Leveraging Local Industries through Renewable Energy Auctions

18 January 2017 |Abu Dhabi, United Arab Emirates

The event was organised alongside the Abu Dhabi Sustainability Week in partnership with the UAE Ministry of Foreign Affairs, the Renewable Industry Advisory Board of the International Energy Agency (IEA) and REN21. This first session of the event was set off by a presentation from Dr. Paolo Frankl, IEA, that showcased the rapid cost declines in renewable energy technologies and analysed how auctions have been central to these developments. The ensuing discussion explored the various determinants of renewable energy bid prices including design of policy mechanisms such as auctions. The discussion benefitted from the findings of IRENA’s recent publication on the topic Renewable Energy Auctions: A Guide to Design. The second session started with a presentation from Dr. Rabia Ferroukhi of IRENA providing an overview of the various requirements in the renewable energy value chain including workforce, raw materials and equipment. The presentation was followed by a panel discussion that discussed how rising deployment of renewable energy technologies is leveraging local industries and resulting in significant socioeconomic benefits including creation of local value and jobs.