Green Tech Delegation

Seizing Economic Opportunities: Clean Energy Businesses and Investments

June 27, 2023

By Saud Al Nowais, UAE Commercial Attaché

Amidst the remarkable growth in the clean energy sector, the UAE is accelerating its efforts to showcase unprecedented opportunities for businesses. This underscores the country's commitment to sustainable development and highlights the immense economic potential associated with clean energy investments.

As a leading player in the clean energy transition, the UAE is driving environmental stewardship while also paving the way for innovation, job creation, and sustainable economic growth.

The rise of clean energy initiatives is nothing new to the UAE.

The country has been at the forefront of embracing sustainable development and has consistently demonstrated its commitment to transitioning towards a cleaner and more sustainable future.

Recently, the US Chamber of Commerce, lead a delegation of over 60 GreenTech businesses to the UAE. This delegation featured prominent companies such as electric vehicle (EV) start-up Lucid Motors, PepsiCo who have pledged net-zero emissions by 2040, Source Global who are turning air into water and SolarSpace who are powering EV’s off the grid.

Over the course of a week, the UAE’s commitment to the energy transition was in full flow, as these cutting-edge companies met with senior government officials and COP28 representatives, participated in networking events that connected them to local companies and potential investors, and explored new opportunities for investment in clean energy ventures.

Delegates had the opportunity to engage and hear from H.E Mariam Bint Al Almheiri Minister of Climate Change and Environment, H.E Ambassador Majid Al Suwaidi, Director-General and Special Representative of COP28, H.E Omar Sultan Al Olama Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, H.E Razan Al Mubarak, COP28 High-Level Champion, and Chairman of Abu Dhabi Department of Energy, H.E. Eng. Awaidha Murshed Ali Al Marar. These interactions provided valuable insights and further solidified our commitment to driving sustainable change.

These companies join an ever-growing presence of forward-thinking organizations leading the energy transition on the ground in the UAE.

Just look at organizations like Aerofarms, a leading vertical farming company that recently unveiled its AgX research and development facility in Abu Dhabi, or Crop One Holdings working alongside Emirates Flight Catering to establish the world's largest vertical farm, or Bloom Energy in Dubai who are helping organizations worldwide reduce carbon emissions through their innovative energy solutions.

By attracting and fostering collaborations with industry leaders, the UAE is reinforcing its position as a hub for innovation in the clean energy sector.

In line with our commitment to sustainability, the UAE has made substantial investments in solar energy harnessing its abundant natural resources to generate clean electricity. The Mohammed bin Rashid Al Maktoum Solar Park is one of the world’s largest renewable energy projects aiming to have capacity of 5,000 megawatts (MW) by 2030. Noor Abu Dhabi Solar Plant has helped the UAE significantly increase its solar energy capacity and reduce carbon emissions.

This has created a thriving market for renewable energy technologies, attracting both domestic and international investors.

Supercharging growth of the UAE’s renewable energy sector is one of our key economic objectives. It will help the Emirates further diversify its economy and support global efforts to combat climate change.

Moreover, clean energy initiatives have paved the way for job creation and economic diversification.

The renewable energy sector requires a skilled workforce, ranging from engineers and technicians to researchers and project managers. As the UAE continues to expand its clean energy capacity, it opens up avenues for job growth, entrepreneurship, and innovation.

Our commitment to sustainability extends beyond energy production. The country is actively promoting sustainable practices in various sectors such as transportation, construction, and waste management. This creates opportunities for businesses specializing in energy-efficient technologies, green building materials, and waste-to-energy solutions.

The UAE has established itself as a hub for clean technology innovation and is fostering collaborations with leading global companies and research institutions.

Our long-standing dedication to clean energy initiatives and sustainable development has positioned the UAE as a promising destination for economic opportunities in the green sector.

As we look ahead to hosting COP28 later this year, we reaffirm our commitment to advancing the clean energy agenda and fostering a thriving ecosystem for businesses and investments. By doing so, we are laying the foundation for a greener and more prosperous future, brimming with abundant economic opportunities.