COVID-19 has accelerated the transition to green economies on a global level and demand for renewable or clean energy is likely to increase in the coming years, industry experts predicted during a recent virtual panel discussion hosted by Dubai Chamber of Commerce and Industry.
The panel, organised as part of the Dubai Chamberof Commerce and Industry’s 360 Dialogue Series virtual event titled "The Future of Energy", was joined by over 80 participants from 17 countries, including Hassan Al Hashemi, Vice President, International Relations Dubai Chamber; Stephan Gobert, Board Member, Clean Energy Business Council (MENA); Dr. Volkmar Pflug, Vice President – Energy Economics Siemens Energy, and Dr. Shihab Elborai, Partner Strategy (part of the PwC network).
During the discussion, the panellists noted that governments and private sector stakeholders are taking the lead in establishing new green deals, while lockdowns and restrictions have led to a significant drop in carbon emissions. Subsidies that once went to oil and gas investments can now be used for green energy solutions for the future, creating an opportunity for businesses to bring innovative solutions to market that can help countries transition to clean energy, the panellists said.
The UAE was highlighted as a prime example of a country that is investing in building a circular economy and creating new jobs and economic growth in the process, while Dubai stands out as a leader in electric mobility as the emirate adopts the latest green technologies.
The panellists identified a need to open up financial markets in the Gulf Cooperation Council to attract investments in the energy sector, as well as the need for the private sector to play a bigger role in developing green economies in the region through public-private partnerships.
"There is no denying that promoting clean energy and carbon reduction is one of the most pressing issues for businesses. It will take combined efforts of the government and the private sector to leverage new technologies, fund clean energy projects and maximise the positive impact of such initiatives," Al Hashemi said.
"By bringing together experts from the public and private sectors who offer valuable insights on energy matters, we can better understand industry trends, existing challenges and potential solutions. This knowledge can help businesses adapt and capitalise on new green economy opportunities on the horizon," he added.
The 360 Dialogue series is an ideal platform for knowledge-sharing and insightful dialogue, which sheds lights on issues of particular interest to businesses in Dubai, and supports Dubai Chamber’s efforts in keeping the business community informed of the latest economic developments and market trends.