GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
His Excellency Dr Thani bin Ahmed Al Zeyoudi:
  • Renewable energy projects in the UAE have contributed to reducing its cost to the lowest level globally
  • 50% of the country's energy will be clean by 2050
  • The UAE plays an active role in addressing the financing and investment challenges facing renewable energy projects
  • Public-private sector partnerships accelerate the transition to sustainability in the UAE
Dubai-UAE: 14 January 2018 – The Eighth Session of the General Assembly of the International Renewable Energy Agency (IRENA) kicked off in Abu Dhabi with more than 150 countries in attendance. Running from 13 to 14 January, the session has convened representatives of IRENA member states to discuss global renewable energy action and take concrete steps to accelerate global energy transition.
 
In his opening remarks, His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment, said: '2017 witnessed several achievements that contributed to reducing the cost of energy production and increasing its efficiency through renewable sources. Over the past nine years, the cost of renewable energy dropped by 62 percent and is expected to be lower than the price of coal use 10 years from now. We are optimistic about the future of renewable energy and its ability to expand in the coming years.'
 
He added: 'Although the GCC region is among the largest oil-producing regions worldwide, the UAE and Saudi Arabia launched a host of projects that have significantly contributed to reducing the cost of solar energy production on a global level and have broken world records three times. The 350-megawatt Abu Dhabi Solar Complex attracted the first record production cost bid of 2.42 US cents per kilowatt hour, while the 700-megawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai received the second record bid of 7.3 US cents. The third, currently unbeaten record for the world's lowest production cost belongs to Masdar's bid for the 300-megawatt Sakaka Solar Power Plant in Saudi Arabia at 1.79 US cents per kilowatt hour.
 
'Following this achievement, the UAE has decided to increase its target for the contribution of renewable energy to the national energy mix from 24 percent to 27 percent by 2021.  The UAE Energy Plan 2050 aims to grow the proportion of clean energy to 50 percent. Furthermore, the country seeks to produce 44 percent of the clean energy from renewable sources as part of its commitment to sustainability across all sectors, especially the energy industry.'
 
His Excellency Dr Al Zeyoudi highlighted the crucial role of the private sector as a strategic partner of the UAE Vision 2021. He praised the initiatives of companies such as Majid Al Futtaim Holding that unveiled the world's first Net Positive strategy in 2017 with the aim of achieving a net positive carbon footprint by 2040, and Al Nabooda Automobiles that has announced the construction of the largest private sector solar power plant in the Middle East to power its operations.
 
He said: 'Despite these positive developments, lack of funding and investment remains a major obstacle to realizing our ambitions to expand renewable energy use. Therefore, we need to step up our efforts to generate funding for this type of projects with global benefits. IRENA research and analysis indicates an urgent need to address this challenge so that we can increase the share of renewable energy in the total energy mix to 65 percent worldwide. This will reduce CO2 emissions related to energy production by 90 percent and help mitigate the impact of climate change on the environment.”
 
His Excellency Dr Al Zeyoudi added that the UAE has always played a significant role in the financing of the global energy transformation. Abu Dhabi Investment Authority (ADIA) joined a coalition of the world's largest sovereign wealth funds at the One Planet Summit, hosted by French President Emanuel Macron in December 2017 to celebrate the second anniversary of the Paris Agreement. 
 
The UAE has also been an active supporter of renewable energy deployment worldwide. Through its partnership with IRENA, Abu Dhabi Fund for Development (ADFD) has provided soft loans for a wide range of renewable energy projects in developing countries since 2014. Over the last four funding cycles, the Fund allocated a total of US$189 million to 19 projects.
 
His Excellency Dr Al Zeyoudi called on governments, the private sector and academia to strengthen existing partnerships and forge new synergies to maintain the momentum of renewable energy, facilitate financing, and enhance their contribution to achieving sustainable development goals and reducing the impact of climate change.
 
He noted that the continuous high growth in the renewable energy sector underlines the importance of IRENA that has become the global voice of renewable energy at international forums, supported by its innovative initiatives and invaluable expertise.
 
