H.E. Abdullah bin Touq Al Marri, the Minister of Economy, took part in the 13th edition of the City Week 2023 Forum held in London from April 24 to April 26.
The forum’s three segments focused on various topics, including climate change, sustainability, green financing, institutional adoption, regulation of digital assets, and innovation and digitization in capital markets. Addressing the Climate Change, Green Financing, and Sustainability Summit, Al Marri said: “The creation of investment opportunities in new economy sectors such as the space industry, renewable energy, circular economy and advanced technology is key to ensuring sustainable global economic growth. These sectors have the potential to contribute to building a more prosperous future for humanity.”
He added: “By investing in new economy sectors including renewable energy, the UAE has made significant strides in its transition towards a more flexible and diversified, knowledge-based economic model. The country began financing clean energy projects more than 15 years ago, and today, its investments in this space exceed $40B. Besides, the UAE plans to invest additional $160B over the next three decades to explore more promising investment opportunities in this key sector. These efforts will help solidify its position as an attractive destination for investments in new economy sectors in line with the UAE’s goal to attract AED 550B in FDI to these sectors by 2030.”
The Minister of Economy noted: “Under the directives of its wise leadership and in light of the objectives of the 50 and the UAE Centennial 2071 goals, the UAE government has launched several successful strategic initiatives to enhance reliance on new economy sectors to drive the growth of the national economy. These include the UAE Circular Economy Policy 2021-2031, which contributed to advancing the comprehensive and sustainable economic and social development in the country. Also noteworthy is the UAE Green Agenda 2030, which enhanced the competitiveness of the national economy and supported the sustainable use of natural resources. All these strategies are currently contributing to the national GDP growth. According to the Central Bank, the UAE’s real GDP is expected to grow by 7.6 per cent in 2022, and by 3.9% in 2023 before rising to 4.3% in 2024.”
Al Marri emphasized that the UAE understands that climate change presents both a challenge and an opportunity for global economic growth, and offers investment opportunities for both public and private sectors. With this in mind, the country has leveraged modern technology to create new economic prospects in solar, wind, hydrogen energy, and electric vehicles, supporting the UAE’s strategic plans for a clean economy and achieving climate neutrality by 2050, according to WAM.
He also stressed the importance of sustainability in future financing and investment, highlighting the UAE’s position as one of the world’s largest investors in renewable energy projects with investments worth $50B in over 70 countries. He also noted the country’s commitment to allocate nearly $50B to expedite the clean energy transition in the next ten years. Additionally, the UAE has signed $100B strategic partnership with the USA to fund the deployment of 100 gigawatts of clean energy globally by 2035.
Al Marri also pointed out that the UAE is working on strengthening its historical ties with the United Kingdom. H.E. stated that the ‘Partnership for the Future’ framework established by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and former British Prime Minister Boris Johnson, has helped facilitate financing and innovation in new economic sectors. In this regard, the Minister of Economy said: “As part of the investment partnership between Mubadala Investment Company and the British Investment Office, additional investments of £10B ($12.5B) have been allocated in the areas of energy transmission, including battery storage, wind energy, infrastructure, technology, and life sciences. The UAE supports the UK government’s plan for a green industrial revolution, while Masdar has invested nearly £4B in renewable energy projects across the UK, and recently announced a £1B investment in British battery storage technology. These investments represent the largest share of Masdar’s investment portfolio outside of the UAE.”
Al Marri highlighted the importance of forming investment partnerships in the new economy and green projects as crucial to the UAE’s aim to strengthen economic cooperation with global partners. He also noted that the upcoming United Nations Framework Convention on Climate Change (COP28), which Abu Dhabi will host in 2023, will be a significant platform to encourage more investments in clean projects and support green financing to create a low-carbon global economic model.
Al Marri also urged countries worldwide to implement policies that support sustainability and green transformation. Addressing the climate challenge requires promoting the shift towards new economy sectors, which can create more green job opportunities and build a better future for the upcoming generations, he added.
City Week is an annual global forum held in London that brings together over 1,000 senior decision-makers and economic officials from the UK and around the world to develop effective solutions to global political and economic issues. This year’s forum focuses on three primary themes: climate change, green finance and sustainability; institutional adoption and regulation of digital assets; and digitization and innovation in capital markets.
