Dubai Chamber of Commerce launches Solar and Renewable Energy Business Group

Dubai Chamber of Commerce launched the Solar and Renewable Energy Business Group on Wednesday, which is expected to drive the consumption of renewable energy among Dubai's businesses and the private sector.

The announcement comes at a time when the UAE is preparing to host the COP28 2023 Conference. "It comes at the heels of UAE’s COP28 presidency, highlighting the importance of the country’s Energy Strategy 2050 and Dubai’s Clean Energy Strategy," Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers, said.

She added that the group "will foster a better understanding of clean energy targets among local businesses."

Over the past decades, the share of oil in the UAE’s gross domestic product (GDP) has significantly decreased. From approximately 43% in 2001, it dropped to 33% in 2011 and further to 27% in 2021.

Launched in 2017, the UAE Energy Strategy 2050 aims to reduce the carbon footprint on power generation by 70%, improve energy efficiency by 40%, and contribute to clean energy from 25% to 50%. Further, its objective is to save a total of AED 700 billion. By 2050, the UAE government will invest AED 600 billion in renewable energy.

In 2015, Dubai launched its own Clean Energy Strategy to produce 75% of its energy demand from clean sources by 2050. The Mohammed bin Rashid Al Maktoum Solar Park in Dubai is expected to have a production capacity of 5,000 MWh by 2030. 

At present, the chamber is looking at increasing the overall business groups representing economic sectors and activities in Dubai.

By March 2023, the Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100.

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