On 11 November, the UN Framework Convention on Climate Change (UNFCCC) officially announced that the United Arab Emirates (UAE) will host the 28th Conference of the Parties (COP28) in 2023. The summit is described as the most important gathering on climate change.
In the year of its Golden Jubilee, the UAE became the first country in the MENA region to set out a strategic initiative to achieve net-zero emissions by 2050, with a USD163 billion investment in renewable energy and a three-decade action plan to follow. As part of its multilateral initiatives, the UAE committed USD400 million of funding towards the new USD1 billion Energy Transition Accelerator Financing (ETAF) platform, launched by the UAE and International Renewable Energy Agency (IRENA) to accelerate renewable energy. In addition, the UAE has invested USD17 billion in renewable energy ventures globally and USD400 million in soft loans for clean energy projects worldwide.
The UAE is generating innovative solutions to drive sustainable economic growth and is now home to three of the largest and lowest cost solar plants in the world. Moreover, it is the first country in the region to deploy industrial-scale carbon capture technology and zero emission nuclear energy, and is pioneering new zero carbon energies, such as hydrogen.
COP28 is expected to bring nearly 200 nations together, enabling the UAE to generate stronger partnerships and innovative solutions, while accelerating coordinated action towards the goals of the Paris Agreement and the UNFCCC.
