By Hatem Hussein DUBAI, (UrduPoint / Pakistan Point News / WAM – October 06, 2021) City of London Mayor William Russell urged governments and businesses to adopt more ambitious climate targets and invest in more technology green ahead of the crucial UN COP26 summit next month in the UK.
This happened during his visit to the World Majlis at Expo 2020 Dubai today, where he held meetings with senior officials from the United Arab Emirates and discussed how London’s expertise in matters finance can help the UAE towards its green transition. He also discussed the increased investment opportunities between the two countries following the recent UK-UAE investment partnership, in which the UAE has pledged to invest 10 billion yen (14 billion dollars) in clean energy, technology, life sciences and infrastructure in the UK over the next 5 years.
Russell said: “I am delighted to be here for Expo 2020 Dubai and congratulate the UAE for hosting the region’s first World Expo. As the UAE celebrates its 50th anniversary and we look forward to the next 50, our friendship remains stronger than evidenced by the recent UK-UAE investment partnership.We welcome this continued vote of confidence in London and the UK economy , with 10 billion yen of additional investment, creating jobs and shared prosperity for our two countries.
“As the world begins to look to the post-pandemic global economic recovery, Expo 2020 Dubai provides the ideal platform for governments and businesses in over 190 countries to connect and share the latest ideas and innovations for help rebuild better.
Here the UK has a lot to offer, UK expertise and innovation in sustainable finance will be crucial in unlocking the private capital needed to help developing economies emerge from the pandemic.
“With the threat of climate change looming, it is critical that we use Climate and Biodiversity Week at the Dubai Expo to garner greater support for ESG investments from governments and businesses ahead of the crucial COP26 summit in Glasgow next month. Working with the Green Finance Institute, the City of London Corporation will host a Green Horizon summit at COP 26. The UAE has led the way in tackling climate change in the Middle East by pledging to ensure that 50 % of their electricity will be produced from renewable energies by 2050 and reduce its carbon footprint by 70% in the same year. We hope the UAE will work closely with us as we seek to deliver on this vital agenda at COP26. ”
“The UK is the UAE’s third-largest non-oil trading partner in Europe, while the UAE is the UK’s largest trading partner in the Gulf, accounting for one-third of all UK trade. United Kingdom in the region. The GCC, as a collective, is the UK’s 4th largest trading partner, “the UK Embassy said in a press release sent to the Emirates News Agency (WAM) on the occasion of the visit of the Mayor of the City of London to the United Arab Emirates.
The mayor also met with officials from India and Kenya at Expo 2020 Dubai to explore how the UK can best help emerging markets come out of the COVID-19 pandemic by helping countries to unlock the private capital needed to finance sustainable development.