Abdullah bin Touq Al Marri, Minister of Economic system, participated within the thirteenth version of the Metropolis Week 2023 Discussion board, working in London on 24- 26 April.
By its three periods, the newest version of the discussion board discusses the problems of local weather change, inexperienced financing and sustainability; institutional adoption; regulation of digital property; and digitisation and innovation in capital markets.
Addressing the Local weather Change, Inexperienced Financing, and Sustainability Summit, Bin Touq mentioned: “The creation of funding alternatives in new economic system sectors such because the house business, renewable power, round economic system and superior expertise is essential to making sure sustainable world financial progress. These sectors have the potential to contribute to constructing a extra affluent future for humanity.”
He added: “By investing in new economic system sectors together with renewable power, the UAE has made important strides in its transition in the direction of a extra versatile and diversified, knowledge-based financial mannequin. The nation started financing clear power initiatives greater than 15 years in the past, and in the present day, its investments on this house exceed USD 40 billion. Apart from, the UAE plans to speculate further USD 160 billion over the following three many years to discover extra promising funding alternatives on this key sector. These efforts will assist solidify its place as a beautiful vacation spot for investments in new economic system sectors in keeping with the UAE’s purpose to draw AED 550 billion in FDI to those sectors by 2030.”
The Minister of Economic system famous: “Beneath the directives of its clever management and in gentle of the aims of the 50 and the UAE Centennial 2071 objectives, the UAE authorities has launched a number of profitable strategic initiatives to boost reliance on new economic system sectors to drive the expansion of the nationwide economic system. These embrace the UAE Round Economic system Coverage 2021-2031, which contributed to advancing the excellent and sustainable financial and social growth within the nation. Additionally noteworthy is the UAE Inexperienced Agenda 2030, which enhanced the competitiveness of the nationwide economic system and supported the sustainable use of pure assets. All these methods are at present contributing to the nationwide GDP progress. Based on the Central Financial institution, the UAE’s actual GDP is anticipated to develop by 7.6 per cent in 2022, and by 3.9 per cent in 2023 earlier than rising to 4.3 per cent in 2024.”
Bin Touq defined that the UAE realized that the local weather change problem additionally current promising alternatives to advance world financial progress and create extra funding alternatives for governments and the non-public sector. Primarily based on this perception, the nation harnessed fashionable expertise to create new financial alternatives within the photo voltaic, wind, Hydrogen power and electrical autos. These initiatives assist the UAE’s strategic plans to construct a clear economic system as a part of its efforts to attain local weather neutrality by 2050.
Bin Touq emphasised that the way forward for financing and funding should be based mostly on sustainability, including that the UAE is likely one of the largest traders globally in renewable power initiatives, with investments price USD 50 billion in additional than 70 nations. He identified that the nation has additionally allotted practically USD 50 billion to accelerating clear power transition over the following decade. As well as, a USD 100 billion strategic partnership has been signed with the USA to fund the deployment of 100 gigawatts of fresh power globally by 2035.
Bin Touq additionally identified that the UAE is engaged on strengthening its historic ties with the UK. H.E. acknowledged 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 financial sectors. On this regard, the Minister of Economic system mentioned: “As a part of the funding partnership between Mubadala Funding Firm and the British Funding Workplace, further investments of £10 billion (USD 12.5 billion) have been allotted within the areas of power transmission, together with battery storage, wind power, infrastructure, expertise, and life sciences. The UAE helps the UK authorities’s plan for a inexperienced industrial revolution, whereas Masdar has invested practically £4 billion in renewable power initiatives throughout the UK, and not too long ago introduced a £1 billion funding in British battery storage expertise. These investments symbolize the most important share of Masdar’s funding portfolio exterior of the UAE.”
Bin Touq burdened that the formation of funding partnerships within the sectors of the brand new economic system and inexperienced initiatives are key to the UAE’s aspirations to strengthen financial cooperation with varied world companions. He identified that the upcoming Convention of the Events to the United Nations Framework Conference on Local weather Change (COP28), scheduled to be hosted by Abu Dhabi in 2023, will probably be a great platform to boost world efforts to stimulate extra investments in clear initiatives and assist inexperienced financing to create a world low-carbon financial mannequin.
Bin Touq additionally referred to as on the nations of the world to maneuver ahead with the implementation of insurance policies that assist sustainability and inexperienced transformation. The local weather problem that we’re witnessing in the present day needs to be addressed by selling the shift in the direction of new economic system sectors. This will even assist create extra inexperienced job alternatives and construct a greater future for upcoming generations, he famous.
Metropolis Week is an annual world discussion board that’s held within the British capital, London. The occasion brings collectively greater than 1,000 senior decision-makers and financial officers in the UK and the world to create simpler options to political points and financial challenges that face the world. This yr’s version tackles three primary points centering round local weather change, inexperienced finance and sustainability; institutional adoption and regulation of digital property; and digitization and innovation in capital markets.
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