The UAE occupies a prestigious global position in the movement towards a green economy by implementing a set of innovative initiatives adopted over the previous years, says UAE’s minister of environment and water.
H E Dr Rashid Ahmed bin Fahad, says, “UAE also plays a crucial role in, and effectively contributes to, international efforts to boost its economic approach at the regional and international levels.”
“UAE has decided to steer its course of progress towards a Green Economy and to achieve green objectives and economic growth simultaneously,” says the minister while launching the UAE State of Green Economy Report 2014 at the World Future Energy Summit (WFES) in Abu Dhabi.
The UAE State of Green Economy Report aims to help the country make solid advances towards a green economy, by providing the public with a clear overview of the government’s plan and diverse public and private efforts, as well as benchmarking the country’s current standing.
The report talks about a study conducted to estimate the impact of greening the UAE economy. A specific macro-economic model was developed for this study, along with a business-as-usual (BAU) scenario and four ambitious green economy scenarios.
According to the study, there are many benefits of a green economy, including reduced consumption of fuels and higher GDP than BAU.
For instance, the study says that the expected trade boost from those scenarios was estimated at AED24-47 billion ($6.5-12.8bn) in 2030.
The economic benefits would include reduced domestic consumption of oil by 7-10 per cent per year, natural gas by 7-20 per cent and electricity by 11-15 per cent through 2030.
A reduction in carbon intensity is expected in all four scenarios, ranging between 18-25 per cent of cumulative emissions between 2013-30. The creation of 139,000-165,000 new jobs (1.9-2.3 per cent above BAU) is also anticipated.
This detailed study strongly supports the hypothesis that greening the developmental path would not necessarily hinder economic growth for the UAE if it were conducted in the correct way.