ABU DHABI, 18th April, 2024 (WAM) --Several international officials from clean energy companies participating in the 2024 World Future Energy Summit affirmed the leading role played by the outcomes of the COP28 conference held in Dubai last year, 2023, in shaping the future energy landscape and setting strict policies to accelerate the energy transition.
In statements to the Emirates News Agency (WAM) on the sidelines of the final day of the World Future Energy Summit held in Abu Dhabi from April 16 to 18, they say that the UAE not only hosted COP28 but also contributed positively to the outcomes, placing just transition at the forefront of the conference's outputs.
They pointed out that renewable and clean energy witnessed a significant transformation after the COP28 conference, attributing this to the significant impetus provided by the country in enhancing the role of these vital energies, mobilising funding, and supporting sustainable innovations to accelerate the transition to a greener and more equitable world for all.
In this context, Laurence Kemball-Cook, founder and CEO of the British technology company Pavegen, stated that the outcomes of the COP28 conference held in Dubai served as a significant incentive for innovation in environmentally friendly energy fields, stimulating governments and the private sector to engage in this field to accelerate the transition to future energy.
Cook added, "The conference outcomes outlined the future of clean and renewable energy, embodying the importance of embracing sustainability in our daily lives, emphasizing the conference's contribution in shifting responsibility from individuals to communities to ensure the transition to future energy."
On his part, L.K. Verma, Founder and Managing Director of Power n Sun, affirmed that the COP28 conference was an excellent start and an exceptional accelerator for the renewable energy industry, noting that after COP28, the pace of renewable and clean energy production has multiplied several times. Verma highlighted that the results of COP28 have had a positive impact not just regionally but globally, and due to the UAE's astute leadership, there is swift progress towards ambitious goals for climate neutrality and tripling renewable energy output by 2030.
Yusuf Macun, the founding Managing Partner of Cranmore Partners, highlighted the significant contribution of the COP28 conference to accelerating the transition to clean energy, noting that major producing countries like the UAE not only hosted the conference but also yielded positive results, including capital accumulation and encouraging all parties to take tangible actions and steps forward. Macun emphasised that the outcomes of the COP28 conference have revitalised momentum regarding the energy transition and gradual phasing out of fossil fuels worldwide, explaining that the UAE stands as a leading example for expediting this transition, while also serving as an ideal model for accelerating the shift to clean energy in the Middle East.
In turn, Marko van Waveren Hogervorst, Partnership Manager, UNIDO, stated that COP28 underscored the importance of implementing strict policies to bridge the financing gap for renewable and clean energy, bringing us closer to our defined objectives, and he observed many intriguing trends aimed at raising the bar for green financing. Van Waveren emphasised the importance of blended finance, combining public and private funds to bridge the financing gap in the transition to clean energy, highlighting that the future of green finance lies in blending capital from various sources and concerted efforts, as demonstrated by the outcomes of the COP28 conference.