Dubai to become int’l hub for renewable energy

Dubai / Emirates Business

In the presence of HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy (DSCE), MD and CEO of Dubai Electricity and Water Authority (DEWA), and Chairman of the World Green Economy Summit (WGES), DEWA organized, in collaboration with Dubai Carbon Centre of Excellence (DCCE) and United Nations Development Programme (UNDP), a ceremony to honour organizations and departments that contributed to achieving and sponsoring the State of Green Economy Report 2016, at Raffles Hotel, Dubai.
The State of Green Economy 2016 was presented to the international audience during the events of the World Climate Summit in Paris in December 2015. The State of Green Economy Report is the first published knowledge product that shares best practices. Through the establishment of initiatives that motivate innovation, it serves the greater good of humanity. The Report also sheds the light on policies through which the United Arab Emirates aims to transform into a model of Green Economy.
During the ceremony, HE Saeed Mohammed Al Tayer, MD and CEO
of DEWA and Chairman of the World Green Economy Summit, honoured sponsors and participants in the
Report.
“The UAE has submitted it’s Intended Nationally Determined Contributions (INDCs) in the context of the United Nations Framework Convention on Climate Change (UNFCCC) in Paris, hand-in-hand with the other participating countries. By this, the UAE confirm its dedication to combating climate change through increasing the share of renewable energy. Furthermore, the Carbon Abatement Strategy, launched by the Dubai Supreme Council of Energy aims to reducing Greenhouse Gas Emission by 16% by 2020,” said His Excellency.
The State of Green Economy 2016 was complimentary to the launch of the Dubai Clean Energy Strategy 2050. The Strategy was launched by His Highness Sheikh Mohammed bin Rashed Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and aims at transforming Dubai into an international hub for clean renewable energy and green economy. The objective of this ambitious strategy is to save 7% of Dubai’s energy resources by 2020, 25% by 2030 and 75% by 2050.
“The process of financing the transition to a low-carbon economy requires precise and accurate implementation of all governmental policies. Therefore, the infrastructure pillar of the Dubai Clean Energy Strategy 2050 includes the establishment of the “Dubai Green Zone”, a free-zone specialized in attracting research and development centers and emerging companies in the field of clean and renewable energy. On the other hand, the third pillar of the strategy aims at finding financing solutions for all the R&D’s connected to clean energy and its applications. Therefore, enlisted under this pillar is the establishment of “Dubai Green Fund”, with a value of up to AED100 billion, which will facilitate financing tools for investors in the field of clean energy in Dubai,” added His
Excellency.
“The firm commitment and continuous support of our wise leadership has had immense contribution in addressing environmental issues while integrating them in the development plans of the Emirate,” added His Excellency.
The report also addresses the UAE’s efforts to promote green growth by creating 160 thousand new job opportunities. This will ensure the flow of the benefits of green development and strengthen the
relationship between sustainable
development and happiness.