Tackling Climate Emergency Presents Economic Opportunity: COP28 Director General
The UAE’s COP28 representative on Wednesday urged global leaders to reimagine their engagement with the climate emergency, saying it represents an opportunity for financial advancement.
Addressing the inaugural Middle East Global Summit in New York, attended by Arab News, COP28 Director General Majid Al-Suwaidi said looking at energy reform as an investment opportunity would unlock support.
“We in the UAE were sat in a conference room wondering where we would find $1-$2 trillion, and then someone reoriented the question.
“They said, ‘Guys, you realize that this is a $2-$4 trillion investment opportunity.’ Since then, that’s the way we’ve been looking at it. And we think this is the way the rest of the world needs to be looking at it.”
In order to not exceed 1.5 degrees of global warming, Al-Suwaidi said 43 percent of greenhouse gas emissions need to be cut from energy use.
With this equating to 22 gigatons, he noted that there is no way but to act in partnership with the private sector, a view shared by the secretary of the UN intergovernmental panel on climate change.
Abdalah Mokssit told attendees: “Climate change isn’t only a matter for government, but a matter for all stakeholders, public and private. Every actor matters if we want to stay on track with the Paris framework.”
Given the UAE’s links to the fossil fuel sector, Al-Suwaidi said he frequently faces questions over the country’s engagement in addressing the climate emergency.
He noted that the country has migrated more than 70 percent of its economy away from the oil and gas sector, and that it has banned the flaring of oil production since 1978.
“I think the Middle East has shown real leadership on this issue, with us having banned flaring in the 1970s and Egypt having recently hosted COP,” he said.
“We’re not just talking but taking action. What we need now is everyone coming together, as success can only be found through a diversity of approaches.
“We’re now asking what global institutions are doing. What’s the IMF (International Monetary Fund) doing? What’s the World Bank doing?”
Al-Suwaidi urged global leaders to find a way to ensure that smaller economies are able to either transition or leapfrog to decarbonized economies, saying the UAE wants to “change the narrative.”