BIMC – My Emirates Company

Dubai Electricity And Water Authority Commits To $40 Billion Investment In Sustainable Energy Initiatives

Dubai Electricity and Water Authority (DEWA) continues its commitment to advancing sustainable and clean energy initiatives in the UAE. Through strategic partnerships with the private sector, DEWA is actively involved in pioneering projects in clean and renewable energy. These efforts align with the UAE’s national agenda and support sustainability in the region.

DEWA’s initiatives are in line with the vision of HH Sheikh Mohamed bin Zayed Al Nahyan and HH Sheikh Mohammed bin Rashid Al Maktoum. These leaders emphasize the importance of global climate ambitions and increased climate financing, particularly in preparation for COP28, hosted by the UAE at Expo City Dubai from November 30 to December 12, 2023.

Independent Power Producer (IPP) projects play a crucial role in enhancing the UAE’s climate financing methods and Dubai’s reputation as a global hub for a green economy. These projects are in line with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to derive 100% of the energy production capacity from clean sources by 2050. DEWA’s involvement in IPP projects, particularly at the Mohammed bin Rashid Al Maktoum Solar Park, has garnered international interest and investor confidence.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, highlighted that DEWA’s current projects with the private sector under the IPP model exceed 4,000 megawatts, with investments totalling over AED 40 billion. This model has also generated significant cost savings, amounting to approximately AED 26 billion, enabling DEWA to invest in other critical infrastructure projects. Through its efforts, DEWA has set new benchmarks for solar energy prices, positioning Dubai as a global leader in this regard.

DEWA’s investment projects have a far-reaching impact. The Mohammed bin Rashid Al Maktoum Solar Park, using the IPP model, is set to have a production capacity of 5,000 megawatts by 2030, reducing carbon emissions by over 6.5 million tonnes annually. The Hassyan Power Complex, running on natural gas, has a current capacity of 1,800MW, with plans to add 600MW in 2023. Additionally, DEWA’s energy efficiency projects are enhancing energy use efficiency in buildings, promoting environmental sustainability, and contributing to net-zero emissions goals.

The 9th World Green Economy Summit will be held on November 28-29, 2023, and will focus on the UAE’s priority areas during COP28. This includes accelerating a just and equitable energy transition and climate finance. WGES aims to engage society members and empower youth to play an influential role in creating a sustainable future, making it a prominent event for leaders in sustainability and green finance worldwide.