Mubasher: The annual World Green Economy Summit this year (WGES 2018) will focus its discussions and topics on green capital amid the global commitments to build a green and sustainable world economy, according to a statement on Tuesday.
Green finance includes financing of investments which provide environmental benefits in the broader context of environmentally sustainable development.
“WGES 2018 will host fruitful discussions on how to unlock this capital. With input from governments, businesses, financial institutions and investment advisors, the summit will examine current climate-finance gaps in order to define areas where investments are most needed. It will also shed light on green investment vehicles, climate-change reporting, carbon pricing as an instrument to raise green capital and the widespread problem of greenwashing,” the statement said.
Under the theme ‘Driving Innovation, Leading Change’, WGES 2018 is planned to take place from 24 to 25 October under the patronage of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The summit is organised by DEWA and the World Green Economy Organisation (WGEO) in collaboration with international partners.
Al Maktoum initiated a long-term national initiative to build a green economy in the UAE entitled 'Green Economy for Sustainable Development' by which the UAE aims to be the centre for exporting and re-exporting green technologies and products in the region.
Dubai Clean Energy Strategy 2050 was also launched to generate 7% of Dubai’s total power output from clean energy by 2020, 25% by 2030, and 75% by 2050, Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy in Dubai, and Chairman of WGES, said.