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The United Arab Emirates is integrating its policies against Climate Change into the management of assets worth trillions of dollars, a senior official said here on Sunday.
"We are integrating climate planning into the management of more than 3 trillion dollars’ worth assets through the One Planet Sovereign Wealth Fund Working Group," said Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, while addressing the Abu Dhabi Climate Meeting.
He was referring to the One Planet Sovereign Wealth Fund Working Group (One Planet SWF Group) comprising Abu Dhabi Investment Authority, which promotes the integration of climate change analysis in the management of large, long-term and diversified asset pools.
The initiative was launched at the One Planet Summit in December, 2017, to help integrate financial risks and opportunities related to climate change into the management of large, long-term asset pools.
Al Zeyoudi said in his speech, "I believe we have a clear opportunity to embark on a new era of economic growth spurred by global, collaborative investment in climate action."
The minister said, "Climate change knows no borders, and neither should we."
There is hard evidence that we save billions when we invest in adaptation and resilience, he pointed out.
"We can save 7 million lives per year, by eliminating sources of air pollution. In 2019, climate change is not just about the planet, it is also about people. But, more than that, it is the best investment case we have ever known," he explained.
Explaining the UAE’s climate action policies, he said, "We are here today, in a region known for its hydrocarbon economy and yet, through forward-thinking policies, we have now made solar the cheapest source of power."
The UAE’s climate action plan includes committing to 50 per cent clean energy and reducing emissions by 75 per cent from the power sector by 2050. "We will continue breaking the world record for the lowest cost of solar energy through innovative partnerships," he said.
He expressed the UAE’s pride in providing around US$1 billion in aid to developing countries to deploy renewable energy solutions.
More than 1000 world-renowned political figures and climate action experts are attending the Abu Dhabi Climate Meeting.
Hosted by the UAE in collaboration with the United Nations, the high-level meeting serves as a precursor to the UN Climate Action Summit in New York in September 2019 and aims to outline the agenda and draft resolutions to be tabled at the Summit.
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