02 Jul 2019
New policies related to climate change are to be implemented and merged with management of assets worth $3tn (AED11tn), revealed UAE Minister of Climate Change and Environment, HE Dr Thani bin Ahmed Al Zeyoudi, also calling it a “new era of economic growth”.
This move forms part of the country’s One Planet Sovereign Wealth Fund Working Group, and was first brought to light in December 2017 at the One Planet Summit.
As ConstructionWeekOnline reports, Al Zeyoudi was speaking at Abu Dhabi Climate Meeting, which is hosted by the UAE and United Nations (UN) in an effort to address issues and goals before tackling them at the UN Climate Action Summit in September.
He said: “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.”
The Abu Dhabi Investment Authority forms part of the One Planet Sovereign Wealth Fund Working Group, or One Planet SWF Group, and intends to boost climate change analysis in the management of large, long-term, and diversified asset pools.
Al Zeyoudi went on to say: "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,” UAE state news agency Wam reveals.
He added that the UAE’s climate action policies were proven to be beneficial to the region, saying: "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.
"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.”