Dubai will invest billions of dollars in clean energy as part of a strategy that could see solar panels on the roofs of all buildings in the city by 2030.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, yesterday launched the Dubai Clean Energy Strategy 2050, which aims to make the emirate a global centre of green energy and economy.
While inaugurating the second phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, he revealed plans for a new free zone called the Dubai Green Zone.
The zone would be aimed at attracting research and development centres and emerging companies in clean energy.
The Dubai Clean Energy Strategy aims to provide 7 per cent of Dubai’s energy from clean energy sources by 2020. It will increase this target to 25 per cent by 2030 and 75 per cent by 2050.
Plans include establishing a Dh100 billion Dubai Green Fund, providing “easy loans for investors in the clean energy sector” at lower interest.
“The strategy we are launching today will shape the energy sector over the next three decades,” Sheikh Mohammed said.
The Dh50bn Mohammed bin Rashid Al Maktoum Solar Park is considered the largest of its kind in the world, and will produce 5,000 megawatts by 2030.
Solar energy will account for 25 per cent of the emirate’s power requirements, while nuclear will take a 7 per cent share, clean coal 7 per cent and gas 61 per cent.
Sheikh Mohammed yesterday also inaugurated building works for the Dewa Innovation Centre, which includes under its umbrella a group of research and development laboratories in the field of clean energy with a total investment of Dh500 million.
“The strategy aims to provide 75 per cent of the emirate’s energy through clean energy sources by 2050, reflecting our commitment to establish a sustainable model in energy conservation which can be exported to the whole world, and support economic growth without damaging the environment and natural resources,” he said.
“Our goal is to become the city with the smallest carbon footprint in the world by 2050.”