28 FEB 2023
Carbon Intensive Industries Call for Financing to Support Decarbonization
• Abu Dhabi Sustainability Week and Masdar-produced report finds decarbonization budgets are significant source of concern, with less than a third of executives believing their funds are adequate
• 60 percent of organizations taking steps to reduce emissions but have not yet set net-zero targets, with reliable financing the main barrier to accelerating commitments
• Half of industry executives now believe net zero is more feasible than previously but call on governments to boost support
Executives from ‘hard-to-abate’ industries have called for increased financing to support decarbonization efforts, following the release of a landmark report that outlines less than a third believe they have adequate budgets to do so, and over half have not yet set net-zero targets.
Reducing emissions in the hard-to-abate industries – cement, steel, aluminum, petrochemicals, shipping, aviation, heavy industry, and manufacturing – is vital in the effort to combat climate change, with industry and transport accounting for almost half of global emissions.
The findings from ‘Hard to Abate, Ready to Start’, published today by Masdar, the host of Abu Dhabi Sustainability Week (ADSW), in partnership with FT Longitude, furthers the discussion on decarbonization by identifying the biggest hurdles, and what is needed to drive greater action in the lead up to the 2023 United Nations Climate Change Conference (COP28) in the UAE.
Although challenging, the report finds that half of senior industry leaders are more confident that net zero in their business is more achievable today compared to a few years ago.
HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, said “COP28 will see the conclusion of the Global Stocktake, offering a review of progress against the Paris Agreement. We know that the results will show a significant gap in where we are and where we need to be. The UAE is committed to addressing this, to reigniting momentum and to bringing the goal of 1.5 within reach. Addressing carbon emissions in hard-to-abate sectors is a priority in that regard. There is simply no path to net-zero that does not include decarbonizing these essential industries.”
Despite the optimism that exists across the industry, and the emergence of innovative new technologies to capture and store carbon, reliable finance remains a major barrier for accelerating progress for many senior executives. Despite strong progress across the sector over the past decade, 60 percent of organizations surveyed across Europe, Asia-Pacific, the Middle East, and North America have still not set decarbonization targets, and leaders from those organizations cite a lack of reliable finance as the main barrier for committing to targets. 83 percent and 62 percent of senior executives from the Middle East and Asia-Pacific respectively highlighted that they are taking steps to reduce emissions but have not set a target date for completion. Further, only 30 percent of senior executives overall, indicated their budgets will be able to meet decarbonization needs, and more than 50 percent are concerned about the impact of global economic headwinds on decarbonization investment.
Ahead of COP28, the UAE Presidency has made clear that access to finance and capital will be a priority, noting that both governments and private sector partners require the resources needed to commit to transformative action. This includes investing in the breakthrough technologies and innovations needed to drive ambition, such as carbon capture and storage, and other forms of decarbonization.
In addition to financing hurdles, the report also highlights the disparity in available technologies to accelerate decarbonization. Despite the progress made in recent years, the research outlines the gap in “frontier” technologies available at a commercial scale, delaying energy-intensive industries in ramping up decarbonization efforts.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said “Building on important momentum gained during ADSW 2023, this report is a vital tool to drive forward decarbonization in hard-to-abate industries. Masdar, a global clean energy powerhouse, will continue to play a leading role by fostering global collaboration amongst governments and private sector partners. We intend to seize the opportunity of utility-scale renewable energy and focus our investments in frontier technologies like sustainable aviation fuel and green hydrogen to help accelerate global progress ahead of COP28 and beyond.”
As well as calling for greater industry collaboration, the report highlights the importance of increased public sector support and calls upon global governments to deliver innovative incentives across funding, legislation, and taxation to support national net-zero targets. As highlighted in the report, only 24 percent of senior executives expect to receive funding from government funds or incentives and 41 percent believe that without greater incentives and funding they will be unable to meet their domestic market’s net-zero targets.
Publication of today’s report comes ahead of the UAE’s preparations to host COP28 later this year. This global event will act as a major milestone in progressing conversations and inclusive solutions across all sectors, including those hard-to-abate industries. In convening key players from this sector, COP28 will aim to accelerate climate action and deliver concrete outcomes and solutions for climate change.
In his role as COP President-Designate, Dr Al Jaber has emphasized the need to address gaps by bringing public and private partners together in a “COP of Action, and a COP for All”. The UAE is firmly committed to an inclusive approach to climate action that includes industry leaders, civil society, academics, women, youth, and indigenous peoples.
