WGES 2026: How the UAE is driving discussions around green economy
Yousif Al Lootah has been embedded in the UAE’s green economy since 2010, long before it was a global conversation. The chief executive and founder of Lootah Biofuels, the UAE’s – and possibly the region’s – first biofuel company, was aged 19 when he started out. His brother, who owned a diesel-guzzling Hummer, was not convinced by the idea of putting used cooking oil into his car, but Mr Al…
The 12th World Green Economy Summit, held at the Dubai World Trade Centre, brought together policymakers, multilateral lenders, debt market analysts, fund managers, and entrepreneurs to discuss the future of the green economy. Yousif Al Lootah, the founder of UAE's first biofuel company, Lootah Biofuels, was among the speakers. He emphasized the UAE's unique approach to building a green economy model that other markets are now studying.
Jonathan Maxwell, founder of Sustainable Development Capital LLP, highlighted Dubai's role as a prime location for convening global experts due to its facilities, capability, focus, and sense of authenticity. Maxwell expressed excitement about the opportunities presented at the summit, noting that discussions were leading to constructive conversations about potential collaborations.
Syed Adeel Abbas, regional climate lead for the World Bank, stressed that the global economy is transitioning towards decarbonization. He emphasized that the UAE is well-positioned to achieve its net-zero targets and capitalize on competitive advantages, particularly in green hydrogen production. The EU's carbon border adjustment mechanism could further incentivize UAE industries to move faster in adopting sustainable practices.
Bashar Al Natoor, managing director and global head of Islamic Finance at Fitch Ratings, noted that green financing has reached $73 billion in the GCC region, with GCC ESG issuance accounting for 40% of all US dollar ESG issuance from emerging markets, excluding China. He stressed that financing should be based on reliable, predictable policies aligned with governments' commitments rather than being the starting point for green initiatives.
Maxwell concluded that a successful green investment case should prioritize being cheaper, cleaner, and faster, rather than focusing on who pays for it. He echoed Al Lootah's sentiment that everyone is united in the mission to save the environment, with technological advancements like AI and robotics enhancing the transition to a sustainable lifestyle.
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