The World Government Summit (WGS) is encouraging Middle East governments to focus on achieving climate neutrality by following recommendations outlined in the Sustainable Policies for Climate Action in the Middle East: Reaching Net Zero Targets.
The report, in partnership with Oliver Wyman, has advised countries to take urgent climate action before arriving at “a point of no return” by committing to a 42% reduction in global emissions by 2030.
UAE PLEDGE TO ACHIEVE NET ZERO
With plans in the UAE already cemented to achieve net zero by 2050 in the Gulf region, other GCC countries have also looked at aggressive policies to reduce carbon emissions, including the Kingdom of Saudi Arabia and Bahrain, while Qatar has committed to reducing emissions by 25% by the end of 2030.
REAL ESTATE
The report states that there are four energy-intensive sectors combined which account for 85% percent of the emissions gap; energy production accounting for 39%, industrial accounting for 21%, and residential and public buildings accounting for 14%, and transportation 11%. The report also provides guidance on how each sector can cut emissions.
While Oliver Wyman, the report’s lead authors commend the work the Middle East has done thus far to meet net zero targets, the reports acknowledges that that the region faces pressure with the need to increasingly diversify away from its oil dependency.
FIVE KEY POLICY ACTIONS
The report advises governments to follow five key policy actions to reduce emissions and meet targets, advising policymakers to map out a clear plan to transition their economies to net zero, stating that the climate action could become a catalyst to diversify the economy.
FIVE ACTIONS TO REDUCE CLIMATE CHANGE
1. Invest in the development of Carbon Capture Storage (CCS) and Carbon Capture Utilisation (CCU) technologies, especially in the energy and industrial sectors
2. Focus on emissions reduction opportunities in the heating and cooling of buildings
3. Increase low-emissions power generatiom
4. Target emissions in the logistics and transportation sectors
5. Increase the energy efficiency of industrial processes.
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