World Green Economy Summit 2024: Key Results and COP29 Outlook

As we reflect on the recently concluded World Green Economy Summit 2024, we’re struck by its significant impact on global climate efforts and sustainability initiatives. This landmark event has not only showcased groundbreaking green technology innovations but also set the stage to prepare for COP29. We’ve witnessed firsthand how the summit has brought together leaders, experts, and innovators to tackle pressing issues like climate finance, eco-friendly business practices, and the pursuit of net-zero targets.

The World Green Economy Summit 2024 has made significant strides in advancing global climate action and sustainability initiatives. We’ve witnessed firsthand how this summit has become a pivotal platform to drive the green economy forward.

The summit saw wide participation from current and former heads of state, ministers, government representatives, and experts from around the world. This high-level engagement underscores the growing importance of sustainability on the global stage. The UAE’s leadership, particularly Sheik Mohammed bin Rashid Al Maktoum’s patronage, has played a crucial role in elevating the summit’s profile and impact.

At the heart of WGES 2024 was a focus on decarbonization and the pursuit of net-zero targets. We delved into cutting-edge strategies for carbon capture and storage, showcasing case studies on transitioning to low-carbon processes. The summit also highlighted advancements in clean energy, building on the momentum from COP28. We explored the expansion of renewable energy adoption, including solar, wind, geothermal, and nuclear power. What’s more, we discussed the development of green hydrogen and energy storage systems, which are set to revolutionize the energy landscape.

Climate finance remained a crucial component of our discussions. We addressed funding for climate resilience and adaptation, as well as carbon pricing mechanisms. A significant focus was placed on bridging the gap in funding capabilities between developed and developing countries. We’re excited about the progress of initiatives started at COP28, such as the AED 110.16bn Alterra fund, which is poised to have a substantial impact on driving further action.

We’ve seen significant progress in advancing the UAE Consensus, which was negotiated and drafted at COP28 in Dubai. This ambitious plan aims to accelerate the energy transition and decrease greenhouse gas emissions by 2030.

We’re thrilled to report that the UAE has updated its Energy Strategy 2050 with more ambitious targets. These include:

• Tripling renewables capacity by 2030
• Growing clean energy capacity to 19.8 GW
• Increasing the share of installed clean energy capacity to 30% by 2030

The National Hydrogen Strategy calls for:

• Producing 1.4 million tons of low-emission hydrogen per annum by 2031
• Increasing production to 15 million tons annually by 2050

These strategies are key enablers of the UAE’s Net-Zero by 2050 target and align perfectly with the global stocktake’s call to triple renewable energy and double energy efficiency by 2030.

Carbon Capture, Utilization, and Storage (CCUS) has emerged as a critical technology to unite all countries around emissions reduction targets. The summit highlighted how CCUS is essential to decarbonize high-emitting sectors like ammonia, methanol, iron and steel, and cement production. CCUS has the potential to:

• Capture 1.5 Gt of CO2 by 2030
• Possibly capture 6.3 Gt of CO2 by 2050
• Abate more than 600 billion tons of CO2 over the next fifty years through retrofitting

As we look ahead to COP29, scheduled to take place in Baku from November 11-22, we’re gearing up for what many are calling the ‘finance COP’.

• Aligning climate finance contributions with estimated global needs
• Reaching consensus on the New Collective Quantified Goal (NCQG)
• Exploring the potential of Article 6 for better quality carbon markets
• Advancing the Loss and Damage Fund

We’re witnessing increased international collaboration as we prepare for COP29. Notable initiatives include:

• The Baku Initiative on Climate Finance, Investment and Trade (BICFIT)
• COP29 Global Energy Storage and Grids Pledge

The World Green Economy Summit 2024 has shown its power to shape the future of global sustainability and climate action. It has had a significant impact on advancing the UAE Consensus and setting the stage for COP29. As we look ahead, we’re optimistic about the potential for meaningful progress in tackling climate challenges, with initiatives like BICFIT and the Global Energy Storage and Grids Pledge paving the way for a greener, more sustainable future.