UAE integrates climate action policies to manage $3tn assets
Climate change minister says now is the time to enter a 'new era of economic growth' through forward-thinking policies
The UAE's climate change-related policies will be integrated into the management of assets worth $3tn (AED11tn), according to UAE Minister of Climate Change and Environment, HE Dr Thani bin Ahmed Al Zeyoudi, who added that the move was part of the country's One Planet Sovereign Wealth Fund Working Group (One Plant SWF Group).
Al Zeyoudi was speaking at Abu Dhabi Climate Meeting, hosted by the UAE in collaboration with the United Nations (UN) as a precursor to the UN Climate Action Summit in New York in September 2019, with the aim of outlining the agenda and drafting resolutions to be tabled at the summit.
We have a clear opportunity to embark on a new era of economic growth spurred by global, collaborative investment in climate action. Climate change knows no borders, and neither should we.
One Planet SWF Group comprises Abu Dhabi Investment Authority, which promotes the integration of climate change analysis in the management of large, long-term, and diversified asset pools.
The initiative was launched at the One Planet Summit in December, 2017 to help integrate financial risks and opportunities related to climate change into the management of large asset pools.
Commenting on these goals, Al Zeyoudi said: "I believe we have a clear opportunity to embark on a new era of economic growth spurred by global, collaborative investment in climate action.
"Climate change knows no borders, and neither should we.
"We can save 7 million lives per year by eliminating sources of air pollution. In 2019, climate change is not just about the planet, it is also about people.
"But, more than that, it is the best investment case we have ever known," he explained, according to UAE state news agency, Wam.
During his speech, Al Zeyoudi also pointed out that the UAE's climate action policies, such as its goal of converting 50% of its energy mix to renewables by 2050, were driving tangible growth in the region.
"We are here today, in a region known for its hydrocarbon economy and yet, through forward-thinking policies, we have now made solar the cheapest source of power," the minister said.
"We will continue breaking the world record for the lowest cost of solar energy through innovative partnerships," he added, explaining that the UAE was also providing $1bn (AED3.67bn) in aid to developing countries to roll out renewable energy projects.