Climate challenge an opportunity to invest

The Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) refers to the unprecedented changes observed in the climate, and explains that strong and sustained reductions in emissions of carbon dioxide (CO2) and other greenhouse gases would limit climate change. Nevertheless, unless there are immediate, rapid and large-scale reductions in greenhouse gas emissions, limiting warming to close to 1.5°C or even 2°C will be beyond reach.

Under the directives of a wise leadership, the UAE embarked on its journey of climate action long ago; when it acceded to the United Nations Framework Convention on Climate Change in 1995. Since then, it has enacted a wide range of legislation and developed several sustainable development plans including the expansion of renewable and clean energy projects.

Widely commended around the world, the UAE’s initiative to achieve climate neutrality by 2050 was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai; and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. It represents the UAE’s efforts to contribute positively to the issue of climate change and transform challenges in this sector into promising opportunities to ensure a brighter and more sustainable future, for generations to come.

In line with Dubai’s commitment to sustainability and its proactive role in supporting the future of energy and the efforts to combat climate change, Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, approved an in-depth study conducted by the Dubai Future Council on Energy on how the Emirate of Dubai can achieve carbon neutrality (Net Zero Emissions) by 2050. This will be achieved through a strategy and a clear roadmap that depend on using renewable and clean energy solutions and technologies, creating investment opportunities in the field of green economy, and achieving a balance between economic growth and environmental sustainability. Sheikh Ahmed directed all concerned authorities in Dubai to proceed with its implementation.

This significant move supports the pioneering projects in Dubai to diversify clean energy sources. These include different available clean and renewable energy sources and technologies such as solar photovoltaic systems, Concentrated Solar Power (CSP), green hydrogen production using solar power, pumped-storage water technology, and studying electricity generation technology from wind power.

Dewa’s total clean energy generation capacity has increased to around 10 per cent of Dubai’s energy mix, and from the end of 2021 this will increase to 13.3 per cent in phases by Q1 of 2022. One of our key projects is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model, with a planned capacity of 5,000 megawatts (MW) by 2030 and investments of up to Dh50 billion.