His Excellency Dr Al Zeyoudi congratulated Her Excellency Carolina Cosse, Minister of Industry, Energy and Mining of the Oriental Republic of Uruguay, on her assumption of IRENA chairmanship in 2018, and praised the tireless efforts of the Secretary-General and all IRENA staff.



Posted by : GoDubai Editorial Team
Viewed 13920 times
Posted on : Sunday, January 14, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Launching Scheme of Projects and Initiatives that Enforce Water and Electricity Sustainability
Next Story : ENEC CEO: Barakah will be the first nuclear energy plant in the Arab world, setting new global stand...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
NARS Erdem SS19 Beauty Report
Diana Arno Expands Online Shopping to Middle East
Introducing VK Beauty Lounge & Bar
Introducing Home Fragrance at Robinsons, Dubai Festival City
Defying Age With Skin Republic's Gold and Platinum Face Masks
The Future Is Here
Roberto Cavalli's Exclusive Duo of Fragrances
Lacoste.12.12 Collection
Bring a Touch of Sophistication to Your Home with The Exclusive SmegXDolce&Gabba...
Trevor Sorbie Range Relaunches in the UAE
FOREO To Attend TFWA: the World's Largest Travel Retail Show
Carl F. Bucherer Celebrates Debut of Its Online Boutique on Jd.Com Launch of Lim...
GROHE Smart Home: The App-Controlled Water Security System
Le Meridien Dubai Hotel & Conference Centre's Restaurant Promotions- October
William Collection by Hugo Boss
Honda voted “Preferred Sedan Car Brand of the Year” for the fourth year in a row
Al-Futtaim ACE launches its stylish new Outdoor collection
Al-Futtaim Toyota swoops another win at the Filipino Times Awards
Pamper yourself at Perfumery & Co this month, at The Dubai Mall
Dubai Design Week continues to grow, cementing Dubai as the design capital of t...
O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join...
Tips & Toes Hits the Big 3-5!
Mousses Etoiles to reveal the latest luxury designs of commercial-use outdoor fu...
Honor Set to Go Beyond Limits With the Launch of Honor 8x
The Mummies of Dubai Give Their Kids a Preppy Style Makeover
Tata Communications launches a specialised cyber security lab at Shanmugha Arts,...
Hyperloop Transportation Technologies, Partners, and Government Stakeholders Mov...
Consonni Wraps Up La Vuelta a Espana With a Seventh Place Finish for UAE Team Em...
Dubai Parks and Resorts Celebrates Saudi National Day
Eberhard & Co. Scafograf 100 For Elegant Lady
Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe...
New GUESS Handbags for FW18
Akamai Unveils Solutions at IBC 2018 Designed to Mitigate the Challenges and Cos...
du Wins Smart Cities Award at the Telecoms World Middle East 2018
Abu Dhabi wins bid to host 2022 ITU Grand Final in world first
Cadillac XT4 Delivers Dynamic Driving Experience
du Opens New Business Centre in DIFC for Enterprise Customers
Huawei Deepens Cooperation with Duisburg to Transform Germany's Industrial Hear...
Volunteers from the UAE join hands with the community in Tasset Peulh village in...
Sharjah's Recognition as ‘Accessible City for Physically Disabled' Hailed as His...
New Homologations for Pirelli Tyres
The Dubai Business Women Council meets with the UN Assistant Secretary-General t...
Dubai Festival City Mall Celebrates KSA National Day with Special Imagine Show
WWE® Crown Jewel Set for November 2 in Saudi Arabia
Registration for the 5th edition of Camel Trek is now open
New Headmaster for Repton School, Abu Dhabi School's Rose Campus (FS1 to Year 1...
Huawei becomes one of the first multi-national technology companies to register ...
Lenovo Reveals Intelligent Solutions & Partnerships at Transform 2.0
Mobility MEA becomes the first approved Android zero-touch enrollment partner fo...
His Highness Sheikh Ahmed bin Saeed Al Maktoum receives the President and Vice C...