UAE pledges $54bn for sustainable energy goals
Massive Investment Aims to Boost Clean Energy and Decarbonize Oil & Gas Operations
UAE Commits AED200 Billion for Sustainable Energy to Achieve Net-Zero by 2050
The UAE plans to invest up to AED200 billion ($54.4 billion) over the next six years to meet sustainable energy demand, according to Energy and Infrastructure Minister Suhail Al Mazrouei.
The move “aims to decarbonise the economy and achieve net-zero emissions by 2050,” according to the UAE’s state-run WAM news agency.
“Our efforts to diversify the energy mix and increase reliance on clean energy sources are consistent with our goal to reduce the carbon intensity of our oil and gas operations by an additional 25 percent over the next decade,” he added.
The UAE serves as a model for an ambitious and practical transition to clean energy sources, Al Mazrouei said, adding that the country has significant investments in clean energy projects in operation and others under development.
Last month, the International Energy Agency said countries in the Middle East and North Africa are on track to triple their renewable capacity by 2030, largely due to the expansion of solar photovoltaic projects.
Renewables are forecast to increase from 53GW to nearly 150GW in 2023, with solar PV expected to account for more than 85 percent of the region.
Cop28 in Dubai called on governments and the private sector to triple global renewable energy capacity to at least 11,000GW to meet the 1.5C scenario of the Paris Agreement.
