Dubai, UAE – Dubai Chamber of Commerce launched the Solar & Renewable Energy Business Group, which, as the UAE gears up for COP28, will drive the uptake of renewable energy amongst businesses and the private sector in Dubai.
The Chamber said the establishment of the Business Group is “a significant step in supporting the UAE as it prepares to host the COP28 conference in 2023”.
The chamber plans to increase the number of business groups that represent economic sectors and activities in Dubai as they are representatives and advocates for their respective business sectors, the Chamber said in a statement.
It said business groups play a crucial role in recommending policy changes to improve a sector’s competitiveness and attractiveness while promoting international best practices and supporting economic growth.
Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023, it said.
“As the world shifts to renewable energy and a decarbonized economy, the establishment of the Solar & Renewable Energy Business Group is timely and relevant. It comes at the heels of UAE’s COP28 presidency, highlighting the importance of the country’s Energy Strategy 2050 and Dubai’s Clean Energy Strategy,” said Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers.
Over the last couple of decades, the share of oil in the UAE’s gross domestic product (GDP) has considerably decreased.
From approximately 43 per cent in 2001, this share dropped a third of GDP to 33 per cent in 2011 and much lower to 27 per cent in 2021.
The UAE is well on its way to achieve its clean energy targets as outlined in the UAE Energy Strategy 2050.
Announced in 2017, the UAE Energy Strategy 2050 aims to reduce the carbon footprint on power generation by 70 per cent, improve energy efficiency by 40 per cent, increase the contribution of clean energy from 25 per cent to 50 per cent and save a total of AED700 billion.
The UAE has since launched notable initiatives and taken significant steps towards realizing these goals by 2050.
The UAE Government will invest AED600 billion in renewable energy by 2050 to meet the country’s growing energy demand from clean and sustainable resources.
Dubai launched its own Clean Energy Strategy in 2015, with the objective of producing 75 per cent of its energy demand from clean sources by 2050, making Dubai a hub for the green economy.
One landmark project in solar energy is the Mohammed bin Rashid Al Maktoum Solar Park in Dubai which it is expected to have a production capacity of 5,000 MWh by 2030.