Tackling climate emergency presents economic opportunity: COP28 director general

Addressing the inaugural Middle East Global Summit in New York, attended by Arab News, COP28 Director General Majid Al-Suwaidi said looking at energy reform as an investment opportunity would unlock support. (X: @COP28_UAE)
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Updated 21 September 2023
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Tackling climate emergency presents economic opportunity: COP28 director general

  • Majid Al-Suwaidi: UAE has migrated over 70% of its economy away from oil and gas sector
  • ‘I think the Middle East has shown real leadership on this issue,’ he tells summit attended by Arab News

NEW YORK: The UAE’s COP28 representative on Wednesday urged global leaders to reimagine their engagement with the climate emergency, saying it represents an opportunity for financial advancement.

Addressing the inaugural Middle East Global Summit in New York, attended by Arab News, COP28 Director General Majid Al-Suwaidi said looking at energy reform as an investment opportunity would unlock support.

“We in the UAE were sat in a conference room wondering where we would find $1-$2 trillion, and then someone reoriented the question.

“They said, ‘Guys, you realize that this is a $2-$4 trillion investment opportunity.’ Since then, that’s the way we’ve been looking at it. And we think this is the way the rest of the world needs to be looking at it.”

In order to not exceed 1.5 degrees of global warming, Al-Suwaidi said 43 percent of greenhouse gas emissions need to be cut from energy use.  

With this equating to 22 gigatons, he noted that there is no way but to act in partnership with the private sector, a view shared by the secretary of the UN intergovernmental panel on climate change.

Abdalah Mokssit told attendees: “Climate change isn’t only a matter for government, but a matter for all stakeholders, public and private. Every actor matters if we want to stay on track with the Paris framework.”

Given the UAE’s links to the fossil fuel sector, Al-Suwaidi said he frequently faces questions over the country’s engagement in addressing the climate emergency.

He noted that the country has migrated more than 70 percent of its economy away from the oil and gas sector, and that it has banned the flaring of oil production since 1978.

“I think the Middle East has shown real leadership on this issue, with us having banned flaring in the 1970s and Egypt having recently hosted COP,” he said.

“We’re not just talking but taking action. What we need now is everyone coming together, as success can only be found through a diversity of approaches.

“We’re now asking what global institutions are doing. What’s the IMF (International Monetary Fund) doing? What’s the World Bank doing?”

Al-Suwaidi urged global leaders to find a way to ensure that smaller economies are able to either transition or leapfrog to decarbonized economies, saying the UAE wants to “change the narrative.”


Australian bushfires raze homes, cut power to tens of thousands

Updated 58 min 1 sec ago
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Australian bushfires raze homes, cut power to tens of thousands

  • PM Anthony Albanese said the nation faced a ‍day of “extreme and dangerous” fire weather, especially in Victoria, where much of the state has been declared a disaster zone

SYDNEY: Thousands of firefighters battled bushfires in Australia’s southeast on Saturday that have razed homes, cut power to thousands of homes and burned swathes of bushland. The blazes have torn through more than 300,000 hectares (741,316 acres) of bushland amid a heatwave in Victoria state since the middle of the week, authorities said on Saturday, and 10 major fires were still burning statewide. In neighboring New South ‌Wales state, several ‌fires close to the Victorian border were ‌burning ⁠at ​emergency level, ‌the highest danger rating, the Rural Fire Service said, as temperatures hit the mid-40s Celsius (111 degrees Fahrenheit). More than 130 structures, including homes, have been destroyed and around 38,000 homes and businesses were without power due to the fires in Victoria, authorities said. The fires were the worst to hit the state since the Black Summer blazes of 2019-2020 that destroyed an area ⁠the size of Turkiye and killed 33 people. “Where we can fires will be being brought ‌under control,” Victoria Premier Jacinta Allan told ‍reporters, adding thousands of firefighters were ‍in the field.
Prime Minister Anthony Albanese said the nation faced a ‍day of “extreme and dangerous” fire weather, especially in Victoria, where much of the state has been declared a disaster zone.
“My thoughts are with Australians in these regional communities at this very difficult time,” Albanese said in televised remarks from ​Canberra. One of the largest fires, near the town of Longwood, about 112 km (70 miles) north of Melbourne, has burned ⁠130,000 hectares (320,000 acres) of bushland, destroying 30 structures, vineyards and agricultural land, authorities said. Dozens of communities near the fires have been evacuated and many of the state’s parks and campgrounds were closed. A heatwave warning on Saturday was in place for large parts of Victoria, while a fire weather warning was active for large areas of the country including New South Wales, the nation’s weather forecaster said. In New South Wales capital Sydney, the temperature climbed to 42.2 C, more than 17 degrees above the average maximum for January, according to data from the nation’s weather forecaster.
It predicted ‌conditions to ease over the weekend as a southerly change brought milder temperatures to the state.