ABU DHABI, 8th April, 2018 (WAM) -- Amid all the din of negativity concerning the environment, a ray of hope has emerged all the way from the sun and it is indeed pleasant news, a UAE newspaper has commented.
According to the Global Trends in Renewable Energy Investment 2018 report, released this week by the UN Environment Programme, UNEP, solar energy dominated global investment in new power generation like never before in 2017.
"Solar power attracted far more investment than any other technology, at $160.8 billion, up 18 percent," said The Gulf Today in an editorial on Sunday.
A driving power behind last year’s surge in solar energy was China, where an unprecedented boom saw some 53 gigawatts added, more than half the global total, and $86.5 billion invested, up 58 percent.
The extraordinary surge in solar investment shows how the global energy map is changing and what the economic benefits are of such a shift, as UNEP Chief Erik Solheim points out.
Investments in renewables bring more people into the economy, deliver more jobs, better quality jobs and better paid jobs. Clean energy means less pollution, which means healthier, happier development.
Last year was the eighth in a row in which global investment in renewables exceeded $200 billion – and since 2004, the world has invested $2.9 trillion in these green energy sources.
The paper continued, "The UAE too has been expediting the pace of clean and renewable energy projects in order to secure a happy future.
Incidentally, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, broke ground on the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the biggest Concentrated Solar Power, CSP, project in the world last month.
"The project advances the UAE’s global leadership in the use of clean and renewable energy.
"Sheikh Mohammed made it clear that the UAE is developing a new model for sustainability and innovation and is keen to find creative solutions based on international best practices and benchmarks.
"The CSP project, based on the Independent Power Producer model, will generate 700MW of clean energy at a single site.
"The project, which features the world’s tallest solar tower measuring 260 metres and the world’s largest thermal energy storage capacity, will provide clean energy to over 270,000 residences in Dubai, reducing 1.4 million tonnes of carbon emissions a year.
"This project has achieved the world’s lowest Levelised Cost of Electricity of US$7.3 cents per kilowatt hour (kW/h).
"This is certainly a grand global achievement for the UAE," concluded the Sharjah-based daily.