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Private sector to play a key role in achieving climate goals, says COP28 official

A meeting held in Dubai reaffirmed that firms across sectors must restructure their business models to support sustainable growth

Private sector to play a key role in achieving climate goals, says COP28 official
[Source photo: Anvita Gupta/Fast Company Middle East]

The COP28 UAE Presidency and Dubai’s business community met to explore how the private sector can participate and profit from the COP28 journey.

The meeting, organized by Dubai Chambers on Thursday, reiterated that firms of all sizes and sectors must reassess and reorganize their business models to promote sustainable growth.

“We will be counting on our business community to play a leading role in making COP28 UAE a landmark moment for global progress against climate change,” Majid Al Suwaidi, Director-General of COP28 UAE Presidency, told business leaders during the meeting.

A panel discussion with speakers from top UAE businesses touched on the actions put in place to advance their sustainability agendas and how the business community can assist COP28 goals.

“As host of COP28, the UAE has an opportunity to strengthen its position and reputation as a leader in climate action, where the environment takes center stage in the country’s ambitious economic development agenda in the years to come. To that end, the government and private sector need to work in lockstep, and partnerships between the two become more important than ever,” said Maha Al Gargawi, Executive Director of Business Advocacy at Dubai Chambers.

The meeting also emphasized that the UAE recognizes the potential of climate action in driving socioeconomic growth, creating employment, empowering women and youth, and bolstering the entire economy in the long run.  

With numerous ambitious programs and projects aimed at shaping an economy based on renewable and clean energy, modern technology, and eco-friendly commerce, the UAE has achieved tremendous strides in sustainability, carbon neutrality, and environmental preservation. 

The UAE net zero by 2050 Strategic Initiative seeks to achieve net-zero emissions by 2050, making the UAE the first in the region to accomplish so.

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