UAE launches efficient EARTH initiative to accelerate global energy efficiency solutions

A new initiative will explore how to accelerate energy efficiency solutions as part of a joint program agreed today by the Ministry of Energy and Infrastructure (MoEI), technology giant Siemensthe largest bank in the UAE Abu Dhabi’s first bank (FAB), and sustainability consulting Enthusiasm Associates.

The initiative, called efficient LANDaims to reinforce the UAE’s long-term commitment to climate action through a new entity that coordinates, finances and accelerates the deployment of energy efficiency solutions internationally.

efficient LAND aims to place the UAE at the technical and financial center of global energy efficiency deployment, leveraging its position as an emerging green financial center and pioneer in energy efficiency actions, having established Etihad ESE in 2013.

“The Ministry of Energy and Infrastructure is working with Siemens, FAB and Zest Associates to explore how Efficient EARTH can leverage the UAE’s successful track record in facilitating energy-saving solutions. This initiative aligns with our practical approach to climate action by combine technology and finance to invest in commercially viable solutions that reduce emissions and leave a lasting legacy beyond COP28”,

saying Sharif Al Olama, Undersecretary of Energy and Petroleum Affairs at the Ministry of Interior.

Energy efficiency is among the carbon mitigation options with the greatest potential and lowest cost globally. International Energy Agency IEA analysis shows that implementing cost-effective energy efficiency measures could generate around 40% of the emissions reductions needed to meet 2040 climate goals.

efficient LAND aims to be an action-oriented body that creates the conditions to quickly implement energy efficiency projects. It will accelerate, rather than compete with, private sector energy efficiency projects internationally.

efficient LAND is part of a set of initiatives being developed within the framework of the UAE EARTH Platform. Efficient EARTH will explore the best tools to facilitate the implementation of energy efficiency, achieved, for example, through standardization, quality control, project aggregation, technical due diligence, financial interlocution, public sector participation and support from private sector technology and service providers.

As a hub of 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 services sector.

News source: Emirates News Agency