Abu Dhabi: The UAE at federal level has set a clean energy target of 24 per cent by 2021, Dr Ahmad Belhoul, Chief Executive Officer of Masdar, said at the World Future Energy Summit (WFES).
The country has also committed to doubling its investment in renewables research as part of the mission innovation project announced at COP 21, Belhoul said.
He said policy makers and business leaders value the long term price stability of an asset class that is removed from the fluctuations of global commodities markets.
“There is a pressing need to diversify the energy mix in the face of electricity demand that is expected to double by 2030. But more importantly it is driven by dramatic improvement in the cost competitiveness of renewables both in solar and wind.”
The price of solar PV has dropped by 75 per cent in the past six years and the price of wind turbines has dropped by 30 per cent, he said.
According to him global investments in renewables must double to at least $500 billion (Dh1.83 billion) per year.
“Financial institutions in this region must act to ensure that our industry secures capital to grow.”
Meanwhile, Kuwait is embarking on a massive growth strategy on all fronts.
“In renewables we have started diversification of energy. The government issued a mandate by 2030, 15 per cent of all energy consumed in Kuwait should be renewables. We have initiatives in solar power which will generate renewables energy to the grid, converting all buildings to green, gas stations being converted to solar,” Nizar Al Adsani, Deputy Chairman and CEO of Kuwait Petroleum Corporation, said.
“We see that subsidies will be taken out gradually. In the first quarter of 2016 something will happen on subsidies.”
Anticipating the growing demand for energy efficiency solutions in the region, the WFES Energy Efficiency Expo 2017 will be a new annual, co-located exhibition, conference, and business matchmaking programme in the energy efficiency sector at Abu Dhabi Sustainability Week, organisers said.
