Solar And Renewable Energy Group Launched By Dubai Chamber Of Commerce

It was launched to uplift renewable energy among businesses and the private sector in Dubai.

Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers, stated, "As the world shifts to renewable energy and a decarbonized economy, the establishment of the Solar & Renewable Energy Business Group is timely and relevant."

Business Group comes on the heels of the UAE's COP28 presidency, emphasising the importance of the country's Energy Strategy 2050 and Dubai's Clean Energy Strategy.

According to Maha AlGargawai, the business group will foster a better understanding of clean energy targets amongst local businesses while providing them with insights to drive the shift to renewable energy.

"This will boost their efforts to support and accelerate Dubai's energy transition and their ambition of making the emirate a hub for the green economy," she added.

Over the past two decades, oil's share of the UAE's gross domestic product (GDP) has decreased by a large amount.

From approximately 43 percent in 2001, this share dropped a third of GDP to 33 percent in 2011 and much lower to 27 percent in 2021.

According to the report, the UAE is well on its way to meeting its clean energy targets outlined in the UAE Energy Strategy 2050.

The UAE Energy Strategy 2050 aims to reduce the carbon footprint on power generation by 70 percent, improve energy efficiency by 40 percent, increase the contribution of clean energy from 25 percent to 50 percent, and save a total of Dh700 billion, as announced in 2017.

The report further stated, "The UAE has since launched notable initiatives and taken significant steps towards realising these goals by 2050."

By 2050, the UAE Government will spend Dh600 billion on renewable energy to meet the growing energy needs of the country with clean, long-lasting sources.

The report says that Dubai started its own Clean Energy Strategy in 2015, with the goal of getting 75% of its energy needs from clean sources by 2050. This would make Dubai a centre for the green economy.

It added that, with renewable energy at the forefront of the government agenda, the chamber's establishment of the new Solar & Renewable Energy Business Group is a significant step in supporting the UAE as it prepares to host the COP28 conference in 2023.

As the report concludes, business groups play a crucial role in recommending policy changes to improve a sector's competitiveness and attractiveness while promoting international best practises and supporting economic growth.

The Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023.

By Sumita Pawar