The 10th World Green Economy Summit (WGES), scheduled for October 2-3, 2024, at the Dubai World Trade Centre, is set to spotlight climate finance as a crucial element in the fight against climate change and the pursuit of sustainable development. This focus comes at a time when global investments in climate projects, while increasing, still fall short of the levels required to meet the Paris Agreement’s 1.5°C target.
According to the Global Landscape of Climate Finance 2023 report, investments in climate projects rose to USD 1.3 trillion between 2021 and 2022. However, experts estimate that a fivefold increase in these investments is necessary to achieve the goals set by the Paris Agreement. This significant gap underscores the urgency of the discussions planned for the WGES.
The United Arab Emirates, positioning itself as a leader in global climate action, has been actively working to mobilize climate finance through various international initiatives. These efforts aim to advance the global climate agenda and strengthen international cooperation in environmental sustainability and support for the green transition.
Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD&CEO of DEWA, and Chairman of WGEO, emphasized the summit’s role in the global climate movement. He stated, ‘The World Green Economy Summit has established itself as a cornerstone of the global climate movement and a premier platform for discussions on various green transition issues.’
Al Tayer highlighted that this year’s summit builds upon the outcomes of COP28, hosted by the UAE in 2023. A significant achievement of COP28 was the UAE Consensus, which set a new direction for international climate action through an ambitious and comprehensive plan. This included the launch of the UAE Framework for Global Climate Resilience, aimed at strengthening global adaptation efforts to address climate change effects by supporting climate-resilient sustainable development goals.
The WGES 2024 will bring together global leaders, experts, and specialists in green finance to discuss strategies for mobilizing the necessary funding and investments. The summit aims to bridge the gap between developed and developing countries, support the most affected communities, and align with local and global efforts to utilize financial mechanisms in combating the impacts of climate change.
By focusing on climate finance, the summit seeks to address one of the most pressing challenges in the fight against climate change: ensuring that vulnerable countries have the resources needed to implement effective mitigation and adaptation strategies. This approach not only aims to manage the effects of climate change but also to advance sustainable development in these regions.
The emphasis on climate finance at WGES 2024 reflects a growing recognition of the interconnectedness between economic development, environmental sustainability, and climate resilience. As the world grapples with increasingly severe climate impacts, the role of finance in enabling a green, resilient, and equitable future has never been more critical.
Interested parties can register for the World Green Economy Summit 2024 at www.wges.ae. The event promises to be a pivotal gathering for those involved in climate finance, sustainable development, and environmental policy, offering a platform for meaningful dialogue and potential collaborations in advancing global climate action.
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