UAE to Host COP28 and Promote Sustainability in 2023

The United Arab Emirates (UAE) will host the 28th United Nations Climate Change Conference (COP28) in November and December 2023, providing the Gulf nation with a chance to demonstrate its commitment to sustainability. The UAE, which is one of the world’s largest hydrocarbon producers, has been preparing for the event by hosting events focused on sustainability, such as Abu Dhabi Finance Week and Abu Dhabi Sustainability Week, in order to show that it is not only fulfilling its obligations to climate action, but also becoming a global leader in sustainability.

Potential environmental impact

The UAE has made efforts to reduce its carbon emissions in recent years, including updating its nationally determined contribution (NDC) in December 2020 to pledge a 23.5% reduction by 2030 compared to 2016 levels, and publishing a third NDC in September 2022 that increased the reduction target to 31%. The country also has a goal of becoming net zero by 2050, which will require significant transformation for a nation that relies heavily on hydrocarbon production and consumption.

In order to achieve these goals, the UAE is working to become a hub for energy transition companies and seeking new forms of capital and exchange to fund climate action. The country has also established the Abu Dhabi Sustainable Finance Declaration and is considering a comprehensive Sustainable Finance Regulatory Framework to encourage regulatory harmonisation and support sustainable finance initiatives.

The UAE’s hosting of COP28 and its efforts to promote sustainability demonstrate a recognition of the importance of addressing climate change and a commitment to finding solutions to the global crisis.