The world this year has witnessed an unprecedented upheaval, the effect of which will continue to be felt for years. In addition to creating the biggest health crisis in modern times, it has brought about chaos in society, environment and individual lives. As the global economy continues to decelerate, millions have lost jobs and millions more face the prospect of their livelihoods being snatched.
The headwinds created by the coronavirus pandemic also seem to have disrupted the Sustainable Development Goals, launched with great hope at the United Nations General Assembly in September 2015 to achieve a better future for all.
As we become collectively more aware of the consequences of our actions that have magnified the effects of the pandemic, such gloomy pictures of tomorrow tend to eclipse the emerging signs of transformation.
The pandemic has made us realise that sustainability is the key to guaranteeing our future well-being. There is little doubt that Covid-19 has also altered the views of those who previously dismissed the notion that human action, nature and economies are all interconnected.
There is a wider acknowledgment today that crises fuelled by climate change are no less grave than those caused by Covid-19. Such a shift in perspective could push not just governments to take urgent action, but it could also prompt industries to switch from manufacturing practices that are polluting and wasteful to more sustainable ones, where there is a symbiosis between cycles of consumption and production.
This is an idea that corresponds to responsible consumption and production patterns under the Sustainable Development Goals, number 12 ('Ensure sustainable consumption and production patterns'), in particular which Abu Dhabi Fund for Development (ADFD) helps partner countries to achieve through funding of sustainable projects.
For nearly five decades, the Fund has been promoting sustainable development around the world, while catering to the UAE’s economic diversification efforts through financing environmentally and economically sustainable projects across key sectors.
Consider some of the recent ones that could serve as models, such as an innovative sustainable project in the Maldives that addresses simultaneously the country’s waste-management and energy challenges in an eco-friendly manner; the Al Dahra Holding project, which supports food-security initiatives; and the waste-to-energy facility in Sharjah (a joint venture between Masdar and Bee’ah that bolstered the UAE’s leading position in the development of sustainable projects). All these initiatives are aligned with the Development Goals.
In 2013 we committed $350 million over seven funding cycles to finance renewable energy projects in developing countries that are members of The International Renewable Energy Agency, to increase clean energy access for their people, improve livelihoods and advance sustainable development.
So far we have financed 78 renewable energy projects, whose total value stands at $1.2 billion (Dh4.4 bn). Spanning across 62 countries, these initiatives have not just transformed millions of lives, but they have also reduced environmental degeneration.
Let us not forget that many countries do not have the means to implement their sustainable development agenda despite having the will to do so. This is where collaborative partnership comes into play. Take Cuba, which has set a goal to produce 24 per cent of electricity from renewable sources by 2030.
Sometimes objectives like these can only be fulfilled through partnerships such as the one it has with ADFD, which has financed one of its major solar projects. The result is remarkable: the 15megawatt project has helped the country save 5.9 million litres of fossil fuels annually and reduce total annual carbon dioxide emissions by 19,000 tonnes.
Thanks to rapid advancement of technology, unlocking the untapped natural energy in a sustainable manner has never been easier. These initiatives only have upsides – they hasten socioeconomic development, help nations achieve energy security more easily, keep the environment clean, support industry and create jobs. Yet another similar project that we have decided to implement in Cuba will hasten its transition to renewable energy.
It is crucial for organisations and entities funding development initiatives to help developing countries, as well as businesses and companies all over the world focus on responsible manufacturing practices.
It is equally critical for development financers to maintain their focus on sustainable and innovative projects, as these funding entities play a vital role in the process of transition to sustainable practices through international co-operation and partnerships that are catalysts for spurring creativity and ingenuity across sectors. These actions can help us achieve the 17 Sustainable Development Goals, thus ensuring that everyone in the world enjoys the fruits of prosperity and peace.
We already hear that the world will be different after Covid-19. It is a realisation that can take us to the next world, of which we have only dreamt of until now.
Mohammed Saif Al Suwaidi is the director general of Abu Dhabi Fund for Development
