COP28 represents “unprecedented opportunity” to highlight economic potential of climate action, says Masdar CEO

The United Arab Emirates’ bid to host the COP28 global climate summit will help to highlight the economic benefits of climate action, Masdar Chief Executive Officer Mohamed Jameel Al Ramahi told CNBC. Masdar “will do everything we can to support the UAE government in making this a reality,” he stated. 

“COP28 represents an unprecedented opportunity to highlight the economic potential of climate action as well as the challenges ahead of that change,” Al Ramahi said in an interview. 

Al Ramahi acknowledged that the UAE’s prosperity has been “anchored with the blessing” of possessing abundant fossil fuel reserves. However, he added, “we are also committed to the future and the future is clear: more renewable energy, more cleaner technologies that will be implemented not only in the United Arab Emirates but across the world and this change is happening and nobody can stop that.” 

This week, His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, announced that the UAE is looking to host COP 28 in Abu Dhabi in 2023.

"The UAE has all the capabilities, expertise and ingredients to host the twenty-eighth session of the Conference of States Parties, especially since climate action is one of the main pillars of our national economic strategy and our internal and external policies," His Highness Sheikh Abdullah bin Zayed Al Nahyan said in a statement on WAM. 

“We are witnessing an important stage that requires all countries to accelerate their efforts to reduce greenhouse gas emissions and enhance efforts to adapt to the effects of climate change,” he added.

“To achieve this, we must focus on building solid global partnerships and adopting ambitious domestic policies."

COP 28 will mark a key milestone in achieving the goals of the Paris Climate Agreement, as it will witness the first global assessment of individual countries’ nationally determined contributions (NDCs), as well as defining the features of the next round of contributions, according to the statement on WAM. 

The UAE was the first country in the Middle East to sign and ratify the Paris Agreement, and has committed to reduce emissions across all economic sectors within its NDCs. The UAE also hosted preparatory meetings for the United Nations climate conferences in 2014 and 2019, and last month concluded a Regional Climate Dialogue, designed to strengthen regional cooperation on climate action. 

Since its establishment in 2006, Masdar has made investments in more than 30 countries worldwide, supporting projects with a total capacity of almost 11 gigawatts, displacing 16 million tonnes of CO2 annually. 

The International Renewable Energy Agency (IRENA) has established its permanent headquarters at Masdar City, Abu Dhabi’s flagship sustainable urban development, which serves as a blueprint for reducing cities’ carbon footprint worldwide.  Masdar also hosts Abu Dhabi Sustainability Week (ADSW), one of the world’s leading platforms for accelerating sustainable development and for addressing climate change.