WGES to accelerate talks on green capital

wegs 12Saeed Mohammed Al Tayer is the vice-chairman of Dubai Supreme Council of Energy. (Image source: WGES)Green capital will be the focus of discussions at the annual World Green Economy Summit (WGES 2018), taking place from 24-25 October 2018, amid the global commitments to build a green and sustainable world economy

Green finance refers to the financing of investments that provide environmental benefits in the broader context of environmentally sustainable development.

Under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, WGES is a strategic platform to share and exchange knowledge and bring to focus new technologies that drive the growth for a green economy including improvements in energy efficiency, energy conservation and waste reduction.

The summit is organised by DEWA and the World Green Economy Organisation (WGEO) in collaboration with international partners under the theme ‘Driving Innovation, Leading Change’.

WGES 2018 will host fruitful discussions on how to unlock this capital. With input from governments, businesses, financial institutions and investment advisors, the summit will examine current climate-finance gaps in order to define areas where investments are most needed. It will also shed light on green investment vehicles, climate-change reporting, carbon pricing as an instrument to raise green capital and the widespread problem of greenwashing.

Saeed Mohammed Al Tayer, chairman of WGES, said, “With growing emphasis of governments and public and private sectors on going green and the rapidly increasing need to find ways to build a sustainable future, green capital is the new trend for innovative financing solutions. While WGES 2018 will outline several green financing options, it will also help participants develop policy frameworks to promote green capital.”

Dubai Green Fund (DGF) raised US$650mn last year to support green financing. The new platform directly invests in environmentally-focused companies, whilst offering loans to businesses in the green sector at reduced interest rates.

“Mobilising sufficient public and private green capital is a key success factor. Accordingly, the DGF was created to crowd–in investors into the green economy. It will not make subsidised financing; ultimately, it needs to attract private sector institutional investors who seek market-based returns. Its role is to lead the way into investments that have to date not been taken up by existing lenders and private equity firms. Green finance should be the mainstream, not the alternative,” said Samy Ben-Jaafar, CEO of Dubai Green Fund.

WGES 2018 will focus on three main pillars, green capital, digital transformation, and leadership and social engagement. The event will gather financial executives, investment professionals, and thought leaders to discuss ways to increase green capital flows into regional and global environment-friendly projects and how to de-risk those investments.

According to the United Nations’ Sustainable Infrastructure Imperative report, the world will need to mobilize US$90 trillion in public and private capital over the next 15 years to achieve the sustainable development goals (SDGs). In addition, developed countries are working to meet a commitment to mobilise US$100bn annually by 2020 to mitigate the effects of climate change in developing countries.

Focusing on green loans, bonds and savings, WGES 2018 will also explore methods to develop long-term responsible investment strategies, promote international collaboration to facilitate cross-border investment in green funds and provide strategic policy signals and frameworks to help reduce uncertainties for green investment.

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