Conference equates climate with growth

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ABU DHABI, United Arab Emirates, Jan. 14 (UPI) -- A growing interest in a low-carbon economy means investors can expect a crowded and fast-developing market, a British energy minister said.

British Energy and Climate Change Minister Greg Barker told delegates at the Abu Dhabi Sustainability Week conference that development banks and pension funds should look at a low-carbon future as a growth opportunity.

"The opportunities for the global, low-carbon economy are huge and growing at an exponential rate," he said in a statement. "Clean energy and a range of resource efficient projects can expect growing interest in attracting investment as new financial participants crowd into this fast developing market."

The conference began Sunday with the third session of the International Renewable Energy Agency's General Assembly. IRENA aims to promote widespread and increased use of clean energy resources from hydropower to geothermal technology.

Sultan Ahmed al-Jaber, the Emirati special envoy for energy and climate change, said evolving climate trends that are human-induced could open new business opportunities.

"Abu Dhabi is investing in the future of energy by working with investment partners and governments, like the United Kingdom, to build sophisticated, large-scale renewable energy projects that showcase the economic returns, and environmental benefits, of addressing these pressing issues," he said in a statement.

The conference concludes Thursday.