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 12359 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
Timeless Ties
COLAB - Dry Shampoo
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
The Perfect Gift Mark
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
New XE 300 Sport Edition Wins Gripping Ice Race
Get Vibrant and lively hair with Rahua's new Color Full Range
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
Summertime Beauty Picks at Glambeaute.com
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
Filorga Mesotherapist Derma Roller
du to Offer New 9.7-inch iPad With Apple Pencil Support
Skyline University College Economics Day 2018: One Step towards Tomorrow
Penny Scallan Design Launches in the Middle East
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
Pandora Shine Discover A New Way to Shine
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
MINI at Auto China Beijing 2018
The new BMW M2 Competition
Palladio Beauty - a Professional Line of Botanical & Vitamin-Infused Cosmetics
Stylish Nursing wear at Mums and Bumps
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East
Gifts for Ramadan at Hour Choice
Abu Dhabi Ship Building Company Launches Two 64-Meter Landing Ships for the Kuwa...
Toshiba Releases New, Powerful Surveillance and Video Streaming Internal Consume...
Exclusive, Limited‐Edition, Swiss‐Made Cryptocurrency Watches
Sheikh Sultan bin Ahmed Al Qasimi Leads Sharjah Contingent to Kuwait Arab Media Forum
10 Kg gold for 100 winners at Malabar Gold & Diamonds
Olivia Burton Marble Florals - Embrace these styles for a new artistic way to wo...
Genesis G70 Luxury Sedan Arrives in Middle East
Spring/Summer 18 Collection
Mido Ramadan Watch Collection
Understanding what women want Balmain reveals the Madrigal Mini II
Pandora Spring Embrace Nature's Beauty
Etihad Aviation Group Launches Four Initiatives To Commemorate The Year Of Zayed
The Beautiful Britain 2018
Adamavi - Elegant, Timeles S, and Reliable
Airport Show Attracts Influential Aviation Leaders for Global Airport Leaders Fo...
Pinky Goat Launches BROWME
Huawei Brings the Most Coveted Smartphone - HUAWEI P20 Pro to the UAE
April Marks Autism Awareness Month at Nursery Chain
Tommy Fleetwood joins OMEGA's line-up of golfing greats
Get ready for an exciting Ramadan at Danat Al Ain Resort
Mido Multifort Datometer Limited Edition - A piece of history on your wrist
Hamdan Bin Mohammed Heritage Center Participates at Abu Dhabi International Book Fair
OPPO unleashes the new Selfie Expert F7 with a 25 MP AI powered selfie camera
Ashridge to help Saudi leaders explore and implement strategies for growth