The UAE has unveiled a new state policy on regulating the country’s energy market, Wam reports. The policy aims to slash water consumption by 23%, increase clean energy utilization by 5%, and push down the construction sector’s energy demands by 51% by 2050, UAE Energy and Infrastructure Minister Suhail Al Mazrouei revealed yesterday.

Targets: The new policy — which, among other things, is expected to cut down operational costs in federal buildings by 20% through retrofitting projects — will serve as a contractual rulebook between energy stakeholders, consolidating the financing and partnership frameworks between private and public sector players in the energy industry, the news agency notes. The regulation is expected to incentivize energy providers and private sector stakeholders to up investments in government projects to reduce their energy and water consumption, carbon generation, and operational costs in buildings.

What they said: “The new policy will contribute to the UAE’s GDP and help achieve financial returns that amount to AED 21.5 bn by 2050, resulting from retrofitting federal buildings as part of the National Water and Energy Demand Management Program 2050, helping establish a local market of energy services and products, creating opportunities for the private sector to invest in energy efficiency systems and renewables projects, improving productivity, and lowering operational costs,” Wam quotes Al Mazrouei as saying.