World Green Economy Summit 2017 concludes with the announcement of the 4th Dubai Declaration

The 4thWorld Green Economy Summit (WGES), held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai concluded today (25 October 2017). The summit, held under the theme ‘Driving Innovation, Leading Change’ brought together many prominent speakers from across the globe, in addition to dignitaries and representatives from government organisations, academicians, experts and the media.

HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of Dubai Electricity and Water Authority (DEWA), and Chairman of WGES, announced the Dubai Declaration 2017 at the conclusion of WGES 2017. HE expressed his gratitude and appreciation to His Highness Sheikh Mohammed bin Rashid Al Maktoum, for his presence and his patronage of the Summit.

Al Tayer said that the Dubai Declaration reflects the relentless endeavours and efforts to make Dubai a global hub of green economy. He then summarised the achievements of the past years and commitments for the next year. Al Tayer emphasised that Dubai has always delivered on its promises as it continues its endeavours to become the global capital of green economy, reinforcing its global position as a role model in partnerships and green finance.

The major strategies - starting from the UAE Centennial 2071, UAE Vision 2021, Dubai Plan 2021, UAE Green Agenda 2030 and Dubai Clean Energy Strategy 2050 to the Paris Agreement– have set the course for a continuous economic growth and sustainable development.

In the spirit of the Summit’s outcomes, he reaffirmed Dubai’s engagement in global efforts to promote sustainability, energy security and protection of environment for future generations.

“As we work to further enhance Dubai’s position as a global role model for sustainability, we will be relentless in our efforts to deliver innovative solutions that contribute to the transformation towards a green economy. Our wise leadership has recently announced its support for the UAE National Climate Change Plan 2050, to reflect the nation’s goals to become among the best-prepared country to combat climate change and achieve sustainable development. This plan unifies our concerted efforts and enhances cooperation between the private and public sectors and will become a major element in the transition to a green economy. This is why the UAE has set an example for an economy based on solid public-private partnerships as part of its pioneering role to achieve environmental sustainability,” Al Tayer said.

Future Plans and Aspirations

Talking about Dubai’s future plans and aspirations, Al Tayer said that Dubai continues its journey of excellence by launching mega green projects, particularly the Mohammed bin Rashid Al Maktoum Solar Park, which is the largest single-site solar park in the world based on the IPP model with a capacity of 5000 MW by 2030.

“His Highness Sheikh Mohammed bin Rashid Al Maktoum launched the world’s largest single-site Concentrated Solar Power (CSP) project based on the IPP model with a total capacity of 700-megawatt as part of the Solar Park. Additionally, an Innovation Centre and R&D Centre, equipped with the latest renewable and clean energy technologies are being developed. The country is also striving to achieve the Green Mobility Initiative in Dubai to promote the use of electric vehicles,” Al Tayer pointed out.

Global Partnerships and Future Endeavours

Focusing on global partnerships, His Excellency said that following the successful launch of the World Green Economy Organisation (WGEO) last year, the organisation has been working with many countries to implement the global green economy agenda, by collaboration, joint discussions and  technical support.WGEO has launched seven platforms, including the Country Platform that was revealed yesterday at the Summit, where in addition to the UAE, Italy and the Republic of Korea have joined as members.

Al Tayer stated that they will continue to work with the United Nations Development Program to support the growth and development of WGEO as a key strategic player for achieving the aspirations of a green economy.

Green Finance

His Excellency said that green finance is one of the five main pillars of the Dubai Clean Energy Strategy 2050 that was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, in 2015. The strategy includes the establishment of the AED 100 billion ‘Dubai Green Fund’ with a view to finance investments in the clean energy sector through partnerships with financial institutions to provide innovative solutions to support green projects locally and internationally. 

In this regard, a joint collaboration between DEWA and National Bonds was announced yesterday to launch the green fund with an initial AED 2.4 billion, and a Sharia-compliant arm. Al Tayer stated that this was a testament of the UAE’s endeavours and commitment to enhancing green finance.

Lastly, His Excellency took the opportunity to highlight the role of the youth and their effective contribution considering they are tomorrow’s leaders, who would lead the change for a better future now and for generations to come. His Excellency also thanked the participants, sponsors, supporters and partners for their effective support at the Summit.