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Italy’s Economic Diplomacy – 19 October: latest news from the world

United Arab Emirates – The world Green Economy Organisation is born

The Government of Dubai, with the support of the United Nations Development Programme (UNDP), has established the World Green Economy Organization (WGEO) with a view to promoting and supporting the green economy  concept. Launched by United Arab Emirates Vice President and Prime Minister and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, on occasion of the third edition of the World Green Economy Summit (WGES), the WGEO aims at becoming a national (and hopefully international) main point of reference in the field of research, focusing on clean energy and the environment.

The Organisation will have an advisory role and offer technical and financial support to Government and international organizations, which will become members. The WGEO will facilitate dialogue, share expertise in the field of renewable energy and develop management and business models paying attention to protecting the environment and promoting sustainable development.The launching of the WGEO confirms the consolidation of the UAE green agenda. In particular, the government plan aims to provide 7% of Dubai’s energy from renewable sources, 25% by 2030 and 75% by 2050. Investments will be substantial, and are expected to top 50 billion dirham ( approximately 12.5 billion euros). The Emirate also announced the establishment of a new free zone, dubbed the ‘Dubai Green Free Zone’, which will attract companies working in solar energy. The Emirate is therefore presenting itself as the new financial centre of the green economy.

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