Dubai Electricity & Water Authority (DEWA) | WGES 2024: A major supporter of global efforts towards a green and sustainable future

Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the World Green Economy Summit (WGES) continues to strengthen the position of the UAE and Dubai as leaders in global climate action. Organised by the Dubai Supreme Council of Energy, the Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organisation (WGEO), the 10th edition of WGES will take place on 2-3 October 2024. Serving as a key platform in the UAE’s pursuit of sustainable development goals, the summit brings together global experts, policymakers and leaders to address priority issues and devise solutions that drive the green economy forward.

HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the WGEO, explained that the World Green Economy summit is being held this year under the theme  “Empowering Global Action: Unlocking Opportunities and Advancing Progress”. It builds on the successes of previous editions and global initiatives to hasten the transition to a green economy, fostering an environment conducive to international collaboration in addressing environmental, economic and social challenges.

Al Tayer noted that this year’s summit will focus on key topics aimed at supporting governments’ efforts to balance economic growth with environmental sustainability. The event will also encourage investment in renewable and clean energy projects to strengthen climate action and expedite the transition to a green economy. With the participation of leaders, experts and specialists, the discussions will centre on policies, technology and regulatory frameworks that drive the green economy forward. Additionally, the summit will emphasise the role of youths in climate action and the use of advanced technology to combat climate change. It will also address critical challenges such as green financing and the sustainability of international co-operation.

WGES 2024 focuses on eight thematic pillars:

1.     Decarbonisation and net-zero goals: Last year was demonstrably the warmest year on record. According to UN data, the global average temperature for the period from July 2023 to June 2024 was 1.64°C above the pre-industrial average. This underscores the importance of strategies for carbon capture and storage, as well as case studies on how to decarbonise the economy, transition to low-carbon processes and measure and report carbon footprints, all of which will be key discussion points.

“Decarbonising energy is essential both to reduce emissions at source in power generation, as well as to facilitate the net-zero transition by industrial and domestic users that need clean energy sources to be able to achieve their own transition pathways. In achieving this transition, it is important for transparent and consistent regulation and policy to be developed. This is because the development and uptake of green energy requires an alignment of stakeholders’ interests to: 1) deliver technological innovation, 2) incentivise entry of capital, and 3) achieve consumer acceptance. The world therefore faces a timely opportunity to get faster and more efficient delivery of the net-zero transition – by focusing on national and international co-ordination in energy regulation and policy,” said Sahar Shamsi, Partner at Oxera and one of the speakers at the summit.

2.   Clean energy advancements: Expanded investment and adoption of renewable energies such as solar, wind, geothermal and nuclear, along with green hydrogen, as well as the development of energy storage systems and smart grids. Additional focus on the enablers of innovation in green energy advancements.

“Advancements in clean energy are pivotal in shaping a sustainable future. By harnessing renewable resources such as solar and hydrogen energy, we are redefining how power is generated and consumed. DEWA is at the forefront of this transformation, contributing to Dubai’s ambitious goals through projects such as the Mohammed bin Rashid Al Maktoum Solar Park, and pioneering green hydrogen initiatives. These efforts are crucial in reducing emissions, increasing energy efficiency and positioning Dubai as a global leader in achieving net zero by 2050,” said Mohammed Abdulkareem AlShamsi, Chief Officer for Climate Change and Sustainability at DEWA.

3.   Climate finance: Climate resilience and adaptation funding, carbon pricing and measures to address the gap in the funding capabilities and responsibilities of developed versus developing countries. Focus on initiatives started in COP28 and their progress so far, such as the $30 billion Alterra  fund.

“The impact of climate change cuts across all aspects of our economy – from the way we travel to the way we consume energy to our food chains. Embracing a green economy requires all parties within the public sector and the private sector to work together to reduce greenhouse gas emissions. The World Green Economy Summit is a great forum to help achieve these goals and I look forward to attending it,” said Jean Louis Morcos, Senior Investment Officer and Regional Sustainable and Climate Finance Lead at the International Finance Corporation (IFC).

4.   Circular economy: Large focus on the UAE Circular Economy Policy, encompassing sustainable manufacturing, green infrastructure, sustainable transport and sustainable food production and consumption. Examine the shift from recycling to reuse, the creation of a circular economy for critical metals and e-waste, the role of regeneration in circularity strategies and the importance of consumption habits in the circular economy.

"The key to a truly circular economy lies not just in our commitment to recycling, but in pioneering technologies that make it an economically attractive opportunity. By innovating capital and process-efficient technologies, we can revolutionise the infrastructure of waste-to-valuable resources, ensuring that sustainability is not just a goal but an economic reality,” said Stwart Peña Feliz, Co-founder and CEO of MacroCycle Technologies.

5.   Policy and regulatory frameworks: Discussion of global and local political issues relevant to climate action, including “green backlash” trends, resource security, lessons from COP28 and international co-operation in climate mitigation.

“The energy transition will require an economy-wide effort, interlinked with almost every sector. While policies and regulations to scale up and support renewable energy generation and integration are critical, they must be part of a broader framework that extends beyond the energy sector. This holistic approach is essential to drive the structural changes needed to ensure the transition not only succeeds but also promotes more equitable outcomes,” said Gauri Singh, Deputy Director General of the International Renewable Energy Agency (IRENA).

6.   Using technology to tackle climate change: Opportunities of leveraging AI and other technology such as district cooling to tackle climate change.

“AI has been a cornerstone of Visa's operations for over 30 years and offers us a unique toolset to help create a sustainable future. By harnessing AI, we can optimise resources, enhance efficiencies and foster innovations that positively impact sustainability. At Visa, we see AI as an indispensable ally in our pursuit to thrive for a more sustainable future, ensuring each step we take advances not just technology but also a greener, more sustainable world,” said Dr Saeeda Jaffar, GM for the GCC at Visa and board member.

7.   Youths in Climate Change: Examine youth participation in climate research, projects and conversations to address the intergenerational gap of climate solutions.

“At Emirates Global Aluminium (EGA), we are committed to reaching net zero by 2050 and becoming a sustainability leader for the aluminium industry by 2030. We have a clear road map to achieve this ambition. But we cannot do this alone. Decarbonising hard-to-abate industries requires cross-sector collaboration and innovation. Together, we can work with governments to introduce supportive policies, financing and technology to drive the transition to a low-carbon economy. That is why I look forward to sharing our experience and learning from others at the World Green Economy Summit," said Najeeba Al Jabri, Vice President for Environment, Health and Security at EGA.

8.   Food and Water: How to meet growing global agricultural needs, reduce emissions in a highly polluting food system and tackle food waste, as well as lessons on regenerative agriculture, food and water access and security.

“By turning its challenges into opportunities, the Middle East region can lead in building climate-smart, nourishing food systems. I’m excited to explore how the right investments and policies can drive forward the goals of the green economy, ensuring that the innovative food and water solutions we now have access to can scale and grow, uplifting communities and creating lasting, profitable impact for our planet,” said Christine R. Gould, Founder, Thought For Food®.

These eight themes reflect the core mission of WGES, which is to foster global collaboration to achieve a sustainable future through the adoption of green economy practices in a manner that will strengthen resilience to global climate challenges and advance a just and inclusive energy transition.