Dubai Electricity & Water Authority (DEWA) | World Green Economy Summit 2024 builds on the progress and achievements of COP28

The global climate crisis has demonstrated the profound scope of its impact and the severity of its consequences worldwide. Extreme weather events have disrupted various nations, leaving lasting negative effects on numerous sectors. This underscores the urgent need for international collaboration and the rapid development of innovative solutions to bolster adaptation and mitigation efforts. In light of this, the 10th edition of the World Green Economy Summit (WGES) aims to build upon the outcomes of the United Nations Framework Convention on Climate Change (COP28) while advancing the UAE's longstanding contributions to climate action and the green economy. Held under the theme ‘Empowering Global Action: Unlocking Opportunities and Advancing Progress’, this year’s summit will be a critical platform for discussing and implementing effective strategies to achieve a sustainable low-carbon future.

COP28, hosted by the UAE in Dubai in 2023, yielded significant outcomes that boosted global climate efforts. Among the most notable achievements was the activation of funding and operational mechanisms for a global climate fund, aimed at addressing the challenges faced by the most vulnerable countries. The conference also prioritised discussions on decarbonisation — a key focus of this year’s WGES — particularly in light of the unprecedented rise in global temperatures witnessed last year. In this context, the summit highlights the need for effective carbon capture and storage strategies, continuing the dialogue initiated at COP28 on the importance of developing innovative solutions to reduce the global carbon footprint.

WGES also spotlights the latest advancements in clean energy, aligning with COP28's emphasis on accelerating the adoption of renewable energy sources. The summit will explore the potential of solar power, wind energy, green hydrogen and other renewable and clean energy solutions that are critical to achieving global climate goals. Additionally, it will address the pivotal role of energy storage systems and smart grids in facilitating a large-scale transition to clean energy, supporting the global shift toward a more sustainable energy future.

The climate finance pillar holds special significance at this year’s summit, building on the achievements of COP28, particularly the launch of the AED 110 billion (USD 30 billion) ALTÉRRA fund, now the world’s largest private investment vehicle dedicated to climate action. The fund aims to mobilise AED 920 billion (USD 250 billion) globally by 2030 to help build a new global climate economy. The 10th WGES will focus on various financing mechanisms required to bridge the gap between developed and developing nations, and support efforts in climate resilience and adaptation.

Furthermore, WGES continues to champion youth empowerment, building on COP28's creation of the Youth Climate Champion role, which will now be carried forward to future COPs. The summit aims to sustain this momentum by fostering youth contributions to global climate action, driven by the belief in bridging generational gaps in climate solutions and amplifying the voices of future leaders.

The 10th WGES serves as a bridge between COP28 and COP29, ensuring continued momentum and reinforcing global efforts in sustainability and climate action to address today’s urgent challenges. The summit aims to foster international co-operation, drive innovation and promote collaboration to achieve a sustainable green economy.