The Green Chain Platform aims to attract and host programmes to encourage the adoption of alternative energy solutions supported by sustainable impact investments.
It also targets fast tracking the global decarbonisation of the manufacturing sector by curating investment opportunities for sustainable projects and utilising blockchain and crypto technologies to offer an online platform in order to encourage environmental impact investments in developing countries.
GMIS2021’s Managing Director Namir Hourani said that the manufacturing industry is one of the largest contributors to greenhouse gas emissions worldwide, and so it is critical that manufacturers start adopting new technologies to decarbonise the sector.
“One way of doing this is through deploying renewable energy technology solutions, but these are usually expensive, and these high costs make it a challenge for developing countries and less developed countries to adopt technologies that are essential to maximise the potential of renewable energy resources,” Hourani explained.
“This is particularly problematic when it comes to the technology required for storage and transportation of renewable energy over long distances. So, despite being rich in renewable energy resources, there is very little investment in renewable energy production in developing countries.”
He added that the Green Chain initiative aims to tackle the issue by providing potential investors with environmental impact investment opportunities in developing countries and fostering them to deploy any financial returns towards decarbonising their facilities.
The concept of the Green Chain Platform was developed and conceptualised through working groups led by leading global consultancy firm Roland Berger in partnership with the United Nations Industrial Development Organization, the Association of German Chambers of Commerce and Industry, German Emirati Joint Council for Industry & Commerce, Lloyd's Register, and Spherity.
Project partners include Schneider Electric, Engie Energy Access, Libra Project, and Allinfra.
During the GMIS2021 event, a number of discussion panels were held which touched upon the mass-scale decarbonisation of industries; the electrification of high energy consuming sectors; clean carbon credit markets for inclusive and sustainable energy economies; the gap between renewable energy sources; the potential for green, blue, and pink hydrogen to increase investor confidence in alternative energy markets; and offering exciting opportunities for the future of industries globally.
Furthermore, the summit announced that the UAE plans to use nuclear energy for hydrogen production as a stable energy source compared to present solar and wind solutions.
The launch of the Green Chain Platform reflects the outcome and lasting legacy of the GMIS2021 and highlights the summit’s commitment to delivering long-term strategic results and value that will contribute to the sustainability, development, and wellbeing of societies around the world.
Over six days, till 27 November, GMIS Week is gathering over 250 global leaders from the public and private sector.
The GMIS Week includes a two-day GMIS2021 Summit, the Global Prosperity Conference, and country focused sessions in partnership with the United Kingdom, Australia, and Italy.
Throughout the six-day event, a manufacturing and advanced technology exhibition is featuring over 30 world-class exhibitors to highlight the UAE government’s ‘Make it in the Emirates’ campaign: A first-of-its-kind initiative to encourage local and international investors, developers, and innovators to benefit from the facilities and incentives offered by the country’s industrial sector.