World Green Economy Summit (WGES) 2017 to shed light on green financing for sustainable growth and development

In an endeavour to step up support for green financing and to leverage innovative finance mechanisms, the fourth World Green Economy Summit (WGES) 2017, set to be held on 24-25 October at Dubai International Convention and Exhibition Centre will highlight the role of financing and investment solutions in the transformation towards the green economy. Held under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, organised by Dubai Electricity and Water Authority (DEWA), and the World Green Economy Organisation (WGEO), the fourth edition of WGES2017 will be held under the theme of ‘Driving innovation, Leading change’.

Financial sectors play a fundamental role in helping governments finance their goals. By committing to sustainable projects, the financial sector can be an effective multiplier for the lasting benefits for both clients and the society at large. As fundamental actors of the global investment value chain, public and private financial institutions arguably have a fiduciary duty to optimise their response to climate change. WGES 2017 will cover a number of sessions which will discuss the role of the financial services industry for the promotion of the green economy, and how innovative financing solutions are changing the green economy landscape.

“Green finance is a strategic approach to accelerate the global transformation to a sustainable green economy. As such, it is imperative to recognise the role of the financial sector and develop products and instruments that will smooth the way for green growth and suitable climate change adaptation,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy in Dubai, Managing Director and CEO of DEWA, and Chairman of WGES.

“WGES 2017 will focus on the promotion of green financial sector regulation, the build-up of capacities in financial institutions as well as the introduction of innovative financing concepts to increase the flow of funds into green investments. It will bring together public and private financial institutions and leading investment consultants to discuss the latest developments in green finance policy, investment vehicles, investor appetite for green products and the participation of corporates. The Summit will also offer participants an opportunity to hear from senior executives from global and regional financial institutions, and multilateral organisations such as the World Bank and United Nations Environment Programme – Finance Initiative (UNEP FI), on the alignment between the green economy and the financial services industry,” added His Excellency.

“WGES 2017 aims to encourage the public and private sectors towards investment through a green economy within the framework of holistic and sustainable growth. In addition, it aims to shine spotlight on the latest developments in innovating financing solutions for the green economy from around the world, and explore the potential for green fintech application which can help scale up green finance in the near future,” pointed out His Excellency.

Committed to develop the next generation of innovative finance solutions that are needed to close the gap between global development’s funding needs and the resources that are currently available, WGES 2017 will feature an exclusive, closed door roundtable on green finance. The roundtable will bring together over 30 executives from around the world to discuss the key challenges and assess possible solutions to accelerate the alignment between the financial services industry and the green economy.

“Greening global economic growth is the only way to drive sustainable goals. As financial institutions are uniquely positioned to play the role of sustainability catalysts, it is important to engage with these institutions to manage risk, allocate capital and mobilise savings. Given the prominent roles the financial institutions play in the SDG era, it is important to push them to serve as engines of transformation toward a low-carbon, climate-resilient pathway,” said Mr Paolo Lembo, Project Director of WGEO.

“Financing a green future takes dedication as well as innovation. WGES 2017 will take an in-depth look at the innovative financing mechanisms driving forward the sustainable development agenda. We are confident that the Summit will pave way for new and innovative mechanisms for mobilising climate and SDG financing that can contribute towards achievement of UAE’s and the world’s targets and create innovative pathways to sustainable development,” added Lembo.

“The mandate of WGEO is specifically aimed at forging private sector coalitions that identify investment barriers and address them in an effective manner, bringing private sector skills to deliver both, project and finance-specific solutions. Without a more active involvement of the private sector, neither the Paris agreement objectives nor the SDGs will be achieved in full,” pointed out Lembo. 

“WGEO intends to lead a number of interactive events aimed at testing broader partnerships with private sector, academia and NGOs, indicating the developmental potential of innovative green coalitions,” he concluded while explaining WGEO’s activities at WGES 2017. 

WGES 2017 will be held in conjunction with the 19th edition of Water, Energy, Technology and Energy Exhibition ‘WETEX 2017’ and the 2nd edition of ‘Dubai Solar Show 2017’, as part of the Green Week activities in Dubai.