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Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, today revealed details of the regulatory policy for the UAE’s energy service provider market approved earlier by the Cabinet.
Developed by the Ministry of Energy and Infrastructure (MoEI), the policy provides guidelines for a contractual framework among energy stakeholders and various contractual mechanisms to underpin the mechanisms for conducting business, financing and partnerships between the public and private sectors. This will encourage energy service providers and private sector companies to invest in government projects aimed at reducing energy and water consumption, carbon footprint and operating costs of buildings.
Al Mazrouei said: “When drafting the policy, we were keen to integrate the objectives of the National Water and Energy Demand Management Plan 2050 – a key driver for the realization of the UAE Energy Strategy 2050 and the UAE Water Security Strategy 2036. The policy Goals have been set for the next five years, including reducing water use by 23%, reducing operating costs for federal buildings by 20%, contributing 5% to clean energy, improving building sustainability by approximately 5-10%, and raising awareness about energy and water conservation and the importance of behavioral change. In the long run, the policy is expected to reduce energy demand in the building sector by 51% by 2050, contributing to sustainable development in the UAE.”
“The new policy will contribute to the UAE’s GDP and contribute to a financial return of AED21.5 billion by 2050 as part of the National Water and Energy Demand Management Plan 2050,” the minister added. Retrofitting federal buildings, helping to create a local market for energy services and products, creating opportunities for the private sector to invest in energy-efficient systems and renewable energy projects, increasing productivity and reducing operating costs. As a result, the UAE’s global competitiveness will increase. “
He noted that regulating the energy supplier market is an important step towards developing the country’s energy infrastructure and enhancing environmental sustainability. It reflects wise leadership keen to increase investment in the energy sector, encourage innovation and develop modern technologies that deliver long-term economic and environmental benefits.
He highlighted the role of the policy in strengthening sustainable development solutions in the UAE to drive climate change mitigation efforts, as well as creating better integration and collaboration among stakeholders and encouraging them to deliver superior energy services at competitive prices and A prominent role in terms of products that will contribute to the benefit of the greater good of society.
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