(MENAFN- Khaleej Times) Even as several jobs are being lost in the aftermath of environmental issues, the renewable energy sector is creating jobs, panelists said at the two-day World Green Economy Summit in Dubai on Tuesday.
"In Asia, environmental pollution is a key issue. Jobs are being lost because of it. In the Philippines, mines are being closed down, leaving societies unemployed. So, people are now looking at the renewable energy sector for jobs to offset these losses," said Victor van Vuuren, director, International Labour Organisation.
He pointed out that many developing economies are leading the way to fight climate change while developed economies have formulated action plans to combat the problem.
Highlighting a few examples, he cited how the Indian government has installed solar light bulbs in Delhi. Similarly, Morocco has also announced its commitment to fossil fuel subsidy reforms.
Dr Frank Rijsberman, director-general, Global Green Growth Institute, said there are job opportunities for the next generation as people are coming together to tackle these challenges.
In the UAE, the Dubai Electricity and Water Authority (Dewa) is investing Dh81 billion in clean and renewable projects. Dubai has announced the launch of a Dh100 billion Green Fund which will not just reduce carbon footprint but also help generate renewable energy.
Zoe Knight, managing director and group head, HSBC's Centre of Sustainable Finance, said the fight for climate change will be costly as estimates show that around $100 trillion needs to be spent on infrastructure systems to achieve the Paris Agreement goals.
She pointed out that in some parts of the world, sovereign wealth funds are divesting portfolios to solve climate problems.
"The incentives for corporates come from both the government and the financial sector. The government plays a critical role by setting renewable efficiency targets. France has played a leading role in this regard by driving banks to disclose more on their CO2 footprint," she said.
Dr. Waddah Ghanem Al Hashmi, executive director, corporate affairs, Enoc Group, said the energy sector is reinventing itself in certain segments such as mobility and transportation.
"The oil and gas business is being criticised for not being innovative enough, but this has started to change. The oil and gas business now provides innovative solutions to energy, transportation and aviation industries," he said, adding that boards and executives will need to reassess their decisions as they would impact the reliability and sustainability of their businesses in the next 10 years.
"Our initiatives are driven by sustainability. Enoc's refinery expansion, which is expected to complete by 2019, not only provides cleaner products, but it is also a good training ground for young engineers," Al Hashmi added.
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