Green Strategy and New Tax-Free Region in Dubai

Dubai aims to develop into a clean energy and green-economic hub. With the introduction of the Clean Energy Strategy 2050, the emirate is accelerating its plans by investing 100 billion dirham in green funds. During the second phase, Dubai estimates to invest 50 billion dirham for the creation of a Solar Park that will be set up by 2030. Dubai strives to cover up to 75% of its energy requirements and needs with clean energy sources by 2050. However, the transformation will occur in phases as the emirate aims to cover 7 percent of its energy needs with renewable sources by 2020 and 25 percent by 2030.

Dubai aims to become the most ecological city across the world by 2050. Dubai accentuates that each investment made in the development and progress of clean energy is simultaneously an investment made to protect and save the environment and its people. 

The new innovative green policy was introduced at a ceremony to launch the second stage of the new Solar Park. The new Solar Park has been given the name of Dubai’s sheikh. The Solar Park is the largest-sized of its kind across the world. It is estimated that the Solar Park will have the capacity to produce more than 5,000 MW of installed power by 2030, equivalent to approximately 25 percent of Dubai’s energy production. The construction work regarding the Dewa Innovation Centre was also presented at the ceremony. The Dewa Innovation Centre consists of laboratories that will engage in clean energy research and development. 

Dubai’s green policy strategy revolves around five features.  The first is new legislations while the second revolves around infrastructure development. The other three focus on the creation of a tax-free region in order to attract research and development centres and firms engaged in renewable energy, the setting up of a new innovation research centre, as well as the enhancement of technology within the energy sector. Dubai also plans to set up the Dubai Green Fund, a fund that will offer subsidies to investors seeking to invest in clean energy.