Dubai invests AED 500 million in energy efficiency
The Regulatory & Supervisory Bureau (RSB) for electricity and water in Dubai has revealed that Dubai’s cumulative investments in the energy efficiency market increased to AED500 million in 2017.
According to RSB’s 2017 annual report, published today, investments in energy efficiency projects were AED250 million in 2017, an increase of one-third compared to 2016. These projects are expected to achieve 21% savings in electricity, and 31% in water. Since 2014, energy service companies launched energy-efficiency projects worth AED200 in around 2500 buildings as part of the building retrofit programme. This is done by implementing measures to increase efficiency in energy and water use.
“We work to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform the Emirate into a global hub for clean energy and green economy. The report issued by the RSB, which is overseen by the Dubai Supreme Council of Energy, demonstrates the promising potential for the energy-services market and the financial savings that can be achieved in building retrofits. This supports the Demand Side Management Strategy to reduce demand by 30% by 2030,” said HE Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy.
“Dubai Electricity and Water Authority (DEWA) established Etihad Energy Services Company (Etihad ESCO), a leading energy service company to contribute to providing investment opportunities for energy-efficiency companies, financial organisations, and green technology and equipment suppliers. Over 30,000 buildings in Dubai are being retrofitted to make them energy-efficient. The present costs for this strategic project are approximately AED 30 billion, with returns of AED 82 billion and a net present profit of AED 52 billion,” added Al Tayer.
RSB’s report highlighted the substantial progress achieved by projects under the Independent Power Producer (IPP) system. It mentioned awarding the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world. It will feature the world’s tallest solar tower at 260 metres. It will also have the biggest thermal energy storage capacity for 15 hours. This makes it produce energy round the clock.
The report also highlighted the efforts of district cooling companies and their use of recycled water rather than desalinated water for their cooling needs, with 40% met from recycled water in 2017, with the support of Dubai Municipality.
“There is now substantial tangible evidence of Dubai’s energy transformation. We are pleased with our contribution to increasing reliance on renewable energy sources in the energy production system and accelerating investments in energy efficiency projects,” said Ali bin Abdullah Al Owais, Chairman of the RSB.