Sustainable Biz Magazine A4 March 2023 - Flipbook - Page 11
International for Bank of America
discussed the geopolitical and geoeconomic implications of the energy
transition.
The flagship ADSW Summit brought
together global decision-makers and
thought leaders in sustainability to
discuss innovative pathways to net
zero, practical solutions to finance
climate action, and transformative
tech for food and energy security.
The event featured past and present
leaders of COP, including H.E. Razan
Al Mubarak, the UN Climate Change
High-Level Champion for COP28, H.E.
Laurent Fabius, President of France’s
Constitutional Council, H.E. Sameh
Shoukry, Egypt’s Minister of Foreign
Affairs and COP27 President, and
Simon Stiell, Executive Secretary of the
UNFCCC. Collectively they highlighted
the need to build on past successes
and leverage the COP process to
deliver on the Paris Agreement, ahead
of the UAE’s hosting of COP28 and the
highly anticipated Global Stocktake.
The inaugural Green Hydrogen
Summit was also held during ADSW.
Hosted by Masdar’s green hydrogen
business, the Summit convened more
than 50 leading global hydrogen
players, gathering key representatives
across regulation, policy and the green
hydrogen value chain.
Masdar, the host of ADSW, announced
multiple global projects and
agreements showing it is on track to
meet the target of 100 GW of clean
energy by 2030. These included up
to 5GW of renewable energy projects
with three African nations under
the Etihad 7 UAE-backed funding
umbrella.
Also announced were agreements
with the Kyrgyz Republic’s Ministry
of Energy to develop renewable
projects with a capacity of up to 1 GW,
an agreement with the Kazakhstan
Investment Development Fund to
develop a wind power plant with up to
1 GW capacity, and an agreement with
Azerbaijan state oil company SOCCAR
to develop up to 4 GW of renewable
energy projects.
A first wave of investment of US$20
billion was also announced as part of
the US-UAE Partnership to Accelerate
Clean Energy (PACE), with Masdar and
a consortium of US private investors
leading the funding and development
of 15 GW of clean energy projects in
the US by 2035.
ADSW provided a platform for
engaging and empowering young
people and women in sustainability
in the lead-up to COP28. The Youth
4 Sustainability (Y4S) Hub brought
together more than 3,000 leaders,
experts, entrepreneurs, and young
delegates to discuss ways to
advance youth engagement across
climate action. The annual Women
in Sustainability, Environment and
Renewable Energy (WiSER) Forum
hosted influential figures from around
the world for a roundtable discussion
on ‘Empowering Women to Lead
Climate Adaptation’.
Returning to an in-person format
this year, Abu Dhabi Global Market
hosted the fifth edition of the Abu
Dhabi Sustainable Finance Forum
to conclude the week’s events. It
convened 50 global institutional
investors, government leaders,
regulators, and financial institutions.
ADSW was supported by the Abu
Dhabi Department of Energy,
COP28 UAE, Abu Dhabi National Oil
Company, TAQA, Environment Agency
– Abu Dhabi, Mubadala Investment
Company, Dubai Electricity and
Water Authority, General Electric,
The Climate Pledge, Investcorp, Expo
City Dubai, TotalEnergies, Abu Dhabi
Convention & Exhibition Bureau,
Schneider Electric, 1PointFive,
Fertiglobe, PepsiCo, Emirates
Development Bank, HSBC, Baker
Hughes, BEEAH, UAE Ministry of
Climate Change and Environment,
Ne’ma, Emirates Water and Electricity
Company, McKinsey and Etihad
Airways.
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