The UAE's vision for clean environment received a major boost on Tuesday as the Dubai Electricity and Water Authority (Dewa) made an announcement to raise Dh2.4 billion as part of a Dh100 billion green fund to make Dubai an environment-friendly city with the least carbon footprint in the world by 2050.

Addressing the opening session of the World Green Energy Summit in Dubai, Saeed Al Tayer, managing director and CEO of Dewa, said the UAE has set an ambitious target with the launch of UAE Energy Strategy 2050 to increase clean energy use by 50 per cent. Additionally, Dubai Clean Energy Strategy 2050 targets that 75 per cent of Dubai's total power output will generate from clean energy sources.

Dubai has set a target to provide 7 per cent of its total power output from clean energy by 2020. This target will increase to 25 per cent by 2030 and 75 per cent by 2050. Dewa launched the world's largest concentrated solar power plant last month with a capacity of 700MW. This launch was part of the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is planned to reach 5,000MW by 2030.

Fatima Al Foora Al Shamsi, assistant undersecretary for electricity and future energy affair, Ministry of Energy, said during her key note address at the World Green Economy Summit that energy and water sectors are particularly important to achieve the target of sustainability as both are the backbone for sustainable infrastructure.

She pointed out that UAE Energy Strategy 2050 to ensure diversification and growth of the economy. "The strategy targets reducing carbon dioxide by 70 per cent and increasing energy efficiency by 40 per cent."

The two-day World Green Energy Summit is currently underway at the Dubai International and Convention Centre with delegates from different countries participating to highlight challenges and opportunities towards green economy and the impact of global climate change on the societies.

Zoe Knight, managing director and group head, HSBC's Centre of Sustainable Finance, said the need for climate change is going to take huge financial needs as estimates showed that around $100 trillion to be spent on infrastructure to climate change goals.

Al Tayer said Green Finance is one of the five main pillars of Dubai Clean Energy Strategy 2050.

"In 2015, Dubai launched Dh100 billion 'Dubai Green Fund' to finance investments in clean energy. Today, I am pleased to announce that Dubai Electricity and Water Authority has agreed to collaborate with National Bonds for launching a green fund aggregating Dh2.4 billion. The fund will also be the first major green fund that will have a dedicated arm for Sharia compliant investments," he said.

Dewa chief pointed out that the World Green Economy Organisation (WGEO) launched last year has now member South Korea and Italy as its member countries.

"We have completed the foundation stages of WGEO, and launched six of its platforms throughout one year. Today, we launch the seventh and final platform: Countries Platform. This new platform officially sees light today as three countries have joined it so far that are the UAE, Republic of Korea and Republic of Italy. This is only the beginning; we aspire to have more countries joining Countries Platform from all over the world to intensify collective efforts to tackle climate changes," Al Tayer said while addressing the opening day conference.

Source: Khaleej Times