China’s quest for a green, low-carbon economy has led the country to adopt initiatives that address environmental issues and reduce its dependence on coal. The country is investing in renewable energy, setting goals and performance standards in order to make this transition.
World Green Economy Summit (WGES) 2018 will highlight China’s transition from a coal-dependent to a renewable driven economy. It will also bring to focus its best practices and instrumental strategies that paved way for the country to build on its goals.
WGES will take place from October 24-25 under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai. The summit is a strategic platform to share and exchange knowledge and bring focus to new technologies that will accelerate the growth of a green economy, including improvements in energy efficiency, energy conservation and waste reduction. It is organised by Dubai Electricity & Water Authority (DEWA) and the World Green Economy Organisation (WGEO) in collaboration with international partners under the theme ‘Driving Innovation, Leading Change’.
In 2017, WGEO launched the financial Sector Platform at the UN Headquarters in Beijing. The platform was launched with an objective to mobilise investments for energy efficiency initiatives and programmes to support the shift towards a green economy.
Global investment in renewable energy reached almost $280 billion last year, with China the biggest spender by far ($126.6 billion).
In July this year, China President Xi Jinping visited the UAE to strengthen strategic relations and bilateral cooperation between the two countries. During his stay, China and the UAE signed 13 agreements and memorandums of understanding (MOU). These covered industries including energy, finance, agriculture and e-commerce.
As the largest consumer and producer of electricity, China’s transition to clean energy will have a global impact on energy resources and air quality. Moreover, Chinese solar and wind manufacturers are closing technology gaps and improving the competitiveness of renewable energy worldwide. These achievements indicate that the country is well on track to achieve its sustainable goals.