Dubai Chamber urges investment in 'Green Economy' during WEF roundtable

His Excellency spoke about the role of Dubai's private sector in helping to achieve a green economy and how the public sector can support efforts through policy and legal frameworks, investment, and urban planning.

Speaking during the roundtable, His Excellency said that investment was vital for Dubai to achieve its ambitions of becoming a green economy.

He said: "Practically speaking, a green economy is one whose growth in income and employment is driven by public and private investments. These need to reduce carbon emissions and pollution, enhance energy and resource efficiency and prevent the loss of biodiversity and the ecosystem."

"A green economy is intricately linked to sustainable development. We need to learn to live within the environmental limits and natural capacity of our planet or we face an uncertain future," he said.

H.E. Al Shirawi said investments in green technology and systems needed to be made, which were supported by targeted public expenditure, policy reforms and regulation changes.

He said that the public sector has a major role to play in setting regulations that support sustainable practices and that incentives for businesses to act more sustainably could also be offered.

His Excellency also said that the private sector needed to create more green businesses, while at the same time making their existing businesses more energy efficient.

"Ultimately, this means we need to stop generating waste. Waste from one industrial process needs to be input into another, and energy needs to be generated from renewable sources," H.E. Al Shirawi said.

"This is where the private sector can really take the lead and make a huge contribution to achieving a green economy. All businesses can become more efficient and less wasteful which will not only benefit their bottom line but society as a whole," he said.

"The framework for a green economy is in place in the UAE and the national objective is clear - that is to build an economy that protects the environment as well as an environment that supports the growth of the economy. Everyone needs to consider their contribution to the green economy and take action to reduce their consumption and waste. We need to act now and lead the change for the next generation," he said.

Dubai Chamber is a lead sponsor of WEF 2012, which is being held outside the United Nations headquarters in New York for the first time in Dubai.

The non-profit organisation is a champion of eco-friendly business practices and encourages companies to act sustainably and reduce their energy consumption and waste through the work of its Centre for Responsible Business.