In 2017, the United Arab Emirates (UAE) launched the UAE Energy Strategy 2050 with the bold goal of diversifying current energy sources and doubling the country's reliance upon clean energy sources by 2050. The UAE's carbon footprint should also be reduced by an ambitious 70 per cent.
In order to achieve the varying objectives of this 2050 Strategy, the government has committed an impressive AED 600 billion by 2050 to help the economy diversify, ensuring sustainability and the ability to meet the society's ever increasing energy demands.
So with this in mind, it is no surprise that the UAE renewable energy market and its opportunities go from strength to strength and with the abundance of sun we enjoy in this region, quite clearly solar energy provides a wealth of energy resource opportunities.
Dubai is at the forefront of this initiative and is in the process of constructing the largest single-site solar park in the world known as the Mohammed bin Rashid Al Maktoum Solar Park to supply the city's energy needs with a planned capacity of 5GW by 2030.
Solar rooftop panels are also being installed across Dubai, with a target to cover 10% of UAE nationals’ homes by 2020. The initiatives are endless and the opportunities for investment in the UAE clean energy market are appealingly prevalent.
And the recent announcement is just one of those opportunities. Earlier in June 2019, Dubai Electricity and Water Authority (DEWA) released a request for proposals (RFP) for consultants to investigate the viability and implications of implementing the emerging technology, Floating PV in Dubai.
Floating PV (floating photovoltaic) comprises a line-up of solar panels on a structure that floats on a body of water. The global market for such a solution is growing and its potential implementation in Dubai will serve to bolster and confirm the city as at the forefront of smart, innovative and clean energy technology.
At Bird & Bird, we have a track record of advising on such floating PV projects. We also know that the energy industry is changing rapidly and we have built our team of energy lawyers across all of our legal disciplines and network of offices including here in the United Arab Emirates to anticipate these changes. We use our knowledge of the energy industry to provide focused and commercial advice. You can count on us for our professionalism, technical expertise, responsiveness, personal chemistry and problem solving.
Rachael is Counsel in our Dubai Corporate team and is also an active member of our Energy and Utilities sector group and all advisory aspects related thereto in the United Arab Emirates and the wider region generally.