Dubai Chamber of Commerce Establishes Solar & Renewable Energy Business Group

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by KnowESG
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Dubai Chamber of Commerce formed the Solar & Renewable Energy Business Group. In preparation for COP28, the business group will promote renewable energy in Dubai.

“As the world shifts to renewable energy and a decarbonised economy, the establishment of the Solar & Renewable Energy Business Group is timely and relevant. It comes on the heels of the UAE’s COP28 presidency, highlighting the importance of the country’s Energy Strategy 2050 and Dubai’s Clean Energy Strategy. The business group will foster a better understanding of these clean energy targets among 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 the ambition of making the emirate a hub for the green economy,” said Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers.

Over the past two decades, oil's share of the UAE's gross domestic product (GDP) has decreased by a large amount. In 2001, this share of GDP was about 43%. In 2011, it was only 33%, and much lower to 27 per cent in 2021. The UAE is well on its way to meeting the goals set out in the UAE Energy Strategy 2050 for clean energy.

The UAE Energy Strategy 2050, which was announced in 2017, aims to cut carbon emissions from power generation by 70%, improve energy efficiency by 40%, increase the share of clean energy from 25% to 50%, and save a total of AED700 billion.

Since then, the UAE has started important projects and taken big steps toward meeting these goals by 2050. By 2050, the UAE Government will spend AED600 billion on renewable energy to meet the growing energy needs of the country with clean, sustainable sources.

Dubai developed its own Renewable Energy Strategy in 2015, aiming to meet 75% of its energy needs from clean sources by 2050, establishing Dubai as a green economy powerhouse. The Mohammed bin Rashid Al Maktoum Solar Park in Dubai is a landmark solar energy project that is planned to have a production capacity of 5,000 MWh by 2030.

L K Verma, Managing Director at Power n sun and founding member of the business group, said, “Creating organisations such as this is important for our sector. It will drive the discussions that are necessary to enhance the competitiveness of our business and enable the dialogue amongst peers and other stakeholders on speeding up the solarisation of the region.”

Fellow founding member Simon Brennan, General Manager at Al Shirawi Solar, added, “I am very pleased to have been part of the setting up of this business group. It underlines the importance of environmental sustainability, and I am certain that with the establishment of this business group, our members will play a bigger role in supporting the UAE’s clean energy ambitions.”

The government's top priority is renewable energy, so the chamber's new Solar & Renewable Energy Business Group is a big step toward helping the UAE host the COP28 Conference in 2023.

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Source: Govt. of Dubai

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