The World Green Economy Summit (WGES) 2015 brought together local and international experts and stakeholders to discuss key topics on the green economy agenda, and concluded with the Second Dubai Declaration on the development of the green economy in Dubai and globally in alignment with the objectives of the Dubai Integrated Energy Strategy 2030.
This year’s Summit has started out with an impressive display on how Dubai is on the move towards becoming the International Capital of the Green Economy, how the announced plans and visions have been demonstrated by the first projects to be implemented, like the Mohammed bin Rashid Al Maktoum Solar Park, and this effort will continue towards the Vision 2021 and the Green Economy for Sustainable Development.
During WGEs 2015 important points have come forward, which will guide the future deployment of the green economy:
- Green economy is still in its infancy stage in terms of the actual impact. It is gaining more and more momentum, nevertheless it will require massive effort in order to face the challenges of climate change and to further develop the Green Economy.
- It has become clear that green projects cannot revolve only around renewable energy and energy efficiency projects, but also need to cover transportation, water and waste management, and even production related issues.
- Upscaling of green projects will also need the acceleration of the development of more Public Private Partnerships to facilitate the implementation. For this matter, the Public Private Partnership Platform has been launched during the Summit to facilitate large-scale green PPPs in sustainable consumption, sustainable mobility, renewable energy, sustainable buildings, and infrastructure.
- This massive effort to up-scale the actual impact will require an innovative approach to green finance, based on the diversification of financing options and institutions for green projects. There is a need to better address the different risks and, while the right financial mechanisms do already exist, innovation needs to happen at the project development stage.
- Future cities will be the hub spots for Green Economy development. We need to focus on making cities the epicenters for green economic transition by encouraging collaboration and helping them build capacity for further growth.
Closing the event, Saeed Mohammed Al Tayer, Vice Chairman, Dubai Supreme Council of Energy (DSCE), and DEWA Chief Executive Officer, said the WGES 2015 had generated “new partnerships, initiatives and projects to develop a green economy here in Dubai, across the region and worldwide.”
These inputs will serve as the backbone for future development of WGES in the upcoming years.