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More steam needed for shift to green economy

Organisations in various sectors across the world need to do more to help advance the sustainability agenda, experts at the second day of The World Green Economy Summit (WGES 2018) said.
The extent and urgency of the challenges on the path toward a green economy are profound, experts noted. The Paris Climate Agreement and the Sustainable Development Goals illustrate that the transition towards a green economy will require transformations that reshape our systems of production, distribution and consumption. Inevitably, the shift to a green economy will create winners and losers across specific regions, sectors and organisations.
Climate change and a failure to decide on actions necessary to combat it were identified as some of the major issues that were highlighted in the World Green Economy Report 2018. The report was commissioned by the World Green Economy Organisation to advance the sustainability agenda. It aims to illustrate the diversity and depth of innovation that is already underway towards a green economy and to highlight opportunities and priorities for action. "We launched the first World Green Economy Report 2018, 'Inspiring Innovations in Business, Finance and Policy,' in collaboration with the University of Cambridge and the United Nations Development Programme (UNDP). This shows the need to adopt more depth and diversity in our approach to building a real green economy and moving the global sustainability agenda forwards," said Saeed Mohammed Al Tayer, vice chairman of The Dubai Supreme Council of Energy (DSCE), and president of the Emirates Energy Award (EEA), at the event.
"We are working on the Green Gate Initiatives, to encompass all the green programmes that will streamline the sustainable journey," he pointed out. "We are empowering the young entrepreneurs who have the potential to generate innovative, sustainable solutions that will contribute to advancing green growth and sustainable development at the local, regional and international levels."
The report highlighted that shifting to a green economy will require more than marginal improvements to the innovations that underpin our economy - including technologies; products, service and business models; management practices; collaborative initiatives; and, rules and regulations. From central bankers to defence analysts, there is agreement that a deteriorating climate and natural environment threatens security and prosperity. At the same time, businesses can grow revenues, reduce costs and risk; countries and cities can develop jobs now in the industries of the future. - rohma@khaleejtimes.com