Massive finances and technological commitment needed by the movement for global climate change.
There is a hunt throughout the UAE for up to Dh 70 billion in green investments over the coming seven-year period, according to the Foreign Trade Ministry’s director general Abdullah Al Saleh who spoke at the AIM (or Annual Investment Meeting).
Petko Draganov is UNCTAD’s (or the United Nations Conference on Trade and Development) deputy secretary-general. Draganov noted that worldwide climate change demands large responses from the financial and technology sectors in the form of investments worth around $440 billion from now until 2015.
By 2030 those estimates will increase to nearly $1.2 trillion (or Dh 6.3 trillion), the amount needed to reach climate change targets.
Low carbon investments totaled around $90 billion last year. Much of this amount was aimed at renewable and alternative energy, recycling and the manufacturing of environmental technology, stated Draganov.
Al Saleh noted that the UAE government places major importance on green energy, as well as on those components key to enhancing the amount of green investments.
He noted that the UAE would need to boost the expertise required in this industry through education, training and the relevant research centers.
Also, the Emirates need to embark on tactical partnerships with other nations that are further advanced within green investments, resulting in a transfer of technology.
Also, Al Saleh stated that the UAE needs to stick with current policies and plans for investing in the greenfield projects.
He noted that Abu Dhabi is the location of the world’s first waste- and carbon-free city – Masdar City. He added that a joint venture to reduce levels of carbon emissions is underway between the UN and the Dubai Carbon Centre.
Draganov noted that green investments will contribute to the push for climate change, as well as stimulating the economic and social development of the nation.
FDI in renewable energy and sustainable forms of agriculture will also provide the basic needs of the population, including, heat, light, nutrition and better health. They are also connected to the MDGs (or Millennium Development Goals) achievements.
Numerous developing nations, including those in Western Asia, are pulling into the lead in terms of green industry developments through FDI, according to Draganov.
The UAE, rich in oil, has enormous potential for other low-carbon energy forms like wind and solar power. As other nations in the region look to economic diversity and try to decrease their reliance on hydrocarbons many will require those renewable forms of energy.Andrew Reid, Staff Writer, Gulf Jobs Market News