Any green initiative is often criticised for its huge initial outlays but these days with tecnological advancements the cost is coming down. Apart from the initial costs these initiatives have long terms benefits & savings which cater to cover the huge initial costs incurred.

As per a report published on 07-Apr-15 by the International Renewable Energy Agency (Irena), Masdar Institute, and the UAE Ministry of Foreign Affairs, There is a potential to save a stagerring US$ 1.9 Billion Per Annum in the energy system savings of the UAE if it meets its targer to Produce 10% energy by renewable sources which amounts to 25% in the power sector. This target is set to be met by the year 2030.

The report is , titled ?The Renewable Energy Prospects: UAE?. It marked the country?s first public comparison of different energy technology costs and potentials. The usage of renewable energy has otther benefits as well viz. Environmental & health. If you consider these aspects alos then there is potential to save another US$ 1 to 3.7 Billion per annum.

This report has oficially been termed as an eye opener which reteriates that sustainable power meets monetary logic as well.

Solar & wind powers are the known cheapest sources of Renewable energy.

As I mentioned before in beginning of my report the costs of renewable energy are coming down. An example of the same is the costs of Local Solar Photo Voltics which has come down by 80% since the year 2008. In awarding a tender for a solar park in Dubai, the lowest Solar price worldwide has been obtained. This is under 6 Cents per kilowatt hour for a 25 year fixed contract awarded for Mohammad Bin Rashid Solar Park in Dubai.

I am sure this report will benefit other countries to follow suit & try to tap for these cheapest sources of reneawl energy.

The report is an interesting reading & the full report may be downloaded http://www.irena.org/home/index.aspx?PriMenuID=12&mnu=Pri 

Thanks for reading.

Acknowledgements: Masdar Institue & IRENA are the source of this report