Dubai reviews green fund road map
The Dubai Supreme Council of Energy reviewed the Dubai Green Fund's road map, mechanism, organisational structure and relevant regulations.
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, chaired the Supreme Council of Energy's 44th meeting to review the progress of major energy projects, initiatives and programmes that support the UAE Vision 2021 and the Dubai Plan 2021 to create a clean, healthy and sustainable environment, and to help Dubai attain a green economy.
The council's members reviewed the Dubai Green Fund's road map, mechanism, organisational structure and relevant regulations.
"The Dubai Green Fund was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to encourage investment in green projects and foster Dubai's position as a global hub for the green economy. The Dubai Green Fund is aligned with the Dubai Clean Energy Strategy 2050, for Dubai to have one of the lowest carbon footprints in the world by 2050. The fund will focus on projects that support the Demand Side Management Strategy, including the installation of photovoltaic panels on the roofs of buildings as part of the "Shams Dubai" initiative. It will also focus on projects related to the retrofitting of buildings, enhancing energy and water efficiency, and solar power projects," said Saeed Mohammed Al Tayer, Vice Chairman of the Supreme Council.
"The fund is the first of its kind in the region, and will accelerate the funding mechanism for Dubai's current projects and programmes, to support Dubai's ambition to create a green economy. The fund has allocated AED100 billion to ensure the necessary funding tools for shortand long-term loans with reduced interest, to support the comprehensive economic development of Dubai. The capital of the fund is being provided by founding investors from Dubai, with additional investment from the private sector, international banks and large investment companies," Al Tayer added.
"During the meeting, we reviewed suggestions for the Road and Transport Authority, RTA, to provide more incentives and benefits to encourage the entry of more electric and hybrid vehicles into Dubai's market. This will support the Dubai Green Mobility Initiative and the Dubai Carbon Abatement Strategy to reduce 16 percent of carbon emissions by 2021," said Ahmed Buti Al Muhairbi, Secretary-General of the Supreme Council.
"We were also briefed on the best practices adopted by Emirates Global Aluminium, EGA, to enhance operational efficiency and reduce gas emissions that cause global warming. We also reviewed the existing programmes and projects that were launched during the last year in Jebel Ali and Al Taweela, with a completion percentage of 41 percent. This includes retrofitting gas turbines systems, which will save 53 percent of energy, and developing the mechanism of energy exchange between Al Taweela and Abu Dhabi's power grid, achieving an energy efficiency of 6 percent. This plan is part of EGA's efforts to adopt new initiatives, strategies and technologies under the Government Accelerators Programme, to reduce EGA's carbon emissions by 16 percent within 100 days," Al Muhairbi added.