Abu Dhabi will host the Climate Tech forum this month amid efforts to limit global warming and protect the environment.
Discussions at the two-day event will focus on identifying practical action to reduce emissions in the energy and hard-to-abate sectors by at least 43 per cent by 2030, the Ministry of Industry and Advanced Technology said on Monday. The goal is in line with a report from the Intergovernmental Panel on Climate Change.
The event will also focus on the role of technology in addressing the energy reliability, affordability and sustainability, and the impact of digitalisation across industries.
“Meeting the goals of the Paris Agreement will only be achieved through urgent action and global cross-sectoral collaboration,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Cop28 President-designate and chairman of Masdar.
The event will play a “pivotal role in gathering industrial and finance leaders, technology pioneers and visionary innovators as they navigate a common course towards concrete climate action while enabling social-economic growth in support of transformation, decarbonisation and future proofing towards net zero”, he added.
Global investments in energy transition technologies must quadruple to $35 trillion by 2030 to stay in line with commitments made under the Paris climate agreement, according to a report released by the International Renewable Energy Agency in March.
Investments in renewable energy technologies reached a record of $1.3 trillion last year but that figure must rise to about $5 trillion annually to meet the Paris Accord target of limiting temperature increases to 1.5ºC above pre-industrial levels, the Abu Dhabi-based agency said in its World Energy Transitions Outlook 2023 preview.
The UAE, the Arab world’s second-largest economy, aims to achieve net zero by 2050. The Emirates is investing Dh600 billion ($163 billion) in clean and renewable energy projects over the next three decades to reach the target.
The Climate Tech forum will be held at Abu Dhabi Energy Centre on May 10 and 11 with the participation of more than 1,000 global policymakers, chief executives and investors, MoIAT said.
Companies including Amazon Web Services, Bank of America, Total Energies, Carbon Clean, LanzaTech and Bloom Energy will participate in the two-day forum.
An exhibition and technical conference will also be held along with the forum to showcase the latest advances in robotics, artificial intelligence, decarbonisation and energy transition fuel