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Impact Of COP28 On Regional Sustainability Trends | |
| Sumita Pawar |
In recent years, UAE’s commitment to accelerate its sustainability objectives from discussion to action have been highlighted through laser-focused implementation of ESG plans and policies by numerous public and private entities throughout the country, stated the report.
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Having declared 2023 as the ‘Year of Sustainability’, the host nation of COP28 is escalating its efforts to lead global efforts on ESG education and benchmark the contribution levels expected from organizations across the Emirates, it added.
In 2021, the UAE announced its Net Zero by 2050 initiative, making it the first country in the densely populated, carbon economy-rich MENA region to publicly make the pledge.
Report further mentioned, now, with sustainable practices permeating multiple industries domestically and internationally, a rising trend of green stocks represents a massive opportunity for investors.
While the ESG data market is relatively nascent, there is no doubt the region’s transition towards it – a shift which comes despite the many regional nations’ historic dependence on carbon contributions to their economies and growth.
While the UAE’s hosting of COP28 underlines its commitment to fight climate change, an investment pledge of AED 600 billion investment by 2050 comes with its own set of challenges.
With COP28 fast approaching, there is increased emphasis on regional and global leaders putting monolithic political and economic differences aside to explore the role of technology and how it is going to support sustainable development and influence investment opportunities to address sustainable agriculture, greenhouse emissions, marine ecosystems and clean energy resources.