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The Dubai Chamber, one of three chambers under the Dubai Chamber umbrella, has launched a solar and renewable energy business group to drive the adoption of renewable energy by businesses in Dubai.
“As the world shifts to renewable energy and a decarbonized economy, the launch of the Solar and Renewable Energy business group is timely and relevant. It follows the UAE’s presidency at COP28, which highlighted the country’s Energy Strategy 2050 and Dubai’s Clean Energy Strategy importance,” said Maha AlGargawi, Executive Director, Business Advocacy, Dubai Chamber.
“This business group will facilitate a better understanding of these clean energy goals by local businesses, while providing them with insights to drive the transition to renewable energy. This will strengthen their efforts to support and accelerate Dubai’s energy transition, as well as making Dubai a hub for the green economy ambition.”
Oil’s share of the UAE’s gross domestic product (GDP) has declined significantly over the past few decades. This ratio fell from about 43% in 2001 to one-third of GDP, to 33% in 2011, and dropped sharply to 27% in 2021. The UAE is on track to achieve the clean energy goals outlined by the UAE Energy Agency. Strategy 2050.
Announced in 2017, the UAE Energy Strategy 2050 aims to reduce the carbon footprint of electricity generation by 70%, increase energy efficiency by 40%, increase the contribution of clean energy from One hundred million U.S. dollars).
Since then, the UAE has launched notable initiatives and taken major steps to achieve these goals by 2050. The UAE government will invest AED600 billion in renewable energy by 2050 to meet the country’s growing energy demand for clean and sustainable sources.
Dubai launched its own clean energy strategy in 2015, aiming to source 75 percent of its energy needs from clean sources by 2050, making Dubai a hub for a green economy. A landmark project in the solar sector is the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, which is expected to have a capacity of 5,000 MWh by 2030.
LK Verma, Managing Director of Power n sun and founding member of the business group, said: “Creating such an organization is important to our industry. It will drive the discussions necessary to improve the competitiveness of our business and bring Dialogue on accelerating solarization in the region.”
Simon Brennan, Managing Director of Al Shirawi Solar, another founding member, added: “I am delighted to be part of the formation of this business group. It underscores the importance of environmental sustainability and I believe that with the establishment of this business group, our members will will play a greater role in supporting the UAE’s clean energy ambitions.”
With renewable energy at the forefront of the government’s agenda, the chamber’s new solar and renewable energy business group is an important step in supporting the UAE’s preparations to host COP28 in 2023.
The Chamber of Commerce plans to increase the number of business groups representing Dubai’s economic sectors and activities as they act as representatives and advocates for their respective business sectors.
The Dubai Chamber plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023. – trade arab news agency
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