Lord Mayor of London calls for greater environmental, social, corporate governance investments ahead of COP26
By Hatem Hussein
DUBAI, 5th October, 2021 – The Lord Mayor of the City of London, William Russell, has urged governments and businesses to adopt more ambitious climate targets and to invest in greener technology ahead of the crucial UN COP26 summit next month which will be hosted in the UK.
This came during his visit of the World Majlis at the Expo 2020 Dubai today where he held meetings with senior officials from the UAE, and discussed how London’s expertise in green finance can assist the UAE towards its green transition.
He also discussed increased investment opportunities between the two countries on the back of the recent UK-UAE Investment Partnership where the UAE pledged to invest ₤10bn ($14bn) in UK clean energy, technology, life sciences and infrastructure over the next 5 years.
Russell said: “I am delighted to be here for Expo 2020 Dubai and congratulate the UAE on hosting the first World Expo in the region.
With the UAE celebrating its 50th anniversary and as we look forward to the next 50, our friendship remains stronger than ever as reflected in the recent UK-UAE Investment Partnership.
We welcome this continued vote of confidence in London and the UK’s economy, with ₤10bn of additional investments, creating shared jobs and prosperity for both of our countries.
“As the world begins to look ahead to the post-pandemic global economic recovery, Expo 2020 Dubai provides the perfect platform for governments and businesses from more than 190 countries to connect and share the latest ideas and innovations to help build back better.
Here the UK has a lot to offer, British expertise and innovation in sustainable finance will be crucial to unlock the private capital needed to help developing economies emerge from the pandemic.
“With the threat of climate change looming, it’s vital that we utilise Climate and Biodiversity Week at Dubai Expo to drum up 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 be hosting a Green Horizon Summit at COP26.
The UAE has led the way on tackling climate change in the Middle East with its commitment to ensuring that 50% of its electricity is generated from renewables by 2050 and to reduce its carbon footprint by 70% in the same year.
We hope the UAE will work closely with us as we look to deliver on this vital agenda at COP26.
“The UK is the UAE’s third largest non-oil trade partner in Europe, while the UAE is the UK’s largest trading partner in the Gulf, accounting for a third of all UK trade in the region.
The GCC, as a collective, is the UK’s 4th largest trading partner,” the UK Embassy said in a press statement sent to the Emirates News Agency (WAM) on the visit of Lord Mayor of the City of London to the UAE.
The Lord Mayor also met with officials from India and Kenya at the Expo 2020 Dubai to explore how best the UK can assist emerging markets coming out of the COVID-19 pandemic by helping countries unlock the private capital needed to fund sustainable developments.