Lithuania and the United Arab Emirates (U.A.E.) signed a memorandum for cooperation in the field of renewable energy and energy savings, according to the Lithuanian Energy Ministry late on Friday.
The ministry said the parties to the memorandum would cooperate to encourage investments in renewable energy, develop energy saving technologies, carry out scientific research and implement joint projects.
The Arabian government has plans to invest $160 billion in renewable energy over the coming decades to ensure that 44 percent of the country’s energy needs will be satisfied by renewable energy by 2050.
In addition, the country targets increasing the share of clean energy including renewables and nuclear energy to 24 percent by 2021.
"Both Lithuania and the U.A.E. are interested in cooperation in the field of energy. Though the U.A.E. has plentiful natural resources, the country has decided to intensively develop renewable energy," Lithuania's Energy Minister Zygimantas Vaiciunas said.
This opens a wide range of opportunities for both countries' businesses to export their experience as well provide advanced and innovative renewable energy technologies, he added.
The ministry acknowledged that the U.A.E, which owns one of the world‘s largest oil stocks, has made recent inroads into renewables.
"This country is one of the world‘s biggest oil exporters and still continues to produce the substantial share of energy by means of natural gas. However, over the recent years, the UAE has focused on developing renewable energy and declared ambitious plans in this field," it noted.
The Lithuanian Ministry stressed that Lithuanian companies have gained extensive experience in developing solar cell technology, as well as innovating and industrial manufacturing solar modules.
"Lithuanian companies can supply the U.A.E. market with new generation glass solar modules, which feature high efficiency, durability and are fit for the U.A.E. climate," it said.
One of the major green energy projects developed by the U.A.E. is the Mohammed bin Rashid Al Maktoum Solar Park.
It will be the world’s largest (5,000 MW) solar plant park, which is planned for completion by 2030.
The U.A.E. invests not only in the construction of large solar power stations, but also small solar systems installed on individual houses.
According to Directive of the European Parliament and of the Council, Lithuania set a goal to increase the share of renewable energy use up to 23 percent by 2020.
According to the Lithuanian Department of Statistics, Lithuania has already reached the 23 percent target.
In 2014, the share of renewables in the total energy balance of the country exceeded one fifth, accounting for 23.66 percent. In 2015, it was around 26 percent.
With 27 gigawatts of installed capacity, the U.A.E. relies mostly on natural gas and LNG for power.
By Murat Temizer