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Participants of the 6th Green Economy Annual Conference, organised recently by the UAE Ministry of Environment and Water in collaboration with the United Nations Environmental Program Finance Initiative (UNEP FI), have recommended formation of an Operations and Communications Group.
The group, which includes the Central Bank of the UAE, Ministry of Environment and Water, and UNEP FI, will lead in undertaking 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.
The recommendation reflects the successful development and implementation of the strategies and policies in line with the UAE’s Green Growth Strategy, allowing the country to play a leading role in the national, regional and international arena.
It was supported by 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.
One of the tasks approved by the recommendations is to form a working group comprising the Central Bank of the UAE, Ministry of Environment and Water and UNEP FI to support the principles of sustainable funding of the global financial initiative. This will be done by organising roundtables for the CEOs of the financial institutions with the Central Bank and the Ministry.
The 6th Green Economy Annual Conference was held last month under the patronage of Dr. Rashid Ahmad bin Fahad, UAE Minister of Environment and Water under the theme of ‘National Roundtable on Financing and Investing in Green Economy Projects’.
The forum saw broad international, regional, and national participation and was attended by senior officials from various government organizations and private sector companies, representing sectors such as banking and finance, insurance, investment, and industry.
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