The inaugural WGES held under ‘Global Partnerships Sustainable Future’ theme aimed at fostering new partnerships promoting investment growth within MENA region attracting prominent experts from various sectors globally.The first summit initiated dialogues delivering practical recommendations contributing towards mitigating climate change effects achieving sustainable development goals marking beginning ongoing journey giving essential role global efforts.

With inputs from WAM