“I can think of no other region in the world that is better suited to drive that adaptation and transition through the necessary innovation and flow of capital supporting that innovation, when it comes to addressing climate change,” Kapoor says.

He clarifies the term climate financing as the allocation of capital such that it delivers a prudent, inclusive energy transition and drives innovation in terms of new technologies, products and services – to help both consumers and corporates adapt and mitigate the effects of climate change and reduce their carbon footprints.

Climate financing, Kapoor says, is also capital that is necessary to commercially scale up these new solutions across the world, whether in the Global South or the developed West.

Investcorp’s goal is to reach net zero by 2050 in line with global commitments, but perhaps even more impactful is its support for the companies in its portfolio, to help them reduce their carbon emissions.

The global investment company is also establishing “a new platform to invest capital in companies that are solely devoted to establishing and scaling up decarbonization solutions for consumers and corporates worldwide,” Kapoor says.

Growth at all costs was once the mantra of corporations. Later, it was “inclusive” growth that leaves no one behind. Kapoor’s vision for the future goes a step further. Growth that is both inclusive and sustainable, he says, is the future not only of business, but of humanity and civilization at large. “So that not only do you not do any harm, you actually do good.”

Only by working together and making sustainability the responsibility of everyone can we advance the sustainability agenda, the UAE Minister of State for Foreign Trade told ADSW Talks.

Dr Al Zeyoudi’s comments come as the UAE celebrates the Year of Sustainability and prepares to host the upcoming COP28 where the world will undertake the first Global Stocktake (GST) to review progress on the Paris Agreement where countries agreed to limit global warming to 1.5°C.

Sustainability is an integral part of the UAE’s economic growth targets alongside sustainable technology which will play a “major role” in maintaining water and food security as the UAE addresses the climate challenges ahead, he added.

“Abu Dhabi Sustainability Week has been an instrumental tool in pushing the agenda of renewable and clean energy forward, not just for the region but for the globe,” he said, “a platform where you can bring everyone on board.”

Commenting on the areas which investors need to consider around the sustainability profile of their capital, Dr Al Zeyoudi added, that whilst most investments are driven by sustainability or net zero, consumer demand and conservation, are equally important considerations.

Returning to the responsibility of everyone to support sustainability, and his personal and ministerial net-zero commitments ahead of COP28, Dr Al Zeyoudi says, that both at home and within the Ministry “we lead by example” to embed the best sustainability practices.

Iceland stands as a “model of sustainable energy” because 100 percent of its electricity comes from clean sources, the country’s former President Ólafur Ragnar Grímsson, told ADSW Talks.

Mr Grímsson, who also described his hopes for COP28, said things hadn’t always been this way.

“Over 80 percent of our energy came from imported oil and coal,” he said. “We are now number one in the world in terms of clean energy transformation, we can offer constant energy prices 10, 20 years into the future.”

He said the core lesson from Iceland is that “a comprehensive clean energy transformation is good business, it’s the foundation of our prosperity, it’s the foundation of our economic success, it’s the foundation of our entrepreneurship.”

Mr Grímsson added, “sustainability is the road to progress through prosperity, to good health to good education, to food. We can create a good life for everybody and save the future of the planet.”

Speaking about the task ahead for HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, he said “Even if he is the CEO of an oil company, people should not forget that he is one of a very small group of leaders in the clean energy transformation with an extraordinary track record… and what’s extraordinary about Dr Sultan’s appointment is that he is willing to let himself come forward and let the world test his leadership, that takes courage…” and a “strong vision.”

Commenting on the effects of climate change in the Arctic, he said, “The climate challenge is fundamentally all about ice, the reason why we have these extreme weather patterns all over the world and rising sea levels is that the glaciers on the ice are melting… It’s the interaction between the ice and the rest of the world, the reason why the monsoon system is now in disarray.”

He sees the role of Abu Dhabi Sustainability Week as pivotal in bringing all parties to the table. He added that ADSW had developed into “the biggest annual gathering of the sustainability leadership in the entire world.” It’s success, he said, is tied to its inclusive approach through, “the political leadership, the environmentalists and the scientists, but also the businesses and the young people, which is in itself very important.”

Reflecting on Masdar’s progress since it was first formed in 2006, Mr Grímsson said, “It is a symbol of the 21st century… we don’t have to wait decades for the technologies to be creative… we can do it, we don’t have to wait for new technology that will solve all these problems.”