(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 10th August, 2022 (WAM) -- The Emirates Water and Electricity Company (EWEC) and the Abu Dhabi Department of Economic Development (ADDED) today signed a Memorandum of Understanding (MoU) aimed at improving sustainability best practices and encouraging the adoption of Clean Energy Certificates (CECs) across the emirate's industrial sector.
The joint initiative also aims to reinforce the competitiveness of Abu Dhabi's energy sector and its relationship with the various industrial and private sector manufacturers.
EWEC will collaborate with ADDED through the Industrial Development Bureau (IDB) to develop new solutions that will support the innovation of energy products.
The two parties will also lead the drafting of proposals to ensure ongoing improvements to the ecosystem, attract new investments and enable sustainable factories to thrive in Abu Dhabi and support the emirate's long-term strategic plans, including the Abu Dhabi Industrial Strategy, by leveraging the full potential of innovative technologies and enhancing sustainability across the ecosystem, in line with the UAE Net Zero by 2050 strategic initiative.
Sustainable innovation is at the heart of Abu Dhabi's development strategies, including the Abu Dhabi Industrial Strategy, which includes plans for creating a smart circular economy, achieving value creation and ensuring cost competitiveness.
The Abu Dhabi Department of Energy issued the Regulatory Policy for Clean Energy Certificates in August 2021 to drive the transition to a sustainable decarbonised energy sector, marking a foundational step to establishing an Energy Attribute Certificates market and facilitating trade in renewable and nuclear energy products in the emirate.
Rashed Abdulkarim Al Blooshi, ADDED Under-Secretary, said, 'We continue to actively pursue partnerships and alliances with both public and private sector market players to ensure that Abu Dhabi's smart and circular economy is on track to achieve its objectives, and in turn meet the UAE's sustainability goals.'
'Our initiatives serve to reinforce and continuously upgrade our economy's attributes, as we work towards building an even stronger future one based on environmental, social, and corporate governance models and investments. We have achieved steady progress in this regard and demonstrated the extent of our diversification initiatives with our strategic ecosystem of partners,' he added.
As the market regulator and enabler, the IDB of ADDED has launched many initiatives alongside its strategic partners, to ensure further industrial growth through a smart and circular economy, including the Electric Tariff Incentive Programme (ETIP) to help industrial facilities boost productivity levels through the more efficient use of energy.
Othman Al Ali, Chief Executive Officer of EWEC, said, 'The new strategic partnership with ADDED is a significant opportunity to enhance Abu Dhabi's economic competitiveness, with sustainability at its core. Abu Dhabi's CEC scheme has already shown the significant impact it can have in helping companies decarbonise their energy consumption and take tangible action on climate change.'
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