Tuesday, Dec 04, 2012
Abu Dhabi: More than Dh29.44 billion ($8 billion) of international clean-tech and renewable energy projects are expected to be on display at the Project and Finance Village during the sixth World Future Energy Summit (WFES) in Abu Dhabi from January 15 - 17, 2013, WEFS said in a statement.
Naji Al Haddad, Show Director for WFES 2013, said: “Investment in cleantech and renewable energy continues to grow globally, and the Project & Finance Village at WFES 2013 will play a crucial role in future investment by allowing companies, investors and developers to showcase their plans, enable investment and create financial rewards for world-class ideas.”
Al Haddah expects 40 projects to be exhibited during next January’s Project and Finance Village, which was introduced in 2011, under the theme ‘Powering the Future of Clean-tech and Renewable Energy Investments’.
The 2012 Project and Finance Village attracted 27 projects worth over $5 billion from the Middle East, India, North Africa and other regions, providing an influential platform for project developers, entrepreneurs, banks and financiers to connect.
He said that the coming summit in 2013 will witness an in increase in the number of participants from banks, donors and clean-tech entrepreneurs, and discussions will include new topics such as renewable energy in rural areas.
Nimer Abu Ali, Ernst and Young Middle East and North Africa Clean-tech, says the connection between innovators and investors is essential in the development of clean-tech solutions.
“We believe the World Future Energy Summit in Abu Dhabi is an important platform to engage leaders, decision-makers and innovators to develop new ways of shaping the future of renewable energy,” Abu Ali said.
He added that the widespread use of alternative energy in the region is low, yet, there is a steady increase of early stage projects focused on raising awareness around clean-tech and sustainable development across multiple sectors.
“As our region develops, it is critical that we diversify away from purely petro-based energy, we have reached a pivotal moment where we must look to invest increasingly in renewable and clean energy to fulfill domestic consumption and to conserve valuable energy reserves,” commented Abu Ali.
The International Renewable Energy Agency (Irena) has recently announced a $50 million funding cycle for renewable energy projects in conjunction with the Abu Dhabi Fund for Development, and has endorsed the Project and Finance Village at WFES 2013.
Frank Wouters, Deputy Director-General of Irena, believes that there has never been a better time for promoting renewable energy in the developing world.
“Costs have fallen, demand is growing, and renewables offer an unprecedented opportunity to broaden access. But we need finance to make this a reality.”
Governments and businesses are taking advantage of the keen interest in the sector, with global investment in clean energy totalling $56.6 billion in the third quarter of 2012, according to Michael Liebreich, Chief Executive of Bloomberg New Energy Finance (BNEF).
During this time, WFES 2013 will also be the host venue for the biennial International Renewable Energy Conference in Abu Dhabi (ADIREC).
By Shehab Al Makahleh Staff Reporter
Gulf News 2012. All rights reserved.
