Sustainability in Economics and Finance

Changes in the Middle East:

HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy and MD & CEO of DEWA, expressed gratitude to UAE leaders for supporting sustainability initiatives and the green economy. He acknowledged HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and HH Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, for their roles in launching and supporting the 10th World Green Economy Summit (WGES). The summit, organized by DEWA, WGEO, and the Dubai Supreme Council of Energy, brought together global leaders, experts, and officials to discuss strategies for balancing economic growth with environmental sustainability.

Al Tayer emphasized that WGES has become a leading platform for promoting the global green economy, reflecting the UAE's leadership in mobilizing climate action. The summit showcased Dubai’s achievements in renewable energy and its efforts to transition to a sustainable green economy. Discussions at WGES also laid the groundwork for COP29, reinforcing the UAE’s commitment to global climate goals.

HE Dr. Sultan Al Jaber, COP28 President, highlighted that climate action presents an economic opportunity, marking the largest shift since the Industrial Revolution. The UAE Energy Strategy 2050 and the National Hydrogen Strategy aim to expand renewable energy and low-emission hydrogen production, key components in achieving the country's Net-Zero by 2050 target.

HE Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, echoed these sentiments, noting that clean energy and sustainable infrastructure are critical to a robust green economy. He emphasized the UAE’s readiness to share its experience in decarbonizing key sectors, while Expo City Dubai’s commitment to sustainable development further solidifies the nation's leadership in the global green transition.

Changes in South America:

Experts gathered at the 2nd Latin American Green Economy Forum in São Paulo to discuss some of the region's biggest environmental challenges, including creating strong environmental laws, managing waste properly, and ensuring everyone has access to clean drinking water. They highlighted the increasing frequency of natural disasters, such as droughts in South America, and the pressure to change their economies, despite the region not being fully developed.

Food security (having enough food for everyone) is also a big concern, especially with conflicts like the war in Ukraine affecting wheat supplies. But according to Mario Lubetkin from the FAO (Food and Agriculture Organization), Latin America could lead the way in sustainability. He pointed out that the region has the ability to produce more food while still protecting the environment.

Chile’s Minister of Agriculture, Esteban Valenzuela, talked about the need to make better use of plant waste, such as using crop leftovers as fertilizer. Right now, only 1% of this waste in Chile is turned into compost, compared to 40% in Europe.

Eric Terena, a Brazilian activist, emphasized that stronger laws are needed to protect the Amazon rainforest, as certain industries are pushing for deforestation (cutting down trees) and resource extraction.

At the forum, there were also discussions about finding simple solutions to provide clean drinking water. One idea came from the NGO WATERisLIFE, which introduced a special micro filter that can turn dirty water into clean drinking water.

On the second day of the forum, discussions will continue on how to make energy cleaner and help vulnerable communities adapt to climate change.

What does this mean going forward?

Both the Middle East and Latin America are making notable progress toward a sustainable future, though the journey comes with challenges unique to each region. In the Middle East, the UAE is leading climate action with ambitious projects in clean energy and a focus on sustainability as an economic opportunity. Meanwhile, Latin America is grappling with the urgent need for better waste management, food security, and water access, yet holds vast potential in leveraging its natural resources for a green transition. From strong legislation to innovative technologies, these regions demonstrate that achieving a green economy is not just possible but essential for global progress. As these initiatives continue to evolve, they serve as valuable examples of how different regions can contribute to a sustainable planet.