Achieving a Net Zero environment, or reducing carbon emissions to a level that nature can absorb, is possible only if governments and the private sector accelerate their shift to renewable energy sources, according to experts. Speaking at The Journey to Net Zero Forum organized by Khaleej Times on Tuesday, sustainability and environmental experts emphasized that private companies should prioritize climate change solutions over profit margins. "We need to speed up the transition to clean and renewable energy," said Sal Jafar, CEO at ESG Mena. He noted that green projects are often overlooked due to their perceived lack of profitability in the short and medium term.
The consequences of climate change, such as rising sea levels, ocean acidification, extreme weather events, and wildfires, can be mitigated if both governments and private companies expedite their move to renewable energy, experts like Jaffar suggest. Jaffar stressed the urgency of climate action and recommended that boards of directors be encouraged to invest in sustainable and clean projects, which are not focused on immediate profit generation. He also highlighted the UAE's pioneering role in renewable energy, thanks to its abundant sunshine, human resources, and political will, but noted that the private sector needs to step up.
Accelerating the path to Net Zero also involves strengthening public-private partnerships (PPPs), according to Lucia Fuselli, founder and board director of Climate Strategies Consulting. During a panel discussion on The Role of Green Finance in Accelerating Sustainable Development, Fuselli explained that enhancing PPPs involves improving flexibility and coordination among stakeholders throughout the project lifecycle, including the management of climate risks and impacts. She also advocated for a systemic transformation that includes performance-based financing and more incentives for green procurement and spending.
The Journey to Net Zero Forum, attended by senior executives from various sectors, also discussed strategic investments and policies to boost renewable energy capacity and efficiency. Hashem Stietiya, director for research and development at Beeah Group, stated that achieving Net Zero requires a departure from current practices. Binu Parthan, deputy director for country engagement and partnerships at the International Renewable Energy Agency, noted the significant drop in solar power prices over the past decade, which has attracted private sector interest. Faisal Ali Al Rashid, senior director for demand side management at Dubai Supreme Council of Energy, highlighted 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 formulating a clear action plan for achieving Net Zero. Scientists agree that global emissions must be cut by 50% by 2030 and reach Net Zero by mid-century to ensure a sustainable future. The UAE has a history of proactive climate action, with targets and investments in clean and renewable energy leading up to 2050.
