The Abu Dhabi Department of Economic Development (ADDED) has reaffirmed commitment of Abu Dhabi and UAE to spearhead the transition towards responsible energy sources as well as enhance and contribute positively to sustainable development.
“His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attendance of the official opening ceremony of the 8th World Investment Forum (WIF) and H.H. statements on the forum’s role in addressing current challenges and devising strategies to ensure a sustainable future based on a common vision that fosters global development and progress is a testament to our leadership’s vision, firm commitment, and unlimited support to collective action and international partnerships to achieve sustainable development goals,” said H. E. Ahmed Jasim Al Zaabi, Chairman of ADDED.
“The 8th World Investment Forum (WIF), organised by the United Nations Conference on Trade and Development (UNCTAD), hosted by Abu Dhabi from 16 to 20 October 2023 represented a turning point towards achieving Sustainable Development Goals (SDGs),” added H.E. Al Zaabi. “The WIF’s call to public and private sectors to seize opportunities offered by energy transition, agrifood and health, and sustainable development solutions are vital to reshape the world economy to ensure a brighter future for humanity”.
H.E. Chairman of ADDED said: “Guided by our leadership vision, the UAE has taken great strides in transition to a smart, sustainable, inclusive economy. We are investing locally and globally in sustainable projects in key industries, including renewable energy, healthcare, smart infrastructure development, and advanced technologies to build a knowledge-based, innovation-driven global economy”.
“With a US $4 trillion investment gap in the developing world to achieve sustainable development goals, and a US $6 trillion sustainable finance market, the 8th World Investment Forum in Abu Dhabi has urged public and private sectors to act swiftly to deliver long-term financing in green economy and set the right ecosystem where international partnerships and investments are geared to achieve sustainable development goals”.
H.E. Al Zaabi further explains: “The UAE has committed US$54 billion (AED 200 billion) to triple the contribution of renewable energy in the coming 7 years and is planning to invest an additional US$160 billion (AED 589 billion) over the next three decades on the road to net zero. However, the government is not the sole contributor in the realm. Our private sector is playing a major role in investing in and financing the growth of green economy.”
In 2022, six UAE banks have dedicated US$51.8 billion (AED 190.6 billion) in green financing for renewable energy, waste-to-energy, and green technology projects.
A recent report estimated that approximately $681 billion (AED 2.5 trillion) investments will be required to transition the UAE to net zero by 2050.
“To pave the way for various financing vehicles and promote the development of green financial market, the UAE has introduced sustainability standards and principles in the banking and finance sector, announcing Abu Dhabi and Dubai Sustainable Finance Declarations in 2016 and 2019, the Guiding Principles for Sustainable Financing in 2020, and the National Sustainable Finance Framework in 2021”.
H. E. Ahmed Jasim Al Zaabi said: “UNCTAD’s World Investment Forum’s recommendations to address challenges and solutions for priority issues in global investment and trade will feed into negotiations at COP28, to be held in November and December in the UAE”.
The forum has called to bring investor conversations into discussions at the forthcoming COP28.