Green investments ‘key to ME economies’
Dubai, May 12, 2011
Linking eco-friendly investments to sustainable development has become a top priority as energy efficiency and environment protection gained a worldwide attention, said delegates at an ongoing major investment meeting in Dubai.
The Annual Investment Meeting, which opened at the Dubai International Convention and Exhibition Centre on May 10, is ending today (May 12).
“Since its formation the UAE has been fully well aware that its understanding of the relationship between trade, environment and sustainable development is the driving force for its commitment to international pacts that emphasize both development and sustainability,” said Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Foreign Trade.
“The special impact of the Emiratis’ high level of awareness has been the implementation of unprecedented world-class clean environmental projects.”
“Moreover, our country maintains a presence in many international trade meetings including those organized by UNCTAD that underline the concepts of environmental protection and sustainable growth within the field of commerce and trade,” she added.
UNCTAD (United Nations Conference on Trade and Development) statistics and economic indicators point out that the renewable energy sector including recycling proved to be recession-proof and continue to attract substantial investments.
The post recession climate change dialogue has generated a steady wave of FDI (foreign direct investment) toward emerging markets tapping into the vast potential of resources-rich (sun & wind) fast developing economies.
UNCTAD’s World Investment Report 2010, exclusively unveiled during the Annual Investment Meeting, said that up to $90 billion were invested in 2009 “green” initiative and businesses.
“This is not enough,” said Petko Dragonov, deputy secretary general of UNCTAD, ahead of the UNCTAD High Level Meeting on Green FDI.
He continued by saying that the scale of the challenge posed above all by climate change requires a massive financial and technological response.
Nazha Bennabes-Taarji presented UNCTAD yearlong research on Green FDI at the event and said: “Our estimate indicates that $440 billion of investments are needed per year until 2015 to achieve the Copenhagen Accord, and for 2030 the bar is even higher, the target is $1.2 trillion per year.”
Increase in the volume of investment in green transportation systems, green agriculture businesses, green waste management operations, green housings lead have impacted FDI inflows, Bennabes-Taarji said.
“Ultimately it is about human behaviors and social contract. Community-based green actions and campaign will have a greater impact on people than policies,” concluded Nima Abu Wardeh, journalist at BBC and moderator of the AIM UNCTAD High Level Meeting on Green FDI. – TradeArabia News Service