Al Jaber: The UAE has allocated more than US$700 million to support renewable energy in developing countries

Abu Dhabi, 18th January 2015 (WAM): Sultan Ahmed Al Jaber, Minister of State, and Chairman of Masdar, yesterday said that the UAE is committed to supporting the International Renewable Energy Agency, IRENA, in its work helping countries transition to the use of sustainable energy, and announced that five new projects will be introduced this year. In a statement given during IRENA’s fifth session of the assembly, which marked the opening of Abu Dhabi Sustainability Week, ADSW, Al Jaber said, "I would like to point out the exemplary model of cooperation between the Abu Dhabi Fund for Development Fund, ADFD, and IRENA, in sponsoring renewable energy projects. Since 2009, the UAE has allocated more than US$700 million towards the support of renewable energy sector in developing countries." Speaking about the UAE’s future plans to help developing countries move towards a more sustainable energy future, the Minister said, "Five new projects will be launched this year in the form of instalment programmes offered by ADFD, as well as four new projects as part of grants the UAE is providing to islands in the Pacific Ocean." Speaking on the side-lines of the event to the Emirates News Agency, WAM, Dr. Thani Ahmed Al Zeyoudi, Permanent Representative of the UAE to IRENA, and Director of Energy and Climate Change at the Ministry of Foreign Affairs, said that the latest projects reflect the UAE’s serious stance on supporting the renewable energy sector internationally. "These five projects, which are funded by ADFD through IRENA, send a strong message to the world on how serious we really are when it comes to energy security here and around the world," Dr. Al Zeyoudi said. Regarding the UAE’s future prospects for sustainable energy, Dr. Al Zeyoudi said that the UAE’s sustainable energy awareness and efforts started decades ago, as a vision of the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan. "Since the 1970s, the late Sheikh Zayed asked the oil and gas industry to decrease the flaring of gas. It was part of a vision that came from our founding father," he said. "In the last 10 years, the UAE has gone through a transition period where there was a major shift in our energy sector as we started investing in clean energy, namely renewable and peaceful nuclear programmes," he added. Such examples, he said, include Masdar’s 100 megawatt solar energy project, Shams 1, and the use of solar roof projects in buildings around the capital. Some of Masdar’s international ventures include its investment in the London Array, Gemasolar in Spain, and "Our grand projects in Mauritania and Seychelles, which are supporting those countries in achieving energy security," explained Al Zeyoudi. IRENA is the primary, and one of the most important, partners for the UAE when it comes to helping it realise its renewable energy ambitions. "IRENA is helping us develop the UAE renewable energy map for 2030, finding the latest in the sector around the world, and is helping us achieve our targets. They also provide the expertise needed, which we have unlimited access to," he said. Al Zeyoudi went on to say that the UAE believes that investing in renewable energy projects is highly beneficial on many levels. "Sustainability does not only bring environmental and economic benefits, but we also look at the social aspects as well, like the amount of employment it generates, the expertise gained, the role it plays in promotion of the country and its global ranking. We like to look at the picture from a holistic approach," he explained. "Based on findings, the oil supply in the UAE is expected to last for more than 120-150 years, but our leaders are always protective whenever it comes to our future generations, they want to protect our natural resources and start investing in new platforms and sectors to ensure that our natural resources last even longer, which is a visionary stance from our leaders," he concluded. – Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395275217531.html