BEIJING, Dec. 13, 2023 /PRNewswire/ -- On the afternoon of December 9th, 2023, CICC hosted the "China-West Asia Synergies in Energy Transition and Decarbonization Investment Seminar" during the 2023 United Nations Climate Change Conference (COP28) at the China Pavilion, discussing the long-term plans adopted by the leadership for the energy transition in China and West Asia region respectively, and how to deepen the cooperation on sustainability-related initiatives between China and the West Asia region to achieve net-zero. COP28 was held in Dubai from November 30th to December 12th, 2023, bringing together global decision-makers to discuss collaborative actions and solutions for climate change.
In the opening remarks, Richad Soundardjee, CICC's Head of the UAE Preparatory Team, addressed the critical role capital providers play in the acceleration of the global energy transition, either through new financing solutions or by structurally adapting the core risk and return assessments driving the lending and investment industries.
During the keynote, H.E. Omar Sultan Al Olama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Director General of the Prime Minister's Office, stated that the sustainable partnership between China and the UAE is a testament to how global collaboration can push forward towards a common purpose that will help humanity across borders, and the importance of integrating efforts to implement the best capabilities for a better future. Al Olama added that the recent launch of Dubai's world's largest concentrated solar park by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reflects UAE's proactive visions to become one of the world's most sustainable nations.
Mr. Chen Zhihua, Deputy Director General of China National Center for Climate Change Strategy and International Cooperation, stated that green, low-carbon initiatives have become essential in cross-border investment and a new aspect of practical cooperation in global climate response. China is committed to international cooperation in climate change, aiming to bridge the global climate finance gap and encourage diverse forms of investment and cooperation under the framework of South-South collaboration.
Prominent guests attended our fireside chat. They are Abdulaziz Al Obaidli, COO of Masdar, UAE; Sir Adair Turner, Chairman of the Energy Transitions Commission; and Yunlai Zhu, former President and CEO of CICC. The session was led by Chen Ji, Executive Director of CICC Global Institute, and discussed the energy transition plans in China and the Gulf Region, and the importance of regional collaboration. The strategic partnership between China and West Asia countries stands out as the cornerstone of the global future towards a sustainable, interconnected world. The strengths of China and West Asia countries can be captured to build renewable energy industrial parks as an innovation hub to foster technological advancement and bring positive benefits to the world.
Barry Chan, CICC's Head of Asia-Australia Region, moderated the third part of the seminar. Participants included Murtaza Syed, Economist at AIIB; Razvan Dumitrescu, Director of Sustainable Finance at Emirates NBD Capital; Dina Storey, Senior Partner at Marfa Advisors; Zhang Haiying, Chairwoman of DST; and Richad Soundardjee, CICC's Head of the UAE Preparatory Team. The discussion dived into the importance of the governments collaborating with the private sector to foster sustainable development, the necessity of behavior changes such as corporate disclosure, and climate target setting. The conversation also touched upon the mechanics of blended finance to combine public and private funds in sustainable development projects, to close the funding gap for green initiatives. Chinese companies are equipped with the mission to scale up and go abroad to bring greater impacts of industrial transformation to the world.
In concluding remarks, Barry Chan acknowledged that the long journey towards a sustainable future that benefits all humanity requires all stakeholders' collective efforts. Together, we can turn these challenges into opportunities, driving returns, sustainability, and inclusivity. The seminar has paved the way for embracing innovative industrial, technological, and financial strategies essential to achieving our net-zero targets.
As a leading investment bank in China, CICC is committed to sustainable development, promoting clean energy and low-carbon economic growth to address global challenges like climate change and energy transition. To enhance cooperation between China and West Asia, CICC is actively establishing a strategic presence in the West Asia region, aiming to act as the premier investment banking gateway for bilateral trade, investment, and strategic cooperation, fostering mutual advantages for businesses and institutions across China and West Asia.
