UAE Plans To Invest Nearly Dh600 Billion In Clean Energy| MENAFN.COM

Tuesday, 06 December 2022 11:18 GMT

UAE Plans To Invest Nearly Dh600 Billion In Clean Energy


(MENAFN- Khaleej Times)

The UAE has set ambitious targets for the energy sector and plans to invest around $163 billion (nearly Dh600 billion) in clean energy to support the goals of climate neutrality.

This was stated during a speech by engineer Youssef Al Ali, Assistant Undersecretary for the Electricity, Water and Future Energy Sector at the Ministry of Energy and Infrastructure, which was delivered on his behalf by engineer Fahad Al Hammadi, an energy policy expert at the ministry.

The measures taken in relation to energy and climate are a top priority on the national agenda and rank high among the UAE's goals for the next 50 years, the ministry said.

They are also a major element in the Net Zero by 2050 strategy that the UAE rolled out to cut down emissions. The Emirates is the first country in the Mena region to announce its goal to achieve climate neutrality.

“The UAE pursues its ambitious plans in the field of energy, especially clean ones, as the state plans to invest around $163 billion in clean energy and supports the goals of climate neutrality.

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“Furthermore, the state is currently working to re-evaluate its national priorities by combating climate change and looking for new economic growth opportunities, increasing social benefits, and ensuring future readiness for the next 30 years,” Al Hammadi said during the speech given at The Journey to Net Zero conference hosted by Khaleej Times on Wednesday.

The forum was sponsored by sustainability partner Accenture, Gold Sponsor Trane Technologies, Silver Sponsor Fugro, and supported by Clean Energy Business Council, Middle East Solar Industry and Energy Industries Council Mena. The Dubai Supreme Council of Energy officially endorsed the forum.

Al Hammadi added that the UAE has established its global position in the clean energy sector that supports environmental sustainability and cutting down carbon emissions. He revealed that Al Reyadah Project is the first facility in the Mena region to capture, use and store carbon on a commercial scale.

“However, the electric energy consumed by the National Oil Company is sourced from carbon-free nuclear and solar power,” he said.

Al Hammadi confirmed that the state invested in renewable projects across more than 40 developed and developing countries, as well as in peaceful nuclear energy, and is currently laying clear foundations for relying on hydrogen energy, which is essential to achieving net zero emissions.

He stressed that the UAE seeks to have stronger cooperation with its strategic partners — locally, regionally and globally — to tap into innovation, modern technology and the fourth industrial revolution in developing the energy, electricity, and water sectors.

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