UAE providing a new way to sustain a green economy | Push Digits Chartered Accountants

UAE providing a new way to sustain a green economy

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By moving from high carbon to a greener solution, it is expected that the UAE may change the way the economy works in the world

As stated by a professional reporter, the UAE has recently declared adopting a leadership role to show the rest of the countries how to move from high carbon emission to a relatively safer green economy.

By operating on renewable sources of energy, such as solar power and wind for turbines, it is possible to obtain a green economy that is beneficial for the future of humanity. This style can be incorporated into the economy to bring about a debut of zero carbon emissions. Economists and ecologists alike were quick to point out how this method sharply contrasts the ‘black’ energy economy, which uses up the earth’s valuable non-renewable resources and fossil fuels.

Professor Douglas Crawford-Brown, emphasized the position of the UAE in this matter. The Director of Cambridge Centre for Climate Change Mitigation Research, further added to this newfound theory by saying that as far as the OECD (Organization for Economic Cooperation and Development) is concerned, the UAE remains at the bottom of the barrel.

Despite the above stated fact, the UAE is managing to rise up the ranks due to this new idea of a green economy, and may even give Germany a competition in terms of development. This is a significant piece of news, considering how Germany has always been in the lead of countries inducing green economy.

Dr. Rashid Ahmad Bin Fahd, who is the Minister of Environment and Water in UAE, claimed that the UAE has already reached further than anyone expected. The mere fact that the UAE is hosting a conference on green economy six years in a row, shows just how relevant they have become on this topic.

How has the UAE managed a green economy? First and foremost, they have significantly reduced usage of natural gas, and discouraged over excessive waste from oil and gas industries. The construction of the Mohammad Bin Rashid Solar Park, proves the UAE’s claim further, as this park is the first ever onshore wind farm in the UAE. It also hosts greening buildings and factories, as the state’s first Green Economy Report has pointed out.

Bin Fahd, the minister, brought out the tougher sides of maintaining this new economy, as he has found out a lack of fund to be quite discouraging for the ongoing process. Firms are short on investments, and due to this, the project cannot spread itself to other regions and countries. In the UAE, at least, Bin Fahd clarified with assurance, that government banks have started offering investment options to help build a clean, green economy for the good of everyone.


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