The United Arab Emirates (UAE) has announced its plans to invest up to $54bn (£45bn) over the next seven years to meet its energy demands. The ambitious plan is part of the country’s roadmap to achieve net zero emissions by 2050 and comes months before the COP28 climate conference, which will be hosted by the country, and also consolidate the country’s position as a producer and exporter of low-emission hydrogen over the next eight years.
In a recent speech, Souhail al-Mazroui, the UAE’s energy minister, disclosed this. He said the country will continue to meet the world’s energy needs while making significant investments in the clean energy systems of the future. The UAE aspires to be a role model for an ambitious yet practical transition to clean energy sources.
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He added, “The UAE energy sector has seen major developments to ensure we are on track to achieve our net-zero target and reflect more progressive climate action. Earlier this month, we updated the UAE Energy Strategy 2050, which sets ambitious targets for the year 2030, including tripling the contribution of renewable energy in our energy mix, increasing energy use efficiency of individuals and corporates up to 45%, increasing the contribution of clean energy generation to 32% of our energy mix, and achieving a grid emission factor of 0.27 kg Co2/kWh, making the UAE one of the lowest emitters, compared to the global average.” “The UAE presents a shining example for adopting policies and strategies that contribute to shaping a more sustainable future at home and globally,” said the minister.
The country has also identified green hydrogen as a key source of clean power. in order to drive forward its development, the government said it will develop “a regulatory framework and policies that support hydrogen. The country’s goal is to produce 14 million to 22 million tons per year of hydrogen by 2050, according to Al Mazrouei.
By the end of the decade, the UAE is targeting an energy mix combining different sources of clean energy to satisfy these energy goals, comprising 44 per cent clean energy, 38 per cent gas, 12 per cent clean coal and 6 per cent nuclear. Currently, the UAE is the world’s 11th-largest oil producer.
