Experts at The Journey to Net Zero Forum, organized by Khaleej Times, emphasized that achieving a Net Zero environment, which involves reducing carbon emissions to levels that nature can absorb, hinges on accelerating the shift to renewable energy sources by both governments and the private sector. Sustainability experts at the event highlighted the need for companies to prioritize climate change solutions over profit margins. Sal Jafar, CEO of ESG Mena, noted the urgency to transition to clean and renewable energy, despite the perception that green projects are not profitable in the short to medium term.
The forum discussed the critical role of renewable energy in mitigating climate change effects such as rising sea levels, ocean acidification, extreme weather events, and wildfires. Jaffar urged for increased investment in sustainability projects, noting the UAE's leadership in renewable energy due to its abundant resources and political will, but stressed the need for the private sector to catch up.
Lucia Fuselli, founder of Climate Strategies Consulting, advocated for strengthening public-private partnerships (PPPs) to accelerate the Net Zero transition. She highlighted the importance of flexible and coordinated stakeholder engagement in PPPs, focusing on systemic transformations rather than individual projects. Fuselli also called for more incentives for green procurement and investments in decarbonizing hydrocarbons.
The forum, attended by senior executives from various sectors, explored strategic investments and policies to enhance renewable energy capacity and efficiency. Hashem Stietiya from Beeah Group and Binu Parthan from IRENA discussed the role of PPPs in energy production from landfills and the declining costs of solar power, respectively. Faisal Ali Al Rashid from Dubai Supreme Council of Energy outlined Dubai's ambitious targets for retrofitting buildings and reducing energy and water consumption.
The Journey to Net Zero Forum, now in its third edition, aims to assist senior decision-makers in developing actionable plans for achieving Net Zero. The UAE has been proactive in climate action, with a timeline that includes joining international agreements and hosting significant climate conferences. The country has set ambitious targets for reaching net zero emissions by 2050 and has committed substantial investments in clean and renewable energy.
