The Dubai International Financial Centre aims to set up and build a clean energy finance business cluster in Dubai.
This was revealed at the economics workshop hosted by the DIFC on Monday. The event held in partnership with the Clean Energy Business Council and the International Project Finance Association and with the support of Bloomberg new Energy Finance. It brought together important players and industry professionals as well as government officials in the clean energy sector.
The speakers discussed issues of financing and de risking for clean energy and clean tech finance, recent industry developments as well as the necessary regulatory and legal frameworks for clean energy in the region. They also discussed the growing role of the private sector in building this new industry.
Dr Nasser Saidi chief economist at DIFC and chairman of CEBC said that "DIFC has critical mass of industry and financial players, with supportive legal, regulatory and market infrastructure. Developing a Clean Energy Finance or CEF cluster within DIFC will help provide end to end solutions including project management, financing and providing financial infrastructure."
He said that the DIFC is committed to the development of this strategic sector, which is evidenced by working closely in collaboration with CEBC and its members to deliver this event. CEBC is an association of leading local and international organizations participating in MENA's emerging low carbon energy sector and clean technology.
After a welcome address by Dr Nasser Saidi, the event commenced with three presentations titled 'Meeting MENA Power Demand with Clean Energy' by Mr Sami Kamel GM marketing, GE Power and Mr Mohammed Nawaf Al Ta'ani GM of Arab Renewable Energy Commission Sizing the Market Opportunity Masdar's Market Survey' by Mr Frank Wouters director of Power, Masdar. Mr Wouters spoke about the major work being conducted by Masdar on sizing the potential market across the region.
The focus of the discussion then moved to policy and regulation with 'Legal and Policy Frameworks for Clean Energy in the Region' by Mr Karim Dahou senior policy analyst at the Directorate for Financial Affairs, OECD and Mr John Cunneen ED of Authority for Electricity Regulation Oman.
Dr Saidi then discussed the initiatives of different countries saying that "It is an exciting time for the clean energy sector in the region. MENA needs to wean itself away from its near total dependence on fossil fuels. There are several renewable energy projects in the region. The UAE has a renewable energy target of 7% by 2020. The country has also established Masdar, a renewable energy agency which is responsible for encouraging and developing projects within the country as well as overseeing investments in clean energy."
He said that Dubai in particular aims to generate 5% of total power supply from alternative energy sources by 2030. Saudi Arabia, on the other hand, has not yet established a renewable energy target although a target of 10% of electricity consumption by 2020 has been provisionally mentioned by officials from Saudi Aramco. The government established the King Abdullah City for Atomic and Renewable Energy in 2010 to oversee all clean energy development in the country.
(Sourced from Khaleej Times)
