DUBAI — It may be too far to realize, but Dubai is expected to have the least of carbon footprint by 2050 in the world.
The emirate is on the right track as far as realizing that goal which got a major boost with the announcement made by Dubai Electricity and Water Authority (DEWA) that it is set to raise Dh2.5 billion as part of the Dh100 billion green fund.
That so-called ‘billion green fund’ is intended to make Dubai an environment-friendly city with the least carbon footprint in the world by 2050.
Saeed Al Tayer, managing director and CEO of Dewa, revealed during the World Green Energy Summit last October that the United Arab Emirates has actually set an ambitious target with the launch of UAE Energy Strategy 2050 to increase clean energy use by 50 percent.
Additionally, he said, Dubai Clean Energy Strategy 2050 is targeting that 75 per cent of Dubai’s total power output would be generated from clean energy sources.
Dubai has set a target to provide 7 percent of its total power output from clean energy by 2020.
This target will increase to 25 percent by 2030 and 75 percent by 2050.
Dewa launched the world’s largest concentrated solar power plant last September with a capacity of 700 MW. The launch was part of the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is planned to reach 5,000 MW by 2030.
Fatima Al Foora Al Shamsi, assistant undersecretary for electricity and future energy affair, Ministry of Energy, said during her keynote 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 is to ensure diversification and growth of the economy.
“The strategy targets reducing carbon dioxide by 70 percent and increasing energy efficiency by 40 percent.”
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 launched last year has now member South Korea and Italy as its member-countries.