Dubai Government Launches Multibillion Solar Projects

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Solar energy is set to provide at least 25% of Dubai’s power generation come 2030, according to the government of Dubai. Solar energy in Dubai currently has a 1% share in the country’s power generation.

These were the words from the Vice President and Prime Minister of the UAE and Ruler of Dubai; Mohammed bin Rashid Al Maktoum, “We recognize that preserving our energy resources will be one of the greatest challenges in our drive towards sustainable development. This however, will not materialize unless the different facets of our society adopt energy conservation principles in their core values. The future generations will be the chief beneficiaries of our achievements and the best judges of what we accomplish in this field”

Dubai has more challenges in the energy sector than most cities; the tallest building in the world is right there in the city, which will definitely generate the longest electricity bills in the world. The city has a mall with penguins and of course the sky rocket. The penguins definitely need their snow, and the city is always hot, so the government has to keep people cool when the temperature is over 100 degrees.

All the challenges above have motivated the ruler of Dubai to go in the solar power energy direction with the mission of putting solar panels on the city’s rooftops by 2030. According to MESIA, the plan is to see all buildings in Dubai with solar panels installed on their roofs; by MESIA’s calculations there are over 115,000 buildings in Dubai that are expected to consume 1,500MW of solar capacity, worth about $2 billion.

Financial motivation in terms of low cost loans has been put in place to help building owners to curb the burden of the cost of the rooftop systems. The government has provided low cost loans of over $27 billion. The sharp increase in commercial solar activities is expected to be in the Dubai Green Zone (DGZ) which will shield solar energy companies around the world. With Dubai adding to its internal energy portfolio, Dubai will diversify from fossil fuels in the future.

Istathmir

Istathmir

Financial News Channel at Istathmir
Istathmir.com has been established by specialists in equity and derivative trading and by asset managers. With years of individual experience in various markets around the globe, they have decided to found the financial news and investment advice portal.
Istathmir

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Istathmir.com has been established by specialists in equity and derivative trading and by asset managers. With years of individual experience in various markets around the globe, they have decided to found the financial news and investment advice portal.