World Green Economy Summit 2024 to Focus on Climate Finance for Resilience and Sustainable Development

The upcoming World Green Economy Summit (WGES) 2024, scheduled for October 2-3 in Dubai, will place a special emphasis on climate finance as a key driver for enhancing global climate resilience and sustainable development. This focus comes at a critical time when climate challenges are escalating worldwide, and the need for adequate funding to support mitigation and adaptation initiatives is more pressing than ever.

According to the Global Landscape of Climate Finance 2023 report, while global investments in climate projects rose to USD 1.3 trillion between 2021 and 2022, a fivefold increase is necessary to achieve the 1.5°C target set by the Paris Agreement. The WGES aims to address this gap by bringing together global leaders, experts, and specialists in green finance to discuss strategies for mobilizing climate finance.

The summit builds on the outcomes of COP28, hosted by the UAE in 2023, which resulted in the historic UAE Consensus. This comprehensive plan set a new course for international climate action, including the launch of the UAE Framework for Global Climate Resilience. The framework aims to bolster global adaptation efforts and support climate-resilient sustainable development goals.

HE Saeed Mohammed Al Tayer, Chairman of WGEO, emphasized the summit's role in bridging the gap between developed and developing countries and supporting the most affected communities. By focusing on climate finance, the WGES aims to align with local and global efforts to utilize financial mechanisms in combating the impacts of climate change.

The 10th edition of WGES, organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority (DEWA), and the World Green Economy Organization (WGEO), underscores the UAE's commitment to driving global climate action. As climate finance becomes increasingly crucial for building a green, resilient, and equitable future, the summit's discussions are expected to contribute significantly to shaping international strategies for sustainable development and climate resilience.