Dubai launches $13bn clean energy fund

29 November 2015

Fund to bankroll three-quarters of energy supply from clean sources by 2050

Dubai has launched a AED50bn ($13bn) fund to support its ambition to generate 75 per cent of its energy from clean sources by 2050.

More than 90 per cent of Dubai’s electricity is currently produced using gas and the plan was to reduce this figure to 71 per cent by 2030, under the initial sustainability programme launched by the emirate.

The new programme, called Dubai Clean Energy Strategy 2050, envisages an accelerated pace of clean energy development with the goal of making Dubai “the city with the least carbon footprint in the world by 2050.”

Dubai Ruler and UAE Vice President and Prime Minister Mohammed bin Rashid al-Maktoum announced the new initiative upon inaugurating the second phase of the solar park in Dubai named after him.

“Every investment in the development of clean energy sources is at the same time an investment to protect the environment for future generations,” Al-Maktoum said in a statement carried by the state -controlled Emirates News Agency (Wam).

Dubai’s solar park, which is being built in phases, is considered one of the most significant renewable energy projects globally. It aims to generate 5,000 megawatts (MW) in a single location by 2030 with total investments worth $13bn.

The emirates’ sustainability programme is being implemented by the Dubai Electricity & Water Authority. The agency aims to reduce demand by 30 per cent by 2030. Several measures such as the introduction of higher tariffs for expatriates and improving the distribution network have been implemented to support the goal of reducing demand long-term.

Demand for electricity, however, still managed to grow by 5 per cent in 2014, and could possible grow by a similar rate until 2020.

 

 

 

 

 

 

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.