Sunday, Jan 15, 2017

Dubai:

Innovation and economies of scale is making cost-competitive renewable energy a reality, and that’s exactly what the World Future Energy Summit (WFES) will showcase in its 10th edition.

The actionable business ideas were demonstrated last June when Dubai Water and Electricity Authority (Dewa) selected a Masdar-led consortium to develop Phase 3 of the Mohammad Bin Rashid Al Maktoum Solar Park. This set a price of less than 3 US cents (11 fils) per kilowatt hour for solar power generation for the first time, anywhere in the world.

“The success of WFES is built on strong foundations as a commercial event,” said Ara Fernezian, Group Managing Director — Middle East, at Reed Exhibitions, the event organiser for WFES. “We have grown with the renewable energy sector and today we are part of a thriving industry. There are new innovations every year, large financial investments are being made, and people come here to do business. WFES is about positive action,” Fernezian said. WFES is a part of Abu Dhabi Sustainable week, which will run in Abu Dhabi from January 16 through January 19.

Countries across North Africa, the Middle East and South Asia are emerging as international leaders in implementing renewable energy plans, and in 2017 WFES will showcase an unprecedented range of bankable opportunities in a market experiencing exponential growth, the WFES said in a statement.

Potential

They are part of an industry supporting a potential $1 trillion (Dh3.67 trillion) in additional GDP growth by 2030. If the world more than doubles its renewable energy share to over 50 per cent by 2030, then global GDP would increase by $1.3 trillion and 24 million jobs would be created, according to the International Renewable Energy Agency (IRENA). The projected growth of the sector is consistently being revised upwards as achievements accelerate ahead of expectations.

“The global offshore wind sector is growing at around 30 per cent per year, while the PV sector is experiencing 25 per cent per annum growth,” Mohammad Al Ramahi, Chief Executive Officer of Masdar stated.

“The continued success of the World Future Energy Summit, driven by the access it provides to decision makers, experts and business opportunities, is helping to ensure that industry players keep pace with the overall growth of the market,” Al Ramahi added.

Vision

Last week, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced plans for the UAE to invest $163 billion in renewable energy projects by 2050 as part of its Energy Plan 2050, with a target of generating 50 per cent of the country’s power needs from clean energy.

“Over the last decade Masdar has been a catalyst for the adoption of renewable energy in the Middle East and North Africa,” said Al Ramahi.

“Through the WFES, Masdar has helped build an internationally respected platform that is sharing the knowledge, experience and investment necessary to make renewable energy and clean-tech adoption a commercial reality in the region today and in markets beyond,” Al Ramahi said.

Staff Report

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