|
Listen to this story:
|
- The UAE will invest $54.4 billion to meet sustainable energy demands, supporting its net-zero target by 2050.
- The investment aligns with goals to reduce carbon intensity in oil and gas operations by 25% over the next decade.
- The UAE’s clean energy transition serves as a regional model, with significant ongoing investments in renewable projects.
The UAE is set to invest AED200 billion ($54.4 billion) over the next six years to address the nation’s growing sustainable energy needs, according to Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure. This substantial investment aims to support the country’s ambitious goal of net-zero emissions by 2050.
“Our efforts to diversify the energy mix and increase reliance on clean energy sources align with our goal of reducing carbon intensity in our oil and gas operations by an additional 25% over the next decade,” Al Mazrouei stated at the ADIPEC 2024 launch.
Highlighting the UAE’s commitment, he added, “We continue to meet today’s global energy needs while heavily investing in clean energy systems for the future. We already have significant investments in clean energy projects in operation and others under development.”
RELATED ARTICLE: UAE to Announce New Climate Plan Before COP29, Setting Global Precedent
The UAE’s investment comes amid a broader push within the region. According to the International Energy Agency (IEA), Middle East and North African countries are on track to triple renewable energy capacity by 2030, largely driven by solar photovoltaic expansion.
Calls at COP28 in Dubai reinforced this momentum, urging governments and private sectors to boost global renewable capacity to 11,000GW to achieve the Paris Agreement’s 1.5°C target.
Follow ESG News on Linkedin