UAE to Become a Green Digitized Economy

After critically analyzing the global pandemic’s long-lasting effects, the United Arab Emirates has started to walk on the road to green digitalization. As a result of Covid-19, the digitalized form of economy has become mandatory for sustainable development. According to the recent report published by the World Bank, UAE is the world-leading producer of oil and is counted among the world’s richest countries. Despite all these facts, the Covid 19 pandemic has left no choice for the government to plan and move towards the digitalized form of economy. Sustainable economy is only possible through green digitalization.

Abu Dhabi has currently organized a first virtual sustainability summit that was live telecasted worldwide through digital and social platforms in Arabic and English. This broadcast received an extremely healthy response by getting 100,000 views from 175 countries. They invited more than 500 influential leaders from business, technology, and government sectors to explore the technological opportunities towards a sustainable economy. They agreed to design and adopt the digitalized roadmaps of the green economy. At the summit, they confirmed their commitment to decarbonization by saving the oil of 354 million barrels through the proper distribution of sustainable energy sources. It will reduce the consumption of oil by 23%; thus, we can reduce the emission of carbon dioxide in the environment by 22%. 

Digital Economic World

The UAE government will digitalize its economy to bring proficiency to the government, design a cost-effective industry, and strengthen the international portfolio. In order to meet these targets, UAE has inaugurated the world’s first experimentation-based artificial intelligence University called the ‘Mohamed bin Zayed University of Artificial Intelligence’, which received its first batch of students this January 2021. 

UAE is also adopting the blockchain strategy in 2021 by undertaking multiple blockchain projects. SustVest is a blockchain-based public platform where people invest their funds in solar projects, later, that they earn the profit after customers buy these solar panels. The founder of this company, Hardik Bhatia, says that the sun on our rooftops is providing us countless opportunities with a value of more than $66 billion as the sun provides a cheap and efficient alternative energy source. They are providing an opportunity to invest in Solar space by tokenizing projects in order to provide liquidity.