The drop in the cost of UAE’s solar powered energy sources has reached parity with cost of fossil fuels, making it economical and commercially viable, according to the ‘REmap 2030’ report.

The ‘REmap 2030’ report was published by the International Renewable Energy Agency (Irena), in conjunction with Masdar Institute and the UAE Ministry of Foreign Affairs’ Directorate of Energy and Climate Change.

The different forms of solar energy are a critical resource for the UAE, and accounts for more than 90% of renewable energy use in the Irena ‘REmap 2030’ report.

But the report stated the most important enabling factor for renewable energy in the UAE will be the empowerment of government agencies to take holistic, comparative views of energy costs and act on them.

Solar power, together with other renewable energy sources, could save the country billions of dirhams annually while introducing innumerable health and environmental benefits, while also acting to preserve precious existing fossil fuel resources, it added.

The best example of the affordability of renewables in comparison to fossil fuels is displayed by the cost of solar photovoltaic (PV) module, which have fallen by as much as around 75% of their cost since 2008.

Naji El Haddad, group event director of the annual World Future Energy Summit, said: “We believe that, for the UAE and wider Arabian Gulf, solar power is perhaps the most promising of all renewable energy sources – creating jobs while preserving existing energy reserves – and that is why we have created a dedicated exhibition zone in which this ever-popular renewable energy technology can be showcased.

“The event has always attracted the world’s biggest names in the solar sector, and, now, we are clustering them together in one area,” he said.

“The potential of solar power to quickly transform the energy sector in a lasting way should not be underestimated.  And the related technologies and solutions from around the world are progressing so quickly that the industry is calling out for a single place at which to meet and advance solar power issues.  Naturally, that place is Abu Dhabi” added El Haddad.

The World Future Energy Summit (WFES) 2016 will take place at the Abu Dhabi National Exhibition Centre, Abu Dhabi, UAE, from January 18 to 21, 2016, and will form the centerpiece of Abu Dhabi Sustainability Week 2016, with 650 exhibiting companies from more than 40 countries, and more than 32,000 attendees from 170 countries.

Source: Trade Arabia