The UAE has invested over $40 billion in clean energy over the last 15 years

The World Economic Forum (WEF) hosted an expert dialogue on the collaborative action Middle East leaders must take to navigate between net-zero ambitions and socio-economic realities. The session, titled “Transitioning to a Green Middle East,” took place during the WEF Annual Meeting 2022 in Davos, Switzerland. The dialogue came at a critical time, with the next two United Nations Climate Change Conferences, COP27 and COP28, both set to be hosted in the region, by Egypt and the United Arab Emirates, respectively.

The session convened leaders in government and business to share their insights on the path to a more resilient and sustainable future. Participants included Minister of Economy of the United Arab Emirates, Abdulla Bin Touq Al Marri, Minister of Economy and Planning of Saudi Arabia, Faisal Alibrahim, Chief Executive Officer of Crescent Enterprises, Badr Jafar, Chief Executive Officer of Qatar Financial Centre, Yousuf Mohamed Al-Jaida.

Badr Jafar, Chief Executive Officer of Crescent Enterprises, said, “For years, I’ve been advocating sensible energy policy that supports a greener evolution of energy systems whilst ensuring we do not put energy security at risk or impede the economic and social progress of developing regions around the world. A green, resilient, inclusive approach to development can usher in a new model of growth for MENA, creating jobs while delivering the benefits of climate resilience, decarbonisation, cleaner air and water, healthier oceans, and sustainable food and agricultural systems”

Session participants underscored a shared sentiment that mobilising climate action in the region will require a localised, multi-stakeholder approach. Optimistically, government, business, and civil society-led initiatives are on the rise in the region, with a notable growth in the capital, time, and talent invested in the infrastructure needed to progress. The UAE has invested $40bn in clean energy over the past fifteen years, with plans to invest an additional $160bn in renewable energy over the next three decades on the road to net zero.

The Middle East and North Africa (MENA) is one of the most climate-vulnerable regions, with the destructive impact of climate change becoming increasingly evident in the shape of droughts, water scarcity, and elevated pollution levels.

Despite this, the region is regarded as well-positioned to become a leader in renewable energy and in green and blue hydrogen. And while oil and gas will continue to play a significant role in the regional energy landscape, the region has witnessed the promising emergence of a new, more circular economy. Regional leaders are at a crucial crossroads as they foster more sustainable economies, while addressing the implications of the energy transition.