UAE's Green Economy Leadership: WGES 2026 Highlights Innovation and Global Impact

Yousif Al Lootah has been a pioneer in the UAE's green economy since 2010, predating its global prominence. As the chief executive and founder of Lootah Biofuels, potentially the region's first biofuel company, he began his venture at 19. Despite initial skepticism from his brother about using cooking oil in a Hummer, Al Lootah's persistence paid off, with his family now embracing the concept.

Mr. Al Lootah was a key speaker at the 12th World Green Economy Summit (WGES) held at the Dubai World Trade Centre. He joined a diverse group of policymakers, multilateral lenders, debt market analysts, fund managers, and entrepreneurs to discuss the future trajectory of the green economy. The UAE, host of WGES since its inception, has developed a model that is attracting international attention and study.

"We get all this knowledge, we cook it in a cocktail, and we make our own decision and system for our country,” Mr. Al Lootah stated, expressing pride in the UAE's rapid advancements in the sector.

Jonathan Maxwell, founder and group chief executive of Sustainable Development Capital LLP, who attended the summit's first edition, emphasized the UAE's crucial role in the global green economy. He noted Dubai's exceptional capacity to convene global stakeholders due to its facilities, capabilities, and authentic focus, positioning it as a vital platform for the future green economy.

Mr. Maxwell expressed enthusiasm for the summit's outcomes, highlighting constructive conversations and the potential for collaborative action. He stressed the importance of developing a compelling narrative, supported by use cases and success stories, to influence both government and the private sector, fostering innovation through shared experiences.

Syed Adeel Abbas, regional climate lead for the World Bank, reassured attendees that the green economy is an unstoppable global trend. "The global economy is decarbonising. Products and services around the world are going to be more and more green and sustainable, and socially responsible, so if you’re a company or a layman or a government, you need to understand that that’s the trend that we need to follow. And if we do not follow that trend, we will stay behind,” he explained.

Abbas highlighted the UAE's leading position, particularly its competitive advantages in decarbonizing its industry and achieving net-zero targets set at COP 28. He pointed to the UAE's sufficient capital and robust investment frameworks as key enablers. Furthermore, the development of green hydrogen as an export industry and the EU's carbon border adjustment mechanism present significant incentives for UAE industries to accelerate their transition, especially in sectors like aluminum exports where lower carbon intensity can yield substantial competitive advantages.

Abbas urged policymakers at WGES to prioritize predictable policies that support government commitments over solely focusing on financing instruments like green bonds. "Financing is not the solution and shouldn't be the starting point. It should be reliable, predictable policies that fall behind the targets and commitments that governments have made.”

Bashar Al Natoor, managing director and global head of Islamic Finance at Fitch Ratings, described green financing as a significant and growing trend. He noted that outstanding green sukuk and bonds from the GCC have reached $73 billion, with GCC ESG issuance comprising a substantial portion of emerging market ESG issuance. He also mentioned significant catalytic investments from the World Bank's IFC and recent green sukuk issuances by First Abu Dhabi Bank, Qatar, and Saudi Arabia's Public Investment Fund.

Mr. Maxwell advocated for a shift in perspective, suggesting the focus should not be on who pays, but on maximizing efficiency and achieving more with fewer resources. He summarized the ideal green investment case as "cheaper, cleaner, faster," emphasizing cost-effectiveness and revenue generation as primary drivers. He views sustainability as intrinsically linked to resource efficiency, benefiting the economy overall.

Concluding, Mr. Lootah reiterated the collective mission to safeguard the environment, expressing optimism that emerging technologies like AI and robotics, coupled with the engagement of the younger generation, will accelerate the transition to a sustainable lifestyle.