WGES 2024 Highlights Key Discussions On Climate Finance And Decarbonisation Strategies

The World Green Economy Summit (WGES) continued its discussions on 3rd October 2024, focusing on sustainability and the green economy. The summit, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, was organised by the Dubai Supreme Council of Energy, DEWA, and WGEO. This year's theme was ‘Empowering Global Action: Unlocking Opportunities and Advancing Progress’.

On the second day, a session titled ‘Global Agricultural Production Will Need to Double by 2050: How Do We Meet Growing Global Agricultural Needs?’ took place. Henry Gordon-Smith from Agritecture, Adri Pols from Desolenator, Christine R. Gould from Thought For Food, and Dr Josef Schmidhuber from Pure Harvest discussed innovative strategies to meet rising agricultural demands while tackling environmental challenges.

A key dialogue followed on adopting circular economy principles during the session ‘The Circular Economy Integration and Waste-Reduction Strategy Implementation’. Participants included Dr Hamid Haqparwar of AGMC and Stwart Peña Feliz of MacroCycle Technologies. They discussed methodologies for reducing waste across sectors and highlighted the UAE’s Circular Economy Policy launched in 2021.

Majed Al Marzouqi noted that transitioning from a linear to a circular economy requires engaging all stakeholders. He emphasised redesigning processes to reduce carbon footprints and viewing waste as a resource. Global collaboration and consumer education are crucial for successful implementation.

During the session ‘Carbon Credit and Trading: Carbon Calculations and Creating a Carbon Credit Market’, experts like Dr Mohammad Abu Zahra from the Global CCS Institute discussed measuring carbon emissions accurately. They stressed establishing a reliable market for carbon credits to support emissions reduction initiatives.

The speakers highlighted the UAE's steps, including Cabinet Resolution 67 on carbon credits. They called for faster progress in regulatory frameworks and greater investment in carbon-reduction projects globally, including in the Middle East and Africa.

Investment in Clean Technology

The session on ‘Funding and Financing of Clean Technology’ featured Karim El Jisr from Red Sea Global and Ashish Marwah from Neovision. They emphasised promoting green financing to accelerate clean technology development. Banks now act as intermediaries between climate tech start-ups and financial systems.

COP28 in Dubai connected climate start-ups with financial institutions, facilitating support. The Mohammed bin Rashid Al Maktoum Solar Park was highlighted as an example of large-scale renewable energy projects.

Youth Engagement in Climate Action

Youth played a significant role at the summit through the session ‘The Critical Role of Youth in Shaping a Sustainable Future’. Majd Fayyad from the Dubai Supreme Council of Energy emphasised youth's optimism and digital connectivity as vital for driving climate change initiatives.

The UAE has set benchmarks by empowering youth, exemplified by appointing young leaders like Shamma Al Mazrui as Youth Climate Champion at COP28. The private sector needs more youth representation in decision-making positions.

Energy Efficiency Strategies

A session titled ‘District Cooling, Retrofitting and Other Methods to Drive Energy Efficiency’ featured Ahmad Buti Al-Muhairbi from the Dubai Supreme Council of Energy. He highlighted Dubai’s Demand Side Management Strategy which achieved US$ 15 million savings between 2010-2023 with significant energy reductions.

Bin Shafar noted that district cooling cuts residential cooling energy use significantly. Dr Waleed Alnuaimi emphasised personalised energy-efficient designs for older buildings through district cooling solutions.

Sustainable Food Systems

The summit explored reducing greenhouse gas emissions within food systems during a session featuring Edward Hamod from Switch Food. Speakers stressed that food systems account for over one-third of global emissions, urging reform towards sustainable practices.

Vertical farming was discussed as a solution for climate-vulnerable regions. A dietary shift toward alternative proteins is needed to address health concerns related to excessive meat consumption.

Consumer Behaviour's Impact

The final session focused on consumer behaviour's role in enhancing sustainability through circular practices. Youssef Chehade from Ecyclex International Recycling LLC highlighted balancing sustainability with affordability using recommerce, rentals, and recycling strategies.

Speakers urged brands to partner with recycling entities to ease sustainability burdens on consumers. Digital recycling apps encouraging consumer participation were also highlighted as essential tools for promoting sustainable habits among younger generations.

With inputs from WAM