Despite the obvious important role of oil and gas for the UAE, the country has made groundbreaking commitments to make more use of alternative energy. The UAE is taking steps to reduce carbon emissions through major initiatives in both Abu Dhabi and Dubai.
The UAE’s focus on renewable energy comes at a time of ever increasing demand for energy as its population grows, as oil prices have dropped to half of their value from just a few years ago, and amid increasing global and political pressure to reduce carbon emissions. That drive to diversification is only partly due to falling oil prices. Moreover, the need to reduce greenhouse gas emissions, growing global demand, security of supply and ageing energy assets mean that governments and energy companies globally are faced with some of the most complex and challenging decisions that will have an impact not only on economic prosperity, but also on the long-term health of the environment.
In Dubai, the ambitious target of the clean energy strategy aims to increase the share of clean energy to reach 75 per cent of total energy production by 2030. As we have seen with other projects, the UAE government is not afraid of ambitious and ground-breaking projects and more often than not achieves its goals.
By working with Yungo, clients will work with lawyers who understand the energy industry—who see the opportunities within traditional sectors and within new technologies—and who can help mold the business you want. Upstream or downstream, from exploration to marketing, and from generation to retail, Yungo, can give you the innovative advice and insight you need “glocally”.
Yungo’s lawyers provide a diverse range of experience in advising on and working with the laws and regulations of the United Arab Emirates and the various free zones. Clients range from large multinational corporations to small and medium businesses and investors.
Yungo offers advice on the following:
- Acquisitions, disposals and joint ventures;
- Project finance;
- Trade and supply issues associated with regulatory bodies;
- Environmental aspects;
- Power Purchase Agreements;
- Long-term Supply Contracts;
- Various regulatory advice;
- Monitoring equipment; and
- Applications for generation and interconnection licenses.
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