A new initiative will explore how to accelerate energy efficiency solutions as part of a joint programme agreed today by the Ministry of Energy and Infrastructure (MoEI), technology giant Siemens, the UAE's largest bank First Abu Dhabi Bank (FAB), and sustainability consultancy Zest Associates.
The initiative, dubbed Efficient EARTH, aims to reinforce the UAE's long-term commitment to climate action through a new entity that coordinates, funds and accelerates the deployment of energy efficiency solutions internationally.
Efficient EARTH aims to place the UAE at the technical and financial centre of global energy efficiency deployment, building on its position as an emerging green finance hub and early mover in energy efficiency action, having established Etihad ESCO in 2013.
"The Ministry of Energy and Infrastructure is working with Siemens, FAB and Zest Associates to explore how Efficient EARTH can build on the UAE's successful track record of facilitating energy-saving solutions. This initiative aligns with our practical approach to climate action by combining technology and finance to invest in commercially viable solutions that reduce emissions and leave a lasting legacy beyond COP28,"
said Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI.
Energy efficiency is among the highest potential, lowest cost carbon mitigation options globally. International Energy Agency (IEA) analysis shows that implementing cost-effective energy efficiency measures could deliver around 40% of the emission reductions needed to meet climate goals by 2040.
Efficient EARTH aims to be an action-oriented body that creates the conditions for rapidly deploying energy efficiency projects. It will accelerate, rather than compete with, private sector energy efficiency projects internationally.
Efficient EARTH is part of a suite of initiatives being developed under the UAE EARTH Platform. Efficient EARTH will explore the best tools to facilitate energy efficiency implementation, achieved, for example, through standardisation, quality control, project aggregation, technical due diligence, financial interlocution, public sector engagement, and support of private sector technology and service providers.
As a centre for energy efficiency initiatives, the UAE will benefit by building on its established track record of facilitating energy efficiency through successful ESCO markets and a vibrant private sector energy service sector.
News Source: Emirates News Agency
