With technological innovation shifting towards sustainable solutions, the fourth World Green Economy Summit (WGES) 2017, set to be held on 24-25 October at Dubai International Convention and Exhibition Centre will highlight the role of innovation and technology in the transformation towards the green economy.

Held under the patronage of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, WGES is organised by Dubai Electricity and Water Authority (DEWA), and the World Green Economy Organisation (WGEO) in collaboration with global partners, the fourth edition of WGES 2017 will focus on ‘Driving innovation, Leading change’.

WGES 2017 will discuss innovative clean energy solutions that are economic, efficient and reliable. WGES 2017 will handle innovative technologies and solutions that will shape the future of the green economy. In particular, it will highlight the role of the global digital transformation, and its impact on major economic, social and environmental challenges.

WGES 2017 will not only highlight how significant is innovation to green growth, but also help decouple growth from natural capital depletion and contribute to economic growth and job creation. While business is the driver of innovation, governments play a vital role in providing clear and stable market signals. In addition, investment in research and development, support for commercialization, strengthening markets and fostering technology diffusion also serve as the key players. WGES 2017 will bring to focus the best solutions that promote and enhance green growth.

“Technological innovations in renewable and clean energy are arguably the lifeblood of a sustainable economy. The UAE Vision 2021 and Dubai Integrated Energy Strategy 2030 is a reflection of the careful preparation and thinking which is going into our country’s rapid transition to support a green economy,” said HE Saeed Mohammed Al Tayer, HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy in Dubai, and Chairman of WGES.

“Technological innovation is essential for a transition to a green economy. Crucial to the continued success of organisations in the Middle East and the region, it is key to the future of the UAE, the wider region and indeed the global economy. As such WGES 2017 will ensure that the Summit serves as a strategic platform to provide the best-in-class strategies to meet the green goals,” added Al Tayer.

WGES 2017 will also bring to focus how investing in energy and environmental R&D is not enough. Only a small share of the key inventions that are aimed at addressing climate change emerge from energy or environmental R&D. As such, R&D in fields such as material sciences and engineering are much more important sources of scientific research for green technologies.

Similarly, carbon taxes are not enough to stimulate green innovation. Putting a price on carbon is very important for incremental improvements to clean tech, but does not necessarily lead to breakthrough innovations. Public and private investment in research is also needed to drive long-term green innovation.

“Green growth provides means by which economic, environmental and social goals can be simultaneously achieved. While addressing climate change with these alternative and renewable technologies can be expensive, the concept is by no means unrealistic. However, it is essential to remove regulatory barriers that can help spur entrepreneurship and generate new business models that challenge incumbent firms,” added HE Saeed Mohammed Al Tayer.

WGES 2017 will address new technological advancement and innovations, which can increase the share of renewable energies by reducing costs and enhancing efficiency. In addition, the Summit will cover a number of sessions which will discuss the role of the innovative solutions and new technologies in accelerating the transition to the green economy.

While participants will have an opportunity to hear from innovators and executives from major corporations that are at the forefront of this transformation, they will also have a chance to identify varied new methods and mechanisms to incorporate technological innovation into daily business practices.

“Technological innovation is one of the most important elements required for the next stage of evolution in the energy industry. WGES 2017 will bring together senior professionals and corporate sustainability leaders to discuss and examine how companies today can transition more efficiently to the green economy by integrating innovation and technology in their business models,” added Al Tayer.

While innovation has and will continue to play an important role in the green economy, WGES 2017 will also provide insight into how digital technology can be leveraged in the context of major economic, social and environmental challenges faced by countries today.

The Summit will shed light into the paradigm shifts that have taken place due to digital transformations within the implementation of sustainable development policies. In addition, the Summit will serve as a forum for discussions and deliberations that can provide lively and rich-ideas, based on as many stories of successful sustainable development projects. It will bring together leading young entrepreneurs and innovators to offer and provide some solutions and ideas that address economic, social and environment issues and challenges.

“While innovation and technology play an important role in creation of green economies, strong leadership will help shape it. We are positive that WGES 2017 will serve as a catalyst for growth and development, powering communities and economies to drive the creation of opportunities which will enable greater social inclusion,” concluded Al Tayer.

WGES 2017 will be held in conjunction with the 19th edition of Water, Energy, Technology and Energy Exhibition ‘WETEX 2017’ and the 2nd edition of ‘Dubai Solar Show 2017’, as part of the Green Week activities in Dubai.