COP28 President, Dr. Sultan Al Jaber during last year’s UN Climate Ambition Summit said, “I believe, in the face of the climate crisis, we can and will reinforce and rediscover humanity’s greatest strength: our capacity to collaborate, to overcome differences, and to harness the power of collective action”
The global commitment towards sustainability and sustainable practices goes beyond mere environmental conservation. Today, we look at global powers evolving to the dynamic climate concerns that pose a direct threat to the global economy. In line with the sustainable development goals (SDGs), countries like the United Arab Emirates (UAE) are leading the way from pioneering green financial tools to investing in renewable energy and green city projects to adopting advanced technologies for water and waste management. This strategic shift crafts a sustainable blueprint for future generations.
Reshaping Finance with Eco-Friendly Practices
The financial sector is emerging as the primary engine for the global sustainability movement. Today we are witnessing financial institutions pushing initiatives such as green loans and sustainability-linked bonds, to marshal resources for large-scale projects. This move demonstrates the UAE banking sector’s commitment to transitioning from traditional banking operations to a significant and strategic pivot to build the economy in a way that helps mitigate the risks associated with climate change while also allowing emerging players to create sustainable and profitable economic avenues.
The UAE’s financial industry has pledged to mobilise AED 1 trillion in sustainable financing by 2030, which demonstrates this commitment. This proactive approach showcases how the evolving global market is responding towards transparency while heavily investing in renewable energy projects, sustainable transport and green buildings. By adding environmental, social, and governance (ESG) standards into the financial landscape, we are seeing a transformation that insulates critical investments while also nurturing a sustainability-based innovation ecosystem.
Real Estate: Building the Foundation for Sustainable Development
Building on the sustainability wave, the regional real estate market is undergoing a significant transition. The growth of sustainable construction practices in Dubai’s real estate ecosystem marks a major shift towards reducing its carbon footprint while introducing components like the LEED Gold and Well-Being Integrated residential developments have a positive driver for the industry’s climate outlook and establishing sustainability as a core component to attract customers and investors alike.
As sustainability becomes the operational ethos for corporates, we are noticing the growing focus towards backing green city projects and sustainable city projects. As per a 2023 JLL research, green buildings are outperforming other building projects, staying in line with the national ambition to reduce emissions by 56 per cent by 2030 while enhancing energy efficiency in construction by 40 per cent. This serves as further evidence of how sustainable practices are becoming critical for futureproofing the industry.
With the UAE building on the foundation for its decarbonization journey, the sector is driving towards a ‘climate aware’ phase that is crucial towards UAE’s goals to achieve Net Zero emissions by 2050. This changing outlook of an industry that has always been seen as a major carbon-emitting industry is unlocking significant economic opportunities and positioning the sector as a key proponent for a sustainable future.
As each of these sectors – finance and real estate- rapidly integrates sustainable policies and strategies, there has been growing investor sentiment about how these strategies are going to help the UAE achieve its climate targets. This movement is attributed to a universal movement towards greener, more responsible growth through its forward-looking holistic approach. Whether through financial innovation, real estate development or through global partnerships, the path towards sustainability is unavoidable.
The UAE’s continued integration of sustainable practices coupled with a fertile innovation and investment climate reflects the collective action that is required to tackle today’s prevalent climate challenges while ensuring a resilient future for our future generations.
Under the theme “Shaping Greener Economies”, 2nd Annual Future Sustainability Forum explores the intersection of sustainability, innovation, blended finance and collective action. From renewable energy and circular economy practices to climate resilience and social equity, conferences will delve into the multifaceted aspects of sustainability, recognizing the interconnectedness of environmental, economic, and social well-being.
Real sustainable initiatives, cutting-edge technologies & innovative solutions shaping the future of sustainability in the UAE and around the world will be showcased to drive true impact.
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