CUBC Hosts First Canada-UAE Future Energy Forum During COP28
DUBAI, UAE, Dec. 6, 2023 - The Canada-UAE Business Council (CUBC) hosted its inaugural Future Energy Forum which convened government and industry leaders, innovators, and change-makers to advance climate solutions during the United Nations Climate Change Conference, COP28, hosted at Expo City Dubai.
The Forum featured three interactive, moderated discussion panels focusing on public and private sector climate finance, cutting-edge sustainable technologies and forward looking decarbonization policies. Panel speakers included Pierre Fitzgibbon, Minister of Economy, Innovation and Energy of Quebec, Meera Al Suwaidi, Head of Value Creation at Mubadala Investment Company, Stéphane Germain, President of GHGSat, Jody Becker, Chief Strategy Officer and Executive Vice President of EllisDon, and Alec Clark, Head of Global Energy at TD Securities.
The Hon. Jean Charest, Co-Chair of the Canada-UAE Business Council and Partner at McCarthy Tétrault kicked off the Forum, stating that Canada and the United Arab Emirates are "uniquely positioned as resource-based countries to champion and advance the clean energies of tomorrow through their close bilateral relationship." He added, "From greenhouse gas monitoring to innovative new technologies to reduce emissions, to investing in critical infrastructure, to building green energy corridors, our members are at the forefront of the future economy."
Opening remarks were delivered by H.E Sultan Al Mansoori, Special Envoy for Canada, Government of the United Arab Emirates, who reaffirmed his country's commitment to deepening its collaboration with Canada and expanding the bilateral relationship in areas of mutual interest including decarbonization, sustainability and diversifying both resource-rich economies.
The Hon. Scott Moe, Premier of Saskatchewan, and Mark Carney, Co-Chair of the Glasgow Financial Alliance for Net Zero, UN Special Envoy for Climate Action and Chair of Brookfield Asset Management, also provided opening remarks highlighting respectively Saskatchewan's role as a world leader in sustainable economic development, and environmental stewardship, as well as Brookfield Asset Management's landmark partnership with newly launched fund Altérra to deploy over US$20B in climate initiatives.
The Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada participated in the Forum and reiterated in a fireside chat with Musabbeh Al Kaabi, Co-Chair of the Canada-UAE Business Council and Executive Director of Low Carbon Solutions and International Growth at ADNOC, Canada's commitment to a low carbon economy through innovative policymaking, major investments and partnerships.
"The Canada-UAE bilateral relationship has gained significant momentum over the past year, made even stronger by new opportunities to explore and advance business partnerships in sustainability, decarbonization and energy transition," said Minister Champagne. "The partnerships announced at COP28 are a testament to Canadian innovation and entrepreneurship and the potential that exists as we continue to deepen our relationship while seeking solutions to the climate crisis."
The Forum concluded with the signing of a new strategic collaboration agreement between Montreal-based GHGSat, the global leader in high-resolution remote-sensing of greenhouse gas from space, and the United Arab Emirates'ADNOC and YahSat. The agreement will see GHGSat provide satellite emissions monitoring for oil and gas facilities and lead to the formation of a Centre of Excellence on methane emissions following COP28. Selected as a Lighthouse Project by the COP28 Energy Transition team, in recognition of the project's potential, it will combine world-class expertise and leadership to accelerate methane reductions from the energy sector in the MENA region and beyond.
Additional announcements engaging a wide range of Canada-UAE Business Council members and partners are expected throughout COP28, which runs from November 30 to December 12.
- According to the United Arab Emirates Ministry of Economy, the aggregate value of UAE investment in Canada has reached $30 billion.
- In 2022, the United Arab Emirates was Canada's largest merchandise export market in the Middle East and North Africa (MENA) region.
- In 2022, Canada was the top source country for FDI capital to Dubai. The country accounted for 41 percent of the total value of investment flows.
- More than 200 Canadian companies have an operational presence in the United Arab Emirates. It is estimated that over 40,000 Canadians live and work in the United Arab Emirates.