Dubai Electricity & Water Authority (DEWA) | Cooperation between WGEO and HSBC to help combat climate change

21 November 2022

Cooperation between WGEO and HSBC to help combat climate change

Cooperation between WGEO and HSBC to help combat climate change

The World Green Economy Organization (WGEO) has signed a cooperation agreement with HSBC during the United Nations Climate Change Conference of the Parties (COP27) that was organised in Sharm El Sheikh, Egypt. This is part of WGEO’s commitment to raising awareness about climate change, including engaging youth, and fostering strategies that address climate crisis.

To encourage involvement of youth and other stakeholders in the field of climate change, a Letter of Cooperation was signed by HE Saeed Mohammed Al Tayer, Chairman of WGEO and Todd Wilcox, Deputy Chairperson and CEO of HSBC Bank Egypt.

HE Saeed Mohammed Al Tayer said: “WGEO consistently supports global efforts to address climate change by announcing effective solutions that enable low-carbon sectors, as well as leading projects that support the world’s aspirations. We believe that fostering collaboration between governments, the private sector, NGOs, and think tanks is paramount to ensure a global green economy transition that relies on the principles of sharing knowledge, experience, best practices, and success stories. Over the years, WGEO organised several events and conferences to provide a platform for all stakeholders to come up with game-changing and emissions-cutting measures to fight the climate crisis. We have also supported numerous initiatives that are aimed at raising awareness about climate change as well as help frame strategies to strike a balance between economic growth and environmental protection. Our strategic partnership with HSBC is in line with these commitments.”

“As an organisation which was created to support the transition to a green economy on a global scale, we are also committed to equip our younger generation with entrepreneurship skills that will not only enable them to fulfil their ambitions but also foster a green way of development. Entrepreneurs and businesses play an important role in striking a balance between economic growth and environmental protection,” he added.

Under the terms of the partnership, WGEO and HSBC will support capacity building programs for youth in the field of climate change and facilitate engagement of different stakeholders – including government bodies, economic departments, academia, and youth. Mutual support on the transmission of information for the public on how to address the climate challenge, including the role of financial institutions, prospects for nature-based solutions, and the transition to a low-carbon economy will also be covered in the collaboration. It also includes promotion of the outcome on the current partnership to generate a report on potential synergies and collaboration between the UAE and UK in the field of hydrogen.