Dubai will launch $27 billion Green Energy Fund

0

Dubai will launch a US$27 billion Green Energy Fund to support local, national and international projects, according to the Third Dubai Declaration issued on the conclusion of the World Green Economy Summit (WGES) recently, the Emirates News Agency WAM reported.

More than 80 prominent speakers from across the globe, in addition to dignitaries and representatives from government institutions, academics, experts and others attended the third edition of the WGES, held under the theme of ‘Driving Global Green Economy’. It was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

WGES 2016, hosted by the Dubai Electricity & Water Authority (DEWA) under the umbrella of the Dubai Supreme Council of Energy, in collaboration with World Climate Ltd and its international partners, was supported by the United Nations. The summit ran in conjunction with 18th session of Water, Energy & Environment Exhibition (WETEX) and Dubai Solar Show 2016.

The Dubai Declaration represents our commitment to create an even smarter, greener, happier Dubai and make it the ‘gobal green capital of the World’,” said Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, Managing Director and CEO of DEWA and Chairman of WGES.

Al Tayer summed up the achievements of past years and commitments for the next year, emphasising the three areas of focus for this declaration – Dubai, a global green hub, global green partnerships, and green finance; achievements and future plans of DEWA, and Dubai – ‘the global capital of the green economy’.

Clean energy

In 2015, innovative government programmes were launched to support green economy objectives such as the ‘Dubai Strategy for Clean Energy 2050’, which aims to diversify energy sources and raise clean energy contributions, and the ‘Demand Side Management Programme’, which aims to reduce demand for energy  and water by 30 percent by 2030.

Dubai will continue to work as per international excellence standards on green mega-projects, particularly the expansion of the Mohammed bin Rashid Al Maktoum Solar Park, making it the largest single-site solar park after completion.

DEWA launched the UAE Solar Programme of Activities (PoA), which also enables the registration of projects under the Clean Development Mechanism (CDM), and initiated key innovations in green infrastructure, such as the ‘EV Green Charger’ for electric vehicles.

Among the plans is DEWA’s decision to collaborate with the UNDP during the set-up phase of the World Green Economy Organisation. It also plans to promote its position as the main reference for a green economy, while encouraging dialogue among nations and countries on green economy practices.

Technical support

DEWA also plans to provide technical support for the countries in the field of green economy and create job opportunities.

Dewa will develop the ‘Dubai Green Free Zone’, which will be dedicated to attracting mature and emerging companies in clean energy. The Dubai Green Free Zone will become a global hub to attract research and development and innovative clean energy companies.

DEWA will continue to develop innovative business models for energy and transport such as power purchase agreements (PPA) for solar power, which have resulted in record-breaking prices for solar energy per kilowatt-hour.

The authority will continue to implement the ‘Shams Dubai Initiative’ which allows customers to install photovoltaic panels on their rooftops to generate electricity from solar power and connect the systems to the grid.

It will also support the global policy framework for green economy and climate action, through a commitment to keep the increase in global average temperature to well below 2 C above pre-industrial levels, and to aim to limit the increase to 1.5 C.

Dubai will launch the $27 billion Green Energy Fund, based on the framework developed this year.

About Author