In addition to COP28, ‘Hard to Abate, Ready to Start’ will help frame discussions at the upcoming International Energy Week in London and S&P CERA Week in Houston, Texas.
Abu Dhabi Sustainability Week (ADSW) is a global initiative championed by the UAE and its clean energy powerhouse Masdar, to accelerate sustainable development and advance economic, social, and environmental progress. Established in 2008, ADSW provides a global platform for all who have a stake in the future of our planet. ADSW brings together leaders from across governments, the private sector and civil society, to discuss and engage on bold climate action and the innovations that will ensure a sustainable world for future generations.
Read the full report here.
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05 DEC 2023
Winner of Inaugural ADSW Global Digital Art Competition Announced
• Competition received hundreds of submissions from artists around the world, with overall winner from Spain chosen from shortlist of three
• Artwork focused on impacts of climate change and the urgent need for climate action
• Awarding Ceremony took place during the ADSW Summit, held during the Special Edition of ADSW at COP28
Abu Dhabi Sustainability Week (ADSW), a global initiative championed by the UAE and its clean energy powerhouse Masdar, today announced the winner of its inaugural Global Digital Art Competition, harnessing the power of visual creativity to communicate the urgency of addressing climate change through the creative, dynamic and diverse medium of digital art.
With an overarching theme of preserving the planet, the competition invited emerging and established artists of all ages from across the globe to create original digital artworks that align with COP28's crucial climate action themes. Artists were asked to capture how precious and vulnerable the planet is to raise awareness about climate change and inspire climate action.
The overall winning artwork by artistic duo Nastplas, was announced during the awards ceremony at the ADSW Summit, the anchor event of the ADSW Special Edition at COP28. Artworks from the competition will be displayed across various events of the ADSW Special Edition.
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “The ADSW Global Digital Art Competition is a powerful reminder that climate action must be a collective effort. Launched in 2008, ADSW embodies this idea, as a global initiative championed by the UAE and Masdar that continues to facilitate the growth of partnerships and cooperation toward climate action. I would like to thank all artists who took part in the competition and congratulate the three finalists who were able to join us here at COP28 in the UAE.”
The Competition’s selection committee consisted of: Dr. Lamya Fawwaz, Executive Director, Brand & Strategic Initiatives, Masdar; Dyala Nusseibeh, Director of Abu Dhabi Art; Daria Prodaevich, Managing Director of the Theatre of Digital Art; Rita Magnus, who leads Arts and Culture Programming at COP28, as well as Emirati artists Diaa Allam, Khalil Abdulwahid and Sultan Al Ramahi.
Dr. Lamya Fawwaz, Executive Director, Brand & Strategic Initiatives, Masdar said: “Art has the power to focus our attention and create change. 33 percent of artworks submitted were created with AI, and 55 percent of submissions received were from women. These numbers reiterate that inclusive cooperation is vital – all voices to achieve climate action are needed. On behalf of the Selection Committee, I would like to congratulate the winner and thank all the artists who submitted artworks from across the globe.”
ADSW continues to play a critical role in maintaining worldwide climate momentum at COP28, by enabling impactful and inclusive dialogue between all global stakeholders, translating pledges into practical solutions for a net-zero future.
04 DEC 2023
Khaled Bin Mohamed Bin Zayed attends ADSW Summit Inauguration at COP28
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has attended the Abu Dhabi Sustainability Week Summit inauguration, part of the ADSW Special Edition at COP28, at Expo City, Dubai.
The ADSW Summit was also attended by His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence; His Excellency Sheikh Shakhbout bin Nahyan bin Mubarak Al Nahyan, Minister of State; His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and President of COP28; His Excellency Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Her Excellency Sara Awad Issa Musallam, Chairperson of Abu Dhabi Department of Education and Knowledge; His Excellency Engineer Awaidha Murshed Al Marar, Abu Dhabi Chairman of the Department of Energy; His Excellency Ahmed Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development; and His Excellency Saif Saeed Ghobash, Secretary General of the Abu Dhabi Executive Council.
