The UAE can become the clean energy finance capital of the world, according to Dr Nasser Saidi, former chief economist of the Dubai International Financial Centre (DIFC), and chairman of the Clean Energy Business Council (CEBC).
Saidi said that UAE's capital markets could "own the clean energy finance space" and in doing so, demonstrate global leadership in impact investments.
"The long term economic returns on social investments that fundamentally shift the urban paradigm are enormous," he said, speaking ahead of the Clean Energy Project Financing MENA conference in Dubai, presented by National Bank of Abu Dhabi (NBAD).
"We are rapidly entering a new economic age - a post carbon era, one in which the financial winners and losers may be separated by those who boldly pursue a first mover position in the solutions that support long term sustainable development, and those who stand by and observe."
He added: "The UAE has always been a pioneering nation that has strived to reshape and define the future and as it transitions its own economy from oil into knowledge and investments it can become clean energy finance capital of the world by owning the conversation around the subject."
Last week, more than 150 governments around the world - including the UAE - signed the Paris Climate Agreement, which sets out a framework to systematically decarbonize national economies and promote cleaner sources of energy and energy efficiency.
However, with the International Renewable Energy Agency (IRENA) recently reporting that the pace of renewable energy development needs to increase six-fold in order to successfully avert irreversible climate change, financing remains a challenge.
"Even in an era of low commodity prices, the increasing commercial viability of utility scale projects in solar and wind is encouraging governments to turn to renewables as a core part of their future energy mix," said Nathan Weatherstone, head of sustainable business at NBAD.
"MENA's financial community has a real and immediate opportunity to catalyse development in the growing renewable energy sector."
The CEBC's Clean Energy Project Finance in MENA conference will this week bring together senior regional leaders from the public and private spheres to develop solutions to the renewable energy finance gap.
The conference addresses clean energy project financing opportunities and the economic feasibility of the future of renewables.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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