HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, and MD & CEO of Dubai Electricity and Water Authority, called on the representatives of the financial sector to encourage investment in green projects. His excellency emphasized that DEWA has made several achievements, in line with our vision as a sustainable organization on a global level, that contribute to realizing the objectives of the UAE Vision 2021, and the initiative of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, under the theme “Green Economy For Sustainable Development”. We are also in continuous pursuit of the objectives of Dubai Integrated Energy Strategy 2030 developed by the Dubai Supreme Council of Energy (DSCE) chaired by HH Sheikh Ahmed bin Saeed Al Maktoum, to push forward the march of sustainable development and make Dubai an example to follow at a global level in the fields of energy security and efficiency, investment in renewable and low-carbon energy.
Al Tayer was addressing a workshop on ‘ Creating Bankable Green Projects in Dubai,’ organised by Etihad Energy Service Company (Etihad ESCO), an initiative of DEWA, at Grand Hyatt Dubai, in the presence of a large number of representatives of national and international banks.
He said that the strategies adopted by the Government of Dubai aims to promote partnerships and innovation in the green economy sector, and aims to adopt global best practices in efficient use of energy, demand management, diversification of energy sources and promoting feasible investments in these areas.
“This workshop aims to discuss the challenges related to financing energy efficiency projects in Dubai and to highlight the opportunities to develop and drive green projects. This will pave the way towards establishing a niche market for energy services companies as a first of its kind initiative in the Middle East, in line with the Dubai integrated Energy Strategy 2030,” said Al Tayer
“A regulatory framework for energy services companies has been launched to enhance the performance of energy contracts in Dubai. This will further enable to achieve the goals of the Dubai integrated Energy Strategy, which aims to reduce energy demand by 30% by 2030. It also highlights Dubai’s commitment to provide an appropriate regulatory environment to support the development and expansion of sustainable green projects. We launched the Etihad Energy Service Company (Etihad ESCO) to leverage this regulatory framework and launch energy efficient projects to further develop the sector,” added Al Tayer.
“The model of energy performance contracts, discussed at the workshop, provides financial organisations the opportunity to invest in energy efficient projects and obtain attractive returns, with the new regulatory framework ensuring that all risks are addressed. Financial institutions can become active partners in the sustainable development vision of Dubai, with plans ongoing to retrofit more than 30,000 buildings to make them energy efficient,” said Al Tayer.
The workshop included a presentation by the Dubai Supreme Council of Energy on energy demand side management, Graeme Sims, Executive Director at Regulatory & Supervisory Bureau for Electricity & Water, delivered a presentation on the energy services market, while Stephane Le Gentil, CEO of Etihad Energy Services ( ESCO) , discussed details of financing for energy services projects.