(MENAFN – Khaleej Times) Achieving a net-zero environment – reducing carbon emissions to the point where they can be naturally absorbed – is only possible if governments and the private sector accelerate the transition to using renewable energy sources now, experts said.
Sustainability and environmental experts speaking at the “Path to Net Zero” forum organised by Khaleej Times on Tuesday said private companies need to embed climate action into their core business strategies, rather than focusing on profit margins.
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“What we need to do is accelerate the transition to clean, renewable energy,” said Sal Jaffer, CEO of ESG Mena. Unfortunately, he said, green projects are not being prioritized because they are not perceived as profitable in the short and medium term.
Rising sea levels, acidifying and warming oceans, torrential rains that flood cities and villages, and extreme heat that sparks wildfires – these are symptoms of climate change that experts like Jaafar say could be mitigated if governments and the private sector accelerated the transition to renewable energy.
Jaafar said there was a need for urgency in tackling climate change, suggesting, “We must encourage various boards to invest in sustainability and clean projects, rather than short-term profit generation.”
Sal Jaffer, CEO of ESG Mena
He added that the UAE is a pioneer in renewable energy and has “ample sunshine, talent and political will” to transition to clean energy, but the private sector needs to catch up.
Strengthening public-private partnerships
Lucia Fuselli, founder and director of Climate Strategies Consulting, added that PPPs and public-private partnerships need to be strengthened to accelerate the journey to net zero.
Speaking at a panel discussion on the role of green finance in accelerating sustainable development, Fuseli said facilitating PPPs means “for example, increasing flexibility and coordination between different stakeholders throughout the life of a project and starting to allocate climate risks and impacts.”
“Additional incentives for green procurement and spending choices on green products are also needed to create and sustain demand for products with a green premium,” she said.
“We will also look at, for example, eligibility and qualification criteria for procurement, or public-private partnerships (PPPs) with companies manufacturing green technologies in the region,” she added, highlighting the alignment of business and environmental goals.
Fuseli also highlighted “investments in the decarbonization of hydrocarbons, starting with the efficiency of systems and investing in research aimed at increasing the efficiency and scalability of circular carbon technologies.”
Attended by senior executives from a range of sectors, including energy, oil and gas, manufacturing, waste management, transport, tourism and green project finance, the Path to Net Zero Forum also discussed strategic investments and policies to increase renewable energy capacity and efficiency.
“We will never achieve net zero if we continue to do things as we have done in the past,” said Hashem Stietiya, Beeah Group’s director of research and development. He said Beeah is a good example of a PPP working to convert landfills to produce energy.
Binu Paltan, Deputy Director for Country Engagement and Partnerships (CEP) at the International Renewable Energy Agency (IRENA), said the price of solar power has fallen significantly over the past decade, encouraging private residential communities to move towards solar power.
Faisal Ali Al Rashid, senior director of demand-side management at Dubai’s Supreme Council for Energy, said the emirate has an ambitious target of retrofitting 30,000 buildings by 2030 to save 1.4 terawatt-hours (TWh) of electricity and 4.9 billion imperial gallons of water, effectively reducing one million tonnes of carbon dioxide emissions.
Now in its third edition, The Path to Net Zero is designed to help senior decision-makers develop a clear plan of action to get to net zero. Scientists agree that to create a more sustainable future, the world needs to reduce emissions by 50% by 2030 and achieve net-zero emissions by mid-century. Countries and leading organizations around the world are taking bold action by accelerating efforts to get to net zero.
UAE climate action timeline 1989: Ratifies the Vienna Convention for the Protection of the Ozone Layer and its Montreal Protocol 1995: Joins the United Nations Framework Convention on Climate Change (UNFCCC) 2005: Ratifies the Kyoto Protocol to the UNFCCC 2009: Becomes permanent host of IRENA 2015: Joins the Paris Agreement 2019: Hosts the Abu Dhabi Climate Conference 2021: Hosts the UAE Regional Climate Dialogue 2023: Hosts COP 28 or the 28th UN Climate Change Conference UAE environmental goals 2050: UAE target to achieve net zero emissions AED 600 billion: Committed investment in clean and renewable energy by 2050 $40 billion: UAE’s clean energy investment over the past 15 years 50%: 2050 The UAE’s goal of getting electricity from renewables and nuclear power by 2025.
See also:
UAE companies take major step towards expanding renewable energy portfolio UAE: Etihad Rail launches sustainable finance framework Electric flying ship heads to Saudi Arabia’s NEOM
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