One of the world’s richest oil sheikdoms will spend billions of dollars to harvest solar energy. The sun-drenched Persian Gulf city-state of Dubai, with a population of a little more than one million people, wants to see solar panels installed on the roofs of all of its buildings by 2030.
Dubai’s ruler, His Highness Shaikh Mohammed bin Rashid Al Maktoum, announced plans to establish a Dh100 billion (US$27 billion) fund to provide low-cost loans for investors in Dubai’s clean energy sector.
In addition to roof-top installations, a solar park now under construction is expected to deliver 800 MW of clean power by 2017, and 5,000 MW by 2030–a quarter of Dubai’s energy production. By 2050, Dubai aims to obtain 75% of its energy from relatively clean sources, Shaikh Mohammed, said, not only for the environmental benefits, but also to build a sustainable economy unaffected by the volatility of fossil energy prices.