UAE unveils Net Zero by 2050 strategic initiative at COP27

In an interview with the Emirates News Agency (WAM), Almheiri affirmed that during COP27, which began today in Sharm El-Sheikh and concludes on 18th November, the UAE intends to reveal the details for the mechanisms and pathways for implementing its strategic initiative to achieve climate neutrality 2050, as part of its support for sustainable financing solutions for all sectors. This is alongside a comprehensive assessment of the status and movement of sustainable financing solutions, including green bonds.

She added that while the current session of the conference focuses on financing and ensuring the fair and equitable participation of developing countries in climate action efforts, the UAE will invite the world to participate in the efforts to spread and use renewable energy by joining the platform for accelerating the energy transition, which the country launched with the International Renewable Energy Agency (IRENA), and allocated an initial investment of US$1 billion.

Almheiri stated that the focus would be on intensifying efforts to promote climate-smart initiatives to benefit the private sector, through a set of reports and evidence. This will enable the private sector to view the most important technologies available to raise operational efficiency and reduce the carbon footprint of many activities while addressing the Green Business Guide and the Green Sukuk and Bonds Guide.

On the specific importance of the COP27 current session in the Arab Republic of Egypt and the new actions the UAE is focusing on during the conference, Almheiri said that the UAE’s awareness of the importance of working for the environment and climate came early. Thanks to the vision and directives of the wise leadership, the state has a three-decade march to reduce the causes of climate change and adapt to its repercussions.

Almheiri said that the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP) represents the most important annual event for discussing and following-up efforts for climate action globally.

On the new steps to enhance food security, Almheiri said that the UAE had achieved success thanks to the wise leadership's vision and support in ensuring the availability of food and the continuity of supply chains during and after the COVID-19 pandemic. “This affirms the extent of the strategic priority placed on enhancing food security in the UAE.”

Almheiri indicated that the UAE ranked first in the Middle East and North Africa on the Global Food Security Index 2022, issued by the Economist Impact, compared to third place on the index for 2021, and ranked 23rd globally, advancing 12 places compared to last year. The food trade also witnessed a rapid recovery after the pandemic, as the daily food import rate reached more than 41,000 tons of food, which represents a growth of 21 percent compared to the same period of the previous year.

On the new project in the "Food Tech Valley" to promote reliance on innovative solutions and modern technologies in enhancing food security, she said the project constitutes a qualitative step within the UAE's national endeavour to enhance food security and develop the prospects for the agricultural technology sector, which is witnessing increasing importance. The agricultural technology market is expected to grow from US$13.5 billion to $22 billion over the next four years.

Almheiri added that the project area, when completed, will reach 18 million square feet and will provide more than 14,000 job opportunities. It is expected to attract more than 4,000 visitors and will be home to more than 1,150 residents. Work is underway to complete the necessary infrastructure works for the project.