The UAE plans to triple its renewable energy supply and invest up to $54 billion over the next seven years to meet its growing energy needs.
UAE Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced on Monday after a cabinet meeting plans that include investment in low-emission hydrogen fuel and infrastructure development for electric vehicles.
Sheikh Mohammed bin Rashid Al Maktoum said the updated national energy strategy “aims to triple the contribution of renewable energy over the next seven years and invest AED150 to 200 billion ($40 to $54 billion) over that same period to meet the growing demand in the country for energy”.
The UAE has pledged to become carbon neutral by 2050 without fully explaining how this will happen, knowing that it will host a climate summit (COP 28) later this year.
The recent announcement includes the creation of a Ministry of Investment headed by Mohammed Hassan Al Suwaidi, who is currently the Vice Chairman of the Board of Directors of Masdar, a clean energy company that has committed tens of billions of dollars to global causes. projects.
Sultan Al Jaber, chairman of Masdar and CEO of Abu Dhabi’s national oil company ADNOC, has also been named chairman of the upcoming climate summit in Dubai.
The oil wealth of the UAE has contributed to its transformation into a major business and tourist center, known for its futuristic cities of Dubai and Abu Dhabi. its vast shopping centers and heavy industries such as aluminum smelters.
It is worth noting that the UAE owns a nuclear power plant, as well as a large solar park in Dubai, which last year provided 15 percent of the city’s needs.
Source: AB