Port Rashid, Dubai
Port Rashid, Dubai Emiel Molenaar/Unsplash

The International Renewable Energy Agency (IRENA) signed an agreement with Dubai-based logistics company DP World to increase the use of renewable energy and cut emissions from the ports and maritime logistics sector.

The signing of the agreement, which focuses on decarbonization solutions in the sector, took place on Sunday, with DP World Group Chairman and CEO Sultan Ahmed bin Sulayem and IRENA Director-General Francesco La Camera representing both parties.

Sulayem said DP World is honored to partner with IRENA in this "transformative journey," noting that both entities share the same "global vision of renewable energy powering the supply chain," WAM reported.

He stressed that DP World is working toward shaping the future of trade, building resilience and sustainability at every stage. He also said that together, both parties will "set new standards for a greener future."

"We will leverage our extensive reach and influence to convene the supply chain industry, fostering solutions that resonate not only within our operations but across borders, ensuring a sustainable flow of trade worldwide," Sulayem added.

La Camera, on the other hand, pointed out that the maritime sector is one of the most challenging industries to decarbonize. However, he said that "DP World's innovative use of smart electrification" is helping the sector shift toward renewables and improvements in energy efficiency.

"Our partnership with DP World is a ground-breaking step towards accelerating effective and innovative renewables-based energy solutions," he concluded.

IRENA, established in 2009, is an intergovernmental organization that encourages the use of renewable energy across the world.

IRENA and DP World are all set to share their insights on initiatives at the United Nations Climate Change Conference (COP28), which will be held at Expo City Dubai from Nov. 30 to Dec. 12.

This initiative is in line with COP28's mission, which is to ensure that solutions are implemented globally to limit the temperature rise to 1.5 degrees amid climate change's growing impact.

Last week, Expo City Dubai and Dubai Electricity and Water Authority (DEWA) signed an agreement to boost renewable energy.

American credit rating agency Fitch Ratings previously noted that the upcoming COP28 summit will play an important role in boosting green financing, as the event will be hosted by the United Arab Emirates (UAE), which holds 19% of global sustainable bonds.

Green financing pertains to funds that get allocated for curbing the effects of climate change including promoting renewable energies and reducing pollution.