Third TRENDS - Atlantic Council Conference Recommends Supporting Climate Innovation, Research and Inclusive Implementation of the Energy Transition

Participants in the third annual conference organized by TRENDS Research and Advisory, in partnership with the Atlantic Council, recommended "Sustainable Security.” The two-days event at Expo City Dubai, the venue of COP28, created new financial instruments to mobilize and channel private financing towards supporting the most critical climate innovation and research, and support the comprehensive implementation of the energy transition.

Integrating climate goals

The conference's participants, a total of more than 20 political experts, academics, researchers and specialists in environment, climate and security issues from around the world, stressed that the establishment of climate finance mechanisms at the national level allows governments to align public financing targets with climate finance. They stressed the importance of maintaining the momentum of the achievements made at COP28 by integrating climate goals into national policies and allocating adequate financial resources.

The participants also called for accelerating diplomatic efforts to address regional climate challenges and promote dialogue and joint initiatives. They stressed the need to close the climate finance gap with a focus on the importance of mobilizing and directing private financing towards supporting the comprehensive implementation of the energy transition. They expected that green investment and resilient international supply chains would be a critical factor in the development of a new climate economy. They also stressed the urgency that COP28 is a unique opportunity to accelerate the engagement of think tanks on the significant issue of strengthening the relationship between climate and security.

Development of forecast systems

The conference's recommendations, were reviewed by Jonathan Panikov, Director of the Scowcroft Initiative for Middle East Security at the Atlantic Council, and Awad Al Breiki, Head of TRENDS Global at TRENDS Research and Advisory. They included developing robust forecast systems to identify the geographic areas most at risk in terms of climate impact, prioritizing countries in need of assistance according to their risk profile. Such systems should be cover climate change in transboundary water agreements and prioritize investments in capable infrastructure, to withstand the impacts of rising sea levels and other climate-related risks in coastal areas.

The future of climate finance

In addition, the second and final day of the TRENDS-Atlantic Council conference witnessed two panel discussions, the first on "Green Economy and the Future of Climate Finance", and the second on the topic of "Energy Transition and Net Zero Emissions".

The second day of the Conference began with an opening address by Anne A. Witkowsky, US Assistant Secretary, Bureau of Conflict and Stabilization Operations, United States Department of State. The speaker indicated that the large-scale climate crisis requires a paradigm shift. The is an imperative need to expand partnerships to address the problems arising out of climate change.

Green Economy

Then the first session of the second day began, entitled "Green Economy and the Future of Climate Finance." It was moderated by Moza Al Marzouqi, Head of Economic Studies at TRENDS Center. The discussion revolved around fossil fuels, highly regarded as more profitable than green alternatives, making coordinated intervention necessary at the present time to close the climate finance gap and achieve economies of scale.

Ariel Ezrahi, nonresident senior fellow with the Atlantic Council’s Middle East Programs; director of climate strategy at NewVest, spoke about "policies to promote green finance," saying that private finance is the key to a successful energy transition. He stressed that the UAE is an important and effective gateway to climate finance mobilization.

Stephen Scalet, an economist at Trends Research & Advisory, addressed the issue of "supply chains in the new climate economy, decarbonization and the resilience challenge." He explained that it is not limited to decarbonization, because it includes the electrification of the economy and digital infrastructure. The supply chain is an important factor in the new climate economy, especially critical minerals and metals. The establishment of strategic partnerships is imperative, and the Group of Seven has engaged in metal partnerships, but recycling and technological innovation are also important in this regard.

May Alhajeri, Strategic Partnerships Officer at Abu Dhabi Investment Office, and Former Youth Delegate to the United Nations, addressed "Green Investment and the Future Climate Economy." She stressed that the UAE's approach to climate change is ambitious, diverse and forward-looking. The speaker explained that the unique factor is the UAE's establishment of a fund of $ 30 billion, which is transparent and ambitious. The money will also help create jobs and improve the quality of life, stressing that the transition to green investment is not easy, and will require huge change in the entrenched mindset.

Energy Transformation

The speakers in the second session "Energy Transition and Net Zero Emissions" reviewed the mechanisms for achieving global climate goals. The session was moderated by Dr. Waddah Ghanem AlHashmi, Honorary Chairman of the Energy Institute (EI) Middle East. Iris Ferguson, Deputy Assistant Secretary of Defense for Arctic Affairs and Global Resilience, explained the US security perspective on the challenges and opportunities associated with the energy transition. He indicated the importance to adopt a multisectoral approach to security issues. He added that the US Department of Defense is part of the comprehensive government approach to address climate-related issues.

Dr. Ravi I. Chaudhary, Assistant Secretary of the Air Force for Energy, Installations, and Environment, United States, addressed the issue of how the US is partnering with other entities — including other governments, the private sector, and local communities — to advance and capitalize on the energy transition, particularly with regard to energy efficiency and low-carbon technologies. He said we should raise the slogan that we will not act as fast as governments, we should act as fast as the climate threat, in order to protect global security.

Faisal Ali Rashid, Director of the Demand Side Department at the Supreme Council of Energy in the Government of Dubai and head of the volunteering team to drive the transition towards net zero emissions, explained that the journey to climate neutrality is not as easy as it seems at first glance. He addressed the transition to clean energy in the private sector and government entities and the path to net zero emissions by 2050. He explained that from an engineering perspective, even if we reach 100% electrification of vehicles, this will still not be enough to achieve Climate neutrality.