Barker encourages renewables investment at Sustainability Week
UK energy and finance leaders gathered in Abu Dhabi today to discuss ways to encourage greater private sector investment in renewable energy and low-carbon, climate friendly projects.
The UAE capital is kicking off the Abu Dhabi Sustainability Week (ADSW) this week to address the challenges affecting the global adoption of renewable energy, water security and sustainable development.
On the first day of the weeklong event, leaders focused on the growing opportunities for sovereign wealth funds, development banks and pension funds to view the new energy industry as a growth opportunity, especially in developing economies.
The discussion was hosted by UK Energy and Climate Change Minister Greg Barker and Dr. Sultan Ahmed Al Jaber, UAE Special Envoy for Energy and Climate Change.
Barker said: "This is an important agenda. Not just for the environment but for business. The opportunities for the global, low-carbon economy are huge and growing at an exponential rate.
"Clean energy and a range of resource efficient projects can expect growing interest in attracting investment as new financial participants crowd into this fast developing market," he added.
Proposals from the meeting included contract structures for power pricing, possible dimensions for the global banking regulation and rules of Basel on finance, and ways in which finance is securitized.
Sultan Al Jaber said: "Increased collaboration and institutional investment are critical in diversifying the global energy mix and addressing climate change.
"The realities of climate change should be viewed as an economic opportunity. Abu Dhabi is investing in the future of energy by working with investment partners and governments, like the United Kingdom, to build sophisticated, large-scale renewable energy projects that showcase the economic returns, and environmental benefits, of addressing these pressing issues," he added.
More than 30,000 participants from 150 countries have assembled, as ADSW gathers leaders from academia, industry and government to tackle the business, technology and financial challenges required for sustainable development and renewable energy adoption.