IRENA sees UAE Energy Strategy 2050 as future roadmap

WAM--The UAE Energy Strategy 2050 represents a future roadmap and reflects the strategic vision and strong state commitment to the renewable energy sector, a UAE official has said.

In a press statement on the sidelines of the Seventh Session of the International Renewable Energy Agency "IRENA" Assembly in Abu Dhabi, Ali Shaafar, Permanent Representative of the UAE to IRENA, said the UAE will continue its strong support to the IRENA.

He told Emirates News Agency "WAM" that "The UAE's role in the renewable energy sector is not only limited to hosting the headquarters of IRENA, but also extends to adopting the sustainable development policies at both government and domestic levels, as well as providing foreign aid to the developing countries in the field of clean energy."

Al Shaafar stressed that there were programmes to provide support to countries in the field of renewable energy, most notably, the joint initiative of the Abu Dhabi Fund for Development (ADFD) and the IRENA to finance renewable energy projects in developing countries with soft loans.

Through the IRENA/ADFD Project Facility, ADFD provides concessional loans ranging from US$5 million to US$15 million per project. Finance is offered at 1 to 2 per cent lending rates with a 20-year loan period, including a 5-year grace period. Loans for each project cover up to half of the estimated project cost, leveraging additional funding from other sources.

The UAE is committed to supporting the renewable energy projects, he said, noting that the state has provided more than US$900 million to ensure the continued growth of the sector and achieve sustainable development in the developing countries.

WAM/Majok