The Middle East Green Initiative summit stressed the need to establish green sustainability, as participating financial experts unanimously agreed to enhance cooperation between the public and private sectors and enhance the role of the World Bank and the International Monetary Fund (IMF).
CEO of BlackRock Larry Fink explained that the private sector faces the challenges of using sustainable financing to enable green transformation.
Fink stressed the need to enhance cooperation between the public and private sectors to establish net-zero carbon emissions.
He expects capital allocations to shift towards green climate strategies.
Fink sees climate change as massive potential for new opportunities, saying it is a business opportunity because it will require reinventing every segment of the industry.
"Getting to net-zero carbon emissions by 2050 is going to require a revolution in the production of everything we produce and a revolution in everything we consume. The process of creating fuel, food, and construction materials, with all the needs that we have as humanity, it all has to be reinvented," Fink said.
He explained that it will require a "large amount of investment, a large amount of ingenuity and a large amount of innovation."
Fink pointed out that green technologies cost a lot, saying that organizations like the IMF and the World Bank "must play a critical role" in helping to ensure capital is invested in green climate technology in developing nations.
The CEO of HSBC Group, Noel Quinn, called for strengthening partnerships between the public and private sectors to facilitate green investments.
Quinn stressed the need to benefit from the "Middle East Green Initiative" recommendations in light of the expected commercial and industrial transformation during the next decade to become carbon neutral.
"This year alone, we have already helped our customers issue $170bn of green bonds with a broader range of structures and a greater variety of issuers than ever before. But the next phase of development will require more than just capital market activity," Quinn said.
He pointed out that the commercial banking industry needed "a fundamental re-engineering" to support corporate activity transitioning to net zero.
Quinn stressed that Europeans, the World Bank, and the IMF play an influential role amid the need to consolidate the concept of the transition towards green sustainability to enhance transparency and legislation so that the private sector achieves its role in the green economy and the transition to green sustainability.
In this context, BTG Pactual Senior Partner Andre Esteves affirmed devoting efforts to conserve the planet, pointing out that his country has the largest area of forests and is primarily concerned with the wildfires that burn the trees.
Esteves stressed the need to mobilize efforts to move to a cleaner and more sustainable planet, pointing out to the importance of preserving forests and the ecosystem.
He indicated that his company has a $3 billion funded project to purchase damaged areas and restore them. The project also aims to preserve commercial forests and tackle issues of wood products.
Esteves expected his country to benefit from the "Middle East Green Initiative" outputs in planting and preserving forests by local communities.