Investment drive augurs well for sustainable future

RITIKA SHARMA / Emirates Business

Recent reports underlining the unprecedented pace of growing investments in renewable energy signal towards a crystal-clear path leading to a sustainable future ahead, experts opine. Renewable energy sector pocketed a whopping amount of nearly $286 billion investment in 2015 and more green initiatives are being rolled out each year with nations like the UAE leading from the forefront by example.
The investments are a collective result of a dramatic rise in new wind, solar and hydro plants and capacities worldwide. Over the years, UAE has made considerable investments in renewables and is sturdily looking forward to achieving its target for power generation from clean energy to upto 30 percent by 2030.
Rubab Sharif, a UAE-based research-scholar who is studying economic effect of renewables on GCC countries, told Emirates Business, “I think this new green revelation is a very good sign. Especially for a nation like UAE, which is working at a war-scale and investing really huge in renewables, it is an encouragement. As a nation we have to be far-sighted as far as sustainability is concerned.”
Clean energy investment increased to $286 billion in 2015. Solar energy accounted for 56 percent and wind power for 38 percent of the overall investments. The investments are benefiting the economies in more than one way.
“Renewables can save a lot of money for economies across the world. Making use of renewable is not just about the present generation, it is a long term investment that can also help us improve the lives of our future generations as well. It is a kind of reserve that will pay back to the humanity for centuries to come,” Sharif added.
According to the Abu Dhabi-based International Renewable Agency (IRENA), employment in the clean energy sector has grown by 6 percent in 2015. Around the world, 8.1 million people are now employed in the clean energy industry.
“The age of renewable energy is here, but without concerted efforts, its potential will not be reached fast enough to meet international climate and development targets. For decision makers in the public and private sectors alike, this roadmap sends an alert – both on the opportunities at hand and on the costs of not taking them,” said IRENA Director-General Adnan Z. Amin in an official statement.
‘REmap 2030, Renewable Energy Prospects: United Arab Emirates’ report by IRENA states that the potential for renewable energy deployment in industry is large – and renewable energy penetration could be higher if industries were encouraged to make investment decisions based on actual, and not subsidised, gas prices.