During the visit, His Highness the Crown Prince of Abu Dhabi highlighted the high priority given by the UAE to sustainability initiatives as part of the country’s ongoing development journey. His Highness pointed out that declaring the year 2023 the Year of Sustainability under the theme ‘Today for Tomorrow’ reflects the UAE leadership’s unwavering commitment to championing environmental initiatives, encouraging local, regional, and international community engagement, and supporting global efforts to mitigate the impacts of climate change and help build a more sustainable future for coming generations.
His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and COP28 President, said: "With the world coming together for climate action at COP28 here in the UAE, the ADSW Summit has provided a unique opportunity to further engage with leaders from across the world to focus keeping 1.5 within reach. Cooperation, collaboration, and the role of partnerships are vital in the climate conversation, and I look forward to the world uniting to take even more action during COP28.”
Mohamed Jameel Al Ramahi, CEO of Masdar, provided Opening Remarks at the Summit. During his remarks, he highlighted the important legacy of Abu Dhabi Sustainability Week in bringing together public sector, civil society, and business to achieve climate action, and that as the world looks for solutions to tackle the greatest challenge of our lifetime, there is no better example than the United Arab Emirates and Masdar.
Under the theme ‘United on Climate Action’, the international gathering has brought together forward-thinking leaders from the public sector, civil society, and business to discuss sustainable investments, climate innovations and financial inclusion for a just transition to a net-zero future.
The ADSW Summit featured a series of keynote speeches, fireside chats and panel discussions focusing on sustainable investments, climate innovations, and financial inclusion for a just transition.
Throughout COP28, ADSW continues to provide a bridge for thought leadership by hosting events in both the blue and green zones, enabling timely and relevant climate action conversation and debate to accredited parties, observer delegates and the general public.
In the Green Zone, the ADSW Partnership Hub will run a series of structured collaborative activities on December 5 and 6, bringing together delegates and attendees to advance collaborations toward climate action. The Hub will host panels, roundtables, and networking events that will engage and encourage participants to exchange ideas, learn from each other, and build valuable partnerships.
The ADSW Special Edition is focused on enabling impactful and inclusive dialogue between all global stakeholders and translating pledges into practical solutions.
29 NOV 2023
ADSW Summit at COP28 Brings Together Global Voices Driving Climate Action
• Anchor event of Abu Dhabi Sustainability Week Special Edition at COP28 will gather world leaders, global CEOs and international sustainability advocates to identify key sustainability issues for the coming year
• ADSW Summit speakers to include HE Mia Amor Mottley, Prime Minister of Barbados, HE Dr. Leila Benali, Minister of Energy Transition and Sustainable Development, The Kingdom of Morocco; Ray Dalio, Founder, Bridgewater Associates; and Makhtar Diop, Managing Director, International Finance Corporation
• Summit to support unlocking green finance, enabling the Just Energy Transition, and explore how organizations can positively impact society and integrate sustainable practices into every corner of their operations
The ADSW Summit at COP28 will take place December 4 at the Connect Conference Center in Expo City, Dubai. Under the theme “United on Climate Action,” the international gathering will bring together forward-thinking leaders from the public sector, civil society, and business to identify ways to accelerate the just transition to a net-zero future.
ADSW will be crucial in maintaining worldwide climate momentum at COP28 by enabling impactful and inclusive dialogue between all global stakeholders and translating pledges into practical solutions.
The ADSW Summit speakers and program will include:
HE Mia Amor Mottley, Prime Minister of Barbados, who will participate in a Prime Ministerial interview, highlighting how global climate financing can help build resilience and how capital can be deployed efficiently, equitably and at scale to address the mitigation and adaptation needs of vulnerable regions and communities.
Makhtar Diop, Managing Director of the International Finance Corporation, who will discuss the pressure that the global community is under to unlock trillions of dollars of funds for the transition to a green economy that benefits all, outlining the structural reforms of the global financial system that will trigger funding on a global scale and accelerate the transition to a net-zero and climate-resilient future.
Ray Dalio, Founder and CIO Mentor of Bridgewater Associates, who will explore how we can mobilize the trillions of dollars required to address the pressing challenge of climate change. With a focus on the Blue Economy, Dalio will look at how such large-scale investment could change the global economy in positive ways, contribute to the creation of new industries and new technologies, and promote development in the global south, exploring how long-term investors can leverage these changes and the benefits that they anticipate.
