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World Green Economy Summit 2024: Green Economy Initiatives

The World Green Economy Summit (WGES) 2024, held in Dubai, UAE, aims to promote global cooperation, innovation, and sustainable practices. It focuses on energy, decarbonization, climate finance, and youth involvement, aligning with COP28 outcomes and the UAE Consensus.

Overview and Objectives of WGES 2024

  • WGES 2024 held in Dubai, UAE, on October 2nd and 3rd, 2024
  • Theme: "Empowering Global Action: Unlocking Opportunities and Advancing Progress"
  • Aims to promote global cooperation, innovation, and sustainable practices
  • Focuses on energy, decarbonization, climate finance, and youth involvement
  • Aligns with COP28 outcomes and the UAE Consensus
  • Supports the newly established Troika (UAE, Azerbaijan, Brazil) for enhancing NDC implementation
  • Serves as a platform to prepare for COP29 in Azerbaijan

Key Features and Discussions

  • Sessions on decarbonization in heavy industries
  • Exploration of AI applications for sustainability
  • Focus on Sustainable Aviation Fuel (SAF), targeting 300 million tonnes production by 2050
  • Panels on renewable energy, power grid challenges, and carbon footprint management
  • Emphasis on public-private partnerships and philanthropy for climate solutions
  • Showcases UAE's innovative approaches to balancing economic development and environmental conservation
  • Discussions on expanding investments in renewable and clean energy solutions

High-Level Participation and Support

  • Attended by current and former heads of state, ministers, government representatives, and experts
  • Supported by UAE leadership, including President Sheikh Mohamed bin Zayed Al Nahyan
  • Sponsored by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE
  • Inaugurated by Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy
  • Organized by Dubai Supreme Council of Energy, DEWA, and World Green Economy Organisation (WGEO)

UAE's Commitments and Initiatives

  • Sultan bin Ahmed Al Jaber, COP28 President, highlighted the UAE Consensus as a reference for global climate ambition
  • Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, outlined UAE's updated Energy Strategy 2050:
    • Tripling renewables capacity by 2030
    • Growing clean energy capacity to 19.8 GW by 2030
    • Increasing clean energy share to 30% by 2030
  • National Hydrogen Strategy aims for 1.4 million tonnes of low-emission hydrogen by 2031, increasing to 15 million tonnes by 2050
  • Reem Al Hashimy, CEO of Expo City Dubai Authority, committed to setting new standards in sustainable development
  • Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized UAE's role in championing green economy opportunities

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