Renewable energy agreement signed during Abu Dhabi Sustainability Week - the Middle East's largest gathering on advancing sustainability
Abu Dhabi, UAE - 21 January, 2014
Ministers and senior officials from 25 Indian Ocean Rim Association countries today launched a series of new initiatives to accelerate the deployment of renewable energy throughout the Indian Ocean region.
The cooperative initiatives - the region's first collective response to its rapidly growing clean energy sector - were formed during Abu Dhabi Sustainability Week as part of a ministerial meeting hosted by the UAE Ministry of Foreign Affairs, the International Renewable Energy Agency (IRENA) and the Indian Ocean Rim Association (IORA). Ministers agreed that IRENA and IORA will coordinate the multi-nation partnership, which will produce the region's first comprehensive renewable energy resource assessment, costing analysis, a capacity building and training listing service, as well as a pilot programme to support green tourism on small island states.
Proposals under the partnership will be presented at the IORA Council of Ministers' meeting October 2014 in Australia.
"This partnership strengthens the role renewable energy will play in balancing the Indian Ocean region's energy mix and addressing its long-term energy security," said Dr. Sultan Al Jaber, UAE minister of state and CEO of Masdar, Abu Dhabi's renewable energy company. "With the region's energy demand growing exponentially, renewables represent a key factor for trade and investment, as well as sustainable development."
The ministerial meeting highlighted the major shift in renewable energy investment potential in the region, which represents roughly 15 percent of global energy demand. Today, more than half of the countries in the region report that renewable energy is the most cost-effective option for new power generation.
"Many countries in the region are at a tipping point and their economic opportunity now firmly lies with renewable energy," said Adnan Z. Amin, director-general of IRENA. "Renewables provide an unprecedented opportunity to address their growing energy demand sustainably and to improve access to energy and security of supply at the same time.The initiatives launched today further strengthen the business case for renewables, providing a detailed and balanced analysis of benefits, costs and technological options in the region for the first time."
Ministers also underscored that the renewable energy market is growing and commercially attractive at both large and small scales, particularly for countries that burn petroleum products for electricity. South Africa's latest round of power-plant tenders indicates that renewable energy can out-compete coal on incremental cost as well. For the 570 million people in the region without electricity access, ministers emphasized that renewable energy is already cheaper than the diesel and kerosene typically used to extend modern energy services.
"Renewable energy offers cross-cutting benefits for the Indian Ocean region," said Ambassador KV Bhagirath, secretary general of the Indian Ocean Rim Association. "The integration of sustainable, clean-energy sources addresses long-term energy security and environmental impact mitigation, enhances employment creation and attracts foreign investment. Our discussions today establish a pathway to expand trade and investment in the Indian Ocean region."
The secretary general also highlighted the role of public-private partnership in the renewable energy sector and encouraged women's empowerment through use of renewable energy in home-based micro and small-scale industries.
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About Masdar
Masdar is Abu Dhabi's multi-faceted renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today's fossil fuel economy and the energy economy of the future. Backed by the Mubadala Development Company, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirate's long-term vision for the future of energy.
For more information about Masdar, please visit: www.masdar.ae
Stay connected: facebook.com/masdar.ae
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For more information contact:
Email: press@masdar.ae
About the International Renewable Energy Agency (IRENA):
The International Renewable Energy Agency is mandated as the global hub for renewable energy cooperation and information exchange by 123 Members (122 States and the European Union). Over 44 additional countries are in the accession process and actively engaged. Formally established in 2011, IRENA supports countries in their transition to a sustainable energy future, and serves as the principal platform for international cooperation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.
For more information, please contact:
Email: press@irena.org
Phone: +971 2 417 9966
About Indian Ocean Rim Association
Email: iorahq@intnet.mu
Phone: +230 454 1717
About Abu Dhabi Sustainability Week (ADSW)
Abu Dhabi Sustainability Week is a global gathering that addresses the interconnected challenges affecting energy, water and sustainable development. It is the largest gathering on sustainability in the Middle East, attracting over 30,000 delegates and visitors from more than 150 countries.
© Press Release 2014