A conversation with renewable energy leaders including Ignacio S. Galán, Executive Chairman of Iberdrola, S.A., and Mohamed Jameel Al Ramahi, CEO of Masdar will look at how the global community can ensure that all nations, particularly those with limited resources, can triple renewable power capacity needs by 2030, which is necessary to honor their commitments to the 1.5-degree target endorsed by the G20 in September of 2023.
Her Excellency Dr. Leila Benali, Minister of Energy Transition and Sustainable Development for the Kingdom of Morocco, will talk about the pivotal role the energy transition plays in addressing the global energy and climate crisis. Laying out the collaboration, innovative solutions and bold policies needed for the transition, Benali will examine the ways that stakeholders can establish the necessary conditions to facilitate an inclusive energy transition process.
Other ADSW Summit speakers include: HE Seve Paeniu, Minister of Finance, Tuvalu; HE Adegboyega Oyetola, Federal Minister of the Marine and Blue Economy, Nigeria; HE Maria Susana Muhamad, Minister of Environment and Sustainable Development of Colombia; HE Suhail Al Mazrouei, Minister for Energy and Infrastructure, United Arab Emirates; Jin Liqun, President and Chair of the Board of Directors, Asian Infrastructure Investment Bank; Maví Zingoni, Chief Executive Officer, GE Power; Lorenzo Simonelli, Chairman and CEO, Baker Hughes; Maarten Wetselaar, Chief Executive Officer, Cepsa; and Cate Ambrose, Chief Executive Officer and Board Member, The Global Private Capital Association.
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “During the UAE’s Year of Sustainability, the world is coming together on climate action here in the UAE at COP28. Hosting the ADSW Summit during the Special Edition of ADSW at COP28, will strengthen international collaboration and cross-sector partnerships, and translate pledges into practical solutions for a net-zero future. I look forward to this timely and relevant ADSW Summit, featuring international leaders, and to working together to empower global climate action at a significant time for the world.”
Hosted on COP28’s thematic Finance, Trade and Gender Day, the ADSW Summit will explore what the global community must do to ensure that all nations, including those with limited resources, have access to technologies and innovations at scale, as governments worldwide work toward the goals of the Paris Agreement. The Summit will also examine how organizations can positively impact society and integrate sustainable practices into every corner of their operations.
As an integral part of this year’s Special Edition of ADSW at COP28, the Summit will spotlight three critical strategic themes: Unlocking Financing for the Green Economy, Enabling the Just Energy Transition, and Making Business Sustainable.
Throughout COP28, ADSW will bridge the blue and green zones by providing a platform for thought leadership and positive stories to share best practices, innovations and solutions. ADSW’s extensive program of events and roundtables will enable timely and relevant climate action conversation and debate between accredited parties, observer delegates, and the general public. These events will empower global climate action at a significant time for the world, facilitating better decision-making at COP28 to keep 1.5°C within reach.
In the COP28 green zone, the ADSW Partnership Hub will run a series of structured collaborative activities at the Alif Pavilion December 5–6, creating a space for participants to exchange ideas and build successful and meaningful business relationships and partnerships.
ADSW’s virtual content platform, ADSW Live, will live-stream a series of interviews directly from the Green Zone December 3–7, capturing daily reactions to climate discussions and sharing timely, relevant sustainability-oriented content wrap-ups.
The Women in Sustainability Environment and Renewable Energy (WiSER) initiative will co-host the inaugural Arab Women Leaders’ Summit with the COP28 UAE Presidency, held under the theme Gender Inclusion and Climate Change: Advancing Equality for a Resilient Future, on December 4.
The Y4S Annual Forum, taking place December 8 and hosted by Youth 4 Sustainability, will provide a platform for youth to engage in fruitful discussions and promote solutions for deepening youth participation in climate mitigation.
The Special Edition of ADSW at COP28 will include Abu Dhabi Global Market’s Abu Dhabi Sustainable Finance Forum on December 4 and the Atlantic Council Global Energy Forum on December 5 and 7.
ADSW at COP28 confirmed sponsors include the Abu Dhabi Department of Energy, Emirates Global Aluminium, Emirates Steel Arkan, Dubai Electricity & Water Authority, Investcorp, Abu Dhabi Chamber, Abu Dhabi Department of Economic Development, Mubadala, Huawei Tech, HSBC, GE Vernova, Baker Hughes, Agthia Group, Abu Dhabi Investment Office, BEEAH, SLB and Ne’ma.