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New group to lead green economy implementation in UAE

DUBAI, June 4, 2015

The formation of an ‘Operations and Communications Group’ has been recommended by the delegates who took part in the sixth Green Economy Annual Conference in Dubai, UAE recently.

The group will include the Central Bank of the UAE, Ministry of Environment and Water, and United National Environmental Program Finance Initiative (UNEP FI) and will lead in the undertaking of a number of measures such as implementation of the green economy within the framework of the UAE’s Green Growth Strategy and encouraging investment, banking and economic sectors to transform to a sustainable green economy, said a statement.

It was supported by a presentation of many success stories on the green economy projects, financed and implemented in the developed sectors such as energy, transportation, food, cities, waste and buildings.

The projects can be funded through various financing and investment tools from local and global institutions such as Masdar Capital, Abu Dhabi Fund for Development, and Abu Dhabi National Energy Company, among others.

The conference therefore recommended that there is an urgent need to mobilise the enormous potential of the UAE’s private financial institutions in order to strengthen and accelerate the implementation process.

With the presence of appropriate tools and incentives along with potential recommendations, the country is a global pioneer player in the field of green economy.

The conference sessions revealed that the finance sector can play a major and most significant role in the green economy by diverting investment from the traditional model to the green model. Moreover, the efficient use of energy and resources is a clear business case for manufacturers and financiers as well as the supporting policies (coordination, prices of utilities, financial policies, risk guarantee, and capacity building) are important for making the green investment viable, while leveraging on the Islamic finance will provide great opportunities. - TradeArabia News Service




Tags: UAE | economy | Dubai | Green | group |

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