The 12th World Green Economy Summit (WGES) concluded on Thursday at the Dubai World Trade Centre, convening policymakers, multilateral lenders, debt market analysts, fund managers, and entrepreneurs to discuss decarbonisation pathways and commercial models for the green economy, The National reported.
During the summit, Bashar Al Natoor, managing director and global head of Islamic finance at Fitch Ratings, stated that outstanding green sukuk and bonds issued from the GCC have reached $73 billion. In the first nine months of 2026, GCC ESG issuance accounted for roughly 40 per cent of all US dollar ESG issuance originating from emerging markets, excluding China. He also cited First Abu Dhabi Bank's issuance of a digital green sukuk and noted that the World Bank's International Finance Corporation (IFC) catalysed $112 billion in private sector investment in financial year 2026 alone.
Syed Adeel Abbas, regional climate lead for the World Bank, told participants that the UAE possesses sufficient capital and established investment frameworks to decarbonise domestic industries and advance net-zero targets established at COP28. He pointed out that green hydrogen presents an emerging export industry and that regulatory developments, such as the European Union's Carbon Border Adjustment Mechanism (CBAM), incentivise UAE heavy industry to accelerate carbon intensity reductions to retain export competitiveness in key sectors like aluminium. Abbas cautioned that reliable and predictable government policy, rather than financial instruments alone, must lead the transition.
Entrepreneur Yousif Al Lootah, founder and chief executive of Lootah Biofuels, shared the operational evolution of the UAE's biofuel industry since 2010, highlighting domestic adaptation of international practices. Jonathan Maxwell, founder and group chief executive of Sustainable Development Capital LLP, stated that green investment strategies should focus on driving operational efficiency and doing more with equal or fewer resources, prioritising solutions that are cheaper, cleaner, and faster.
Sources
- The National · 2026-10-26
