The United Arab Emirates: pioneers in the Middle East in the fight against climate change

‍

If climate transition is an imperative for humanity, it is even more important for countries like the UAE.
‍

For many years, the United Arab Emirates have had a clear vision of their country's future. Its line of action is clear: achieve carbon neutrality by 2050. The country is a pioneer and aims to become the first nation in the Middle East and North Africa to achieve this. So, legitimately, the question arises of how the United Arab Emirates will be able to achieve such a goal in a context where 30% of their GDP depends on hydrocarbon production.
‍

‍

Historical actions in favor of climate transition
‍

For over 15 years, the country has been investing massively in renewable energies. In 2021, Sheikh Mohammed ben Rachid Al Maktoum, Prime Minister of the United Arab Emirates, announced his ambition to invest over 140 billion euros by 2050. This ambition is now taking concrete shape, as the country has already invested more than 50 billion euros and now produces the world's cheapest solar energy. Moreover, investments are not limited to the country. At the African Climate Summit in Nairobi on September 5, 2023, for example, the United Arab Emirates committed to deploying $4.5 billion in clean energy investments in Africa.

‍

‍

‍

The United Arab Emirates are responding to an urgent need on a continent that absolutely must make the transition to green growth.

‍

The launch of a $30 billion investment fund

‍

"I am pleased to announce the creation of a $30 billion fund"

‍

‍

‍

New momentum

‍

Announced by the President of the United Arab Emirates, Mohammed ben Zayed al Nahyane, during COP28, this investment fund is another demonstration of the United Arab Emirates' determination and ambitions in the climate change field. Named "Alterra", the fund will be headed by Sultan al Jaber, President of COP28 and head of the Emirates' national oil company. 25 billion of the $30 billion is allocated exclusively to investments with high climate transition potential. The remaining $5 billion will be used to finance high-impact projects in the countries of the South, particularly on the African continent, with the main objective of supporting geographic zones that are highly exposed to climate risks. Ultimately, the aim is to generate a return on investment that will enable the launch of another $250 billion investment fund.

‍

This initiative aims to finance concrete solutions, covering a wide range of technologies, either already developed or innovative, to counter the effects of climate change. It is important to note that these investments are not limited to national initiatives, but extend to a global scale, demonstrating the country's commitment to making a significant contribution to the fight against climate change on a planetary scale. Concrete projects envisaged by the "Alterra" fund include, for example, the financing of offshore wind farms to boost renewable energy production. In addition, significant investments will be allocated to the development of cutting-edge technologies aimed at improving the energy efficiency of industries, with a particular focus on high-carbon emission sectors. The fund will also support research and development initiatives focused on the implementation of innovative carbon capture methods, thus contributing to the reduction of greenhouse gas emissions. Strategic partnerships with companies and international organizations will be encouraged, strengthening global collaboration to tackle the challenges of climate change.

‍

The announcement by the United Arab Emirates of the $30 billion "Alterra" investment fund is an ambitious contribution to the fight against climate change. This initiative reflects the country's deep commitment to transitioning towards a more sustainable future. By promoting innovation, international collaboration and research, the United Arab Emirates is opening a positive door to a future of prosperity and resilience for future generations.

‍

Sources :
‍

https://www.lesechos.fr/monde/afrique-moyen-orient/climat-les-emirats-arabes-unis-sengagent-a-atteindre-la-neutralite-carbone-dici-a-2050-1353425

‍

https://unfccc.int/fr/news/l-accord-de-la-cop28-marque-le-debut-de-la-fin-de-l-ere-des-combustibles-fossiles

‍

https://www.lesechos.fr/monde/enjeux-internationaux/cop28-les-emirats-lancent-un-fonds-prive-geant-de-30-milliards-de-dollars-pour-la-transition-2038632

‍

https://www.francetvinfo.fr/monde/environnement/cop/direct-cop28-a-dubai-les-dirigeants-du-monde-entier-arrivent-pour-lancer-les-negociations_6215799.html

‍